The tech industry has woken up to the vast opportunity that exists for improving the working lives of agents. Even so, paper remains the bane of agents’ lives – and making it more manageable is at the top of their wish list!

The truth is, it’s challenging for agents to meet the expectations of an increasingly demanding market. They’re at the mercy of clients and their perception of the property transaction at every stage. In a recent survey by Domain, 67 per cent of home sellers cited “agents promising sales they can’t fulfil” as a key pain point during their property transaction, with “lack of transparency” not far behind at 41 per cent. When achieving targets is so closely linked to the client experience, chasing down paperwork certainly doesn’t help.

It’s little wonder that agents across New South Wales are now tuned into the tech industry and its claim that there’s a better way.
Bringing that paperwork online removes friction and ambiguity from property transactions.

“Can you even remember a time when you took out your credit card to pay for something and the vendor retrieved an imprinting machine loaded with carbon copy paper to produce a form for you to sign,” Brad Newton, Vice President of DocuSign APAC, said. “Chances are, these days you tap your card or use it to pay for something online. It’s effortless.”

“This is what eSignature technology is doing for real estate today. It’s completely modernising the way agencies and their clients come to agreement, and is making it far more efficient.”
By allowing agents to make the forms they’ve been mailing back and forward for more than 20 years accessible and signable in a click via email, eSignatures are revolutionising the client experience.
“Asking a vendor to sign an agency agreement on their mobile phone from the side of a footy pitch during their kid’s Saturday game is a whole different ball game, pun intended, to waiting for them to get back to work on Monday when they will do it when they are finally in front of a computer – if they remember,” Mr Newton said. “Realistically, you’ll need to call them at least twice more.”

This accelerated way of doing business has even the most seasoned of agents eager for a new way. eSignature technology delivers on that promise.
All the same, many are wondering if it’s an easier way? Does it stand up to audit? (There’s nothing quite like a bit of audit anxiety when you’re operating in a highly-regulated environment like real estate.) Do you need a computer science degree to take it on?

Are eSignatures legal?

The Electronic Transactions Act 1999 (Cth), supported by the Electronic Transactions Act 2000 (NSW), sets out that a framework whereby certain documents can be legally signed online rather than on printed paper. This is phenomenal news for real estate businesses, which have been collectively frustrated by the turnaround times and inaccuracy of paper agreements for longer than anyone can remember.
“There’s been a lot of conjecture around electronic signatures and their legality, however they’re legally binding and permissible for most documents,” Mr Newton said. “There’s no greater risk in signing contracts electronically. Actually, it’s safer. It’s easier to alter a page of paper than it is to change an encrypted, tamper-proof, sealed PDF.”

There are numerous cases where people have innocently or otherwise made unagreed amendments to paper documents which go unnoticed. Then there’s the issue of multiple drafts of the same document in circulation, with confusion as to whether the correct version has been signed. eSignature technology reduces the mistakes that may threaten the legally binding nature of a document.“When there’s a legislation change or update your draft agreements within REI Forms Live are automatically updated too, to be compliant,” David Howell from Dynamic Methods, provider of REI Forms Live, explained. “Agents see a big red symbol next to draft forms alerting them that there are legislation-aligned amendments incorporated within the current version.”

Will making the switch require time and effort?

Getting started with eSignatures?

“eSignature technology is completely modernising the way agencies and their clients come to agreement, and making it far more efficient.” – Brad Newton, DocuSign