Each year, we, as a society, move closer and closer to a paperless life. The real estate industry is particularly revolutionary in this regard, with many agents using Dotloop and SkySlope transaction management software. These paperless office platforms place e-signature functionality, compliance review, and document storage into one package. However, there are a few setbacks.
For example, in California, Dotloop does not work with DocuSign or zipLogix. Dotloop is built for agents to upload their documents, and that is about it. Yet, there are still several voids that need to be filled. With Propy, agents and brokers alike get increased security, convenience, and efficiency in their transactions.
Propy Has Multidimensional Benefits for Agents and Brokerages
Propy has a vast array of benefits for both brokers and agents alike. Services like dotloop, on the other hand, do not help the agents much – brokerages, yes, but not the agents. One key feature of Propy is its advanced ability to assist brokerages with transaction coordination and fraud protection. When using Propy, all parties are notified and guided using a step-by-step process of what needs to be completed. This makes the entire process simple to follow and fully transparent.
Document Sharing for Streamlined Transaction Process
In the process of any transaction, Propy gives clear directions to each seller, buyer, realtor, title agent, etc. on what needs to be done. For example, step one includes uploading the documents (purchase agreement, disclosures, a title report). Step two involves signing the documents. Then, step three involves making a payment (payment instructions will not be shared via email; they get shared on the platform). Each party gets his or her unique guide. All documents are shared between all parties involved in the execution process. Of course, the documents get shared between parties that need them; no sensitive data is shared between parties that do not require access to it. If one party uploads a document to Propy, then it gets shared with everyone involved in the group. This sharing aspect eliminates the repetition of signing and uploading documents, as everything is stored and shared automatically. Additionally, each party gets notified on every step taken.
Innovative Solution to Disorganized Real Estate Purchase Process
To fully understand the benefits of automatic sharing and transaction coordination, let us take a look at how the process usually goes without Propy. Pretend that there is a house for sale and that there is a buyer and a seller involved. This process would include around twenty-two different documents, such as inspections, agreements, title reports, etc. From there, each document needs to be collected and then signed; this can take up to 30 days. The agents who represent the buyer, the seller, and the transaction coordinators need to communicate with each other a countless number of times via email and phone, in order to synchronize and share the status of the process. In addition, the transaction coordinator on the buyer’s side needs to collect all the necessary documents and upload them on dotloop or SkySlope; then, the transaction coordinator on the seller’s side needs to do the exact same thing. This ultimately wastes more time on unnecessary and redundant tasks.
Yet, for parties using Propy, the SaaS automatically takes care of the entire process for every individual and then stores the documents. In the end, all parties have access to this storage, and they can easily share all documents. The entire transaction flow goes through Propy, with everything completed and shared automatically. Time is saved, and the process becomes easier for transaction coordination with this new and efficient model.