Maybe you’ve heard the term “transaction compression” buzzing about at a real estate conference or read about it in an industry blog. On first impression, the term “compression” may sound a little daunting, but it’s actually a good thing.
Because there are many legal requirements associated with a house sale, you can’t just simply delete steps to speed up the process. However, agents and teams can save lots of valuable time using the right real estate transaction compression technology to streamline and even automate many parts of the transaction while improving the accuracy of the data.
The dotloop transaction platform was designed specifically to enable transaction compression by streamlining all the information necessary to complete the deal in a single, end-to-end solution with a single log-in. Autofill and product integration enhances compliance and prevents the usual errors that can occur from re-entering data, while admin-friendly features and robust reporting enable closer teamwork and broker visibility.
With buyers and sellers demanding faster response times in today’s market, it’s in both agents’ interest to complete the transaction as quickly as possible. A speedy closing is also the goal of their real estate agents, title, mortgage, and the other service providers involved in the deal.
Journalist Brad Inman pointed out that in sectors outside of real estate, consumers are flocking to companies that provide them with transaction compression and buyer certainty.
Beginning with the initial contract to buy through the final signing of legal documents, there are dozens of steps which must occur flawlessly throughout the process.
Additionally, third-party services such as inspections, appraisals, repairs and even insurance documentation must be held to a tight schedule or risk adding days to the closing, or worse, losing the sale. Unfortunately, using multiple, stand-alone solutions that require data to be imported and exported out of separate platforms, creates friction at each step in this process.
In contrast, dotloop, real estate’s end-to-end transaction management solution, compresses the process without sacrificing the details. Agents can create/edit, share, e-sign and store documents while simplifying compliance for admins and giving brokers full visibility into their business.
And because trusted vendors are added to the secure “loop,” sensitive client information never needs to leave the platform.
While transaction compression may sound a little scary, it’s actually an agent’s best friend in the competitive time-sensitive world of real estate.