We hear all the time from our clients that once they try DocuSign they can't imagine not using it in their business. Which always leads us to wonder why real estate agents would choose to continue getting signatures the old fashion way.
Being out in the real estate industry and meeting all kinds of people, we have heard a number of reasons why agents still hesitate in adopting electronic signatures for their business. Most people understand that using electronic signatures will:
- Reduce your footprint on the environment
- Allow documents to be signed on the go
- Save you a ton of time
But still some people have yet to upgrade their business and allow their clients the chance to get top notch service. Why is this? Why, even though electronic signatures have been enforceable since 1869 (yep...even that far back) have some real estate agents failed to adopt this technology in their business?
OK, granted, in 1869 we are talking about the enforceability of telegraphic messages as electronic signatures via morse code, but the idea of electronic signatures as a valid way of enforcing contracts has been supported by courts for over 140 years. So let's look at a few reasons that we still hear about why agents have yet to adopt them in their business.
I have to pay for it:
Yes and no. In fact, DocuSign offers a 30-day truly free trial of our electronic signature program. We allow agents unlimited use of electronic signatures for one month with no obligation (read = no credit card required!). For others doing a higher volume of business and don't need the test drive, it makes sense to get the DocuSign REALTOR Professional Edition. For only $14.99 (based on a yearly subscription) a month you can send as many documents as you want.
The flip side of you have to pay for it, is you get to stop paying for other things. Dedicated fax line? You could probably get rid of that. Paying how much for printer ink each month? That cost will be reduced. The most important place you save money would be in the time you save each month. Time is money and DocuSign will definitely save you time each month chasing signatures and stalking fax machines.
We've all heard that anything worth having is worth paying for, but even if you choose not to pay for it, you should still be able to get the benefits of electronic signatures.
My clients might not understand how to use it:
Hogwash! They will need to know how to turn on their computer. But assuming they can do that, and assuming they can use email, signing documents with DocuSign is a breeze. In some cases, they wouldn't even need to turn on their computer. DocuSign works on mobile devices as well.
Have you ever sent a contract to someone via fax and had them return the document missing a signature here or there? If you've been selling real estate for any amount of time, the answer is of course "yes!". DocuSign takes care of that by allowing you to clearly note for your client the exact spot where their signature is required. No more sticky notes! (which of course you could only add if you deliver the documents in person......if you're using fax, there is no way to let them know exactly where to sign).
Some Banks Will Not Take Them:
Yes, some banks still don't take electronic signatures. The archaic structure at the big banks makes catching up with technology a process. It's a process, however, that DocuSign is pushing along.
When we are talking about big banks, what we are really talking about is the underwriters at these banks. Some banks will take them and some will not.
The federal government has already determined that electronic signatures are in fact legally binding. In 2000, the U.S. Electronic Signatures in Global and National Commerce (ESIGN) Act established electronic records and signatures as legally binding, having the same legal effects as traditional paper documents and handwritten signatures.
Last year the Federal Housing Authority (FHA) announced that they are accepting electronic signatures. It is only a matter of time before the big banks realize that their customers are demanding that these legally enforceable signatures are in fact valid and DocuSign will be there leading the way in getting big banks to accept what the federal government has already said is legal.
Here are some resources that you can use when dealing with bank underwriters that don't want to accept electronic signatures.
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