SCHWARTZWILLIAMS spoke to Brad Newton, DocuSign's vice-president Asia Pacific, about the advantages of the cloud-based system. He told us the technology came about because a tech entrepreneur wanted to spend more time with his real estate agent wife.
The REINSW recently announced it will integrate the digital processes of DocuSign, the global leader in e-signatures and digital transactions, into its operations.
The new technology will give NSW real estate agents the ability to digitise customer agreements, making for faster turnaround times, increased security and compliance, and an improved customer experience.
DocuSign’s e-signatures will be integrated into the REINSW's existing online forms and contracts on the cloud software platform, REI Forms Live.
Approximately 40,000 individual agent members will be able to manage their transactions digitally, saving the time and money associated with paper-based systems.
DocuSign has 200 million users each day globally
SCHWARTZWILLIAMS spoke to Brad Newton, vice president of DocuSign Asia Pacific, about the technology and what the integration means for the real estate industry body.
Brad Newton, vice president DocuSign APAC, told SCHWARTZWILLIAMS, "What used to take weeks can now take hours."
"Sixty per cent of DocuSign forms are signed within an hour," he said.
The technology was developed in the US in 2003 by Tom Gonser, a tech entrepreneur who was married to a real estate agent. Gonser watched as his wife spent hours every night completing paperwork, and, in a bid to spend more time with her, Gonser set about digitising her work.
The rest, as they say, is history: DocuSign now has 200 million users daily.
The REINSW's transition to the new system
The systems now are so streamlined and user-friendly, moving to the new system should be seamless, said Newton. "An hour with the training webinar and you can be an advanced user," he said.
Newton said a particular advantage of digitisation in NSW is the enormous size of the state's contracts, which makes sending by email difficult. But having the contracts stored 'on the cloud' removes that barrier. "We don't have that problem," he said.
The feedback from the REINSW so far has been positive said Newton. As with most implementations, he said, most users say, "I've signed my first electronic contract and I love it."
Tim McKibbin, CEO, REINSW, says he hopes that within a couple of years Australia’s 100,000 plus agents will be using paperless property transactions.
“Replacing paperwork with digital documents is a fast way to digitise the entire industry and reinvent the customer experience," he said.
“Today’s real estate agents are faced with a rising demand from new generations of 'digital natives' who want business to be done with ease, speed and security," he said.
"There is no choice but to digitise,” said McKibbin.
The future of digitisation at the REINSW
The initial stages of REINSW’s relationship with DocuSign will see the institute use DocuSign technology to streamline its membership processes, with around 5,000 agents signing up as members digitally. Within 12 months, DocuSign and REINSW anticipate more than 70 per cent of REINSW’s members will be conducting business with customers, and renewing memberships, through DocuSign.
DocuSign is also used by a number of other REI state bodies across Australia.
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