The highly competitive atmosphere in the 2011 economy puts more pressure than ever on real estate brokerages and agents to close deals with as little overhead as possible. Since many potential clients are still very financially cautious, the hefty overhead fees related to an agent’s travel, meetings, and office space might be enough to keep them from committing to a significant purchase such as a home. Fortunately, real estate management software that uses an online platform provides an easy solution to cutting overhead. Here are a few of the ways that such technology reduces expenses:
· Efficiency- The ability to save time is relative to saving money. Therefore, using a collaborative workspace to perform negotiations would be more time-conscious than sifting through countless pages of a contract, only to acquire an ink-to-paper signature somewhere else.
Physical documentation can only slow down the process of buying and selling real estate. Electronic signatures coupled with document sharing ease the process by establishing clearer lines of communication and eliminating paperwork.
· Travel- With gas prices rising, short trips between cities can add up if you travel back and forth several times a week. It may seem like using the train or subway to meet with clients reduces expenses, but if you consider the amount of time involved, you still incur a sizeable cost. A collaborative workspace online reduces said costs by enabling agents to complete the tasks online that once required travel.
· Administrative Costs- For Brokers, a large portion of costs incurred by paper, printing and storage are eliminated when all pertinent documents are securely kept in a virtual space.
While using an electronic solution for real estate typically costs money, the amount paid is minimal compared to the time and money lost through traditional practices. For large brokerages who use considerable amounts of printing supplies and storage space, the money saved could be used in a more effective way such as marketing or incentives for agents. Also, as an increasingly tech-savvy population wants to buy homes, agents will need to meet the demand for a secure and efficient technology solution.
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