In today’s highly competitive housing market, the traditional real estate closing process is woefully behind the times. Today’s home buyers expect a customer experience that uses digital solutions to create a more streamlined, convenient, and stress-free process.
eClosings have emerged as a highly efficient process to meet your customer’s expectations.
Let’s take a closer look at eClosings and the benefits this new process provides for both home buyers and real estate agents.
A traditional closing requires all parties to appear in person to execute a 'wet signing' at the closing table. On the other hand, eClosings allow parties within the transaction to sign the title, settlement, and loan documents electronically.
eClosings can vary in practice. Hybrid eClosings still require parties to physically appear, with some documents being signed electronically and the notarization happening in person. As consumers have come to expect seamless and convenient solutions to make the transactions more efficient, fully-digital eClosings are increasingly becoming the preferred method.
By utilizing an eClosing platform, parties can now perform the entire closing process — from signing to notarizing documents — completely online.
eClosings deliver a multitude of benefits for your clients who are looking for a convenient, streamlined home-buying experience.
Improved transaction quality is a huge benefit of eClosings. With a reduction in time-consuming document reviews and missed signatures, coupled with the convenience of being able to close from anywhere, eClosings significantly improve the closing experience for your clients.
Traditionally, closing documents may only become physically available at the in-person closing, but eClosing platforms like Notarize provide easy access to electronic closing documents for a more thorough review and faster closing times.
With eClosings, document processing and storage are digital and instantaneous, shortening time to funding and therefore, decreasing time to close.
Faster closings mean happy clients and of course, they can also result in realtors receiving their commission faster, too.
From improved security of documents to faster funding time to reduced follow-ups, eClosings boast plenty of improved operational efficiencies.
Advanced security features also ensure that your clients’ private data stays confidential. Multi-factor authentication, credential analysis, data encryption, and full audit trails of transactions allow your customers to feel safe knowing that their information is secure and safely stored should it need to be accessed in the future.
Being able to provide your clients with an eClosing experience allows realtors to market their advanced, innovative, digitally-savvy services to potential clients eager for efficient and secure digital closings.
Fully-digital eClosings reduce the use of paper and scale down the carbon footprint of shipping physical documents, while also greatly reducing the amount of driving required per transaction. By working with lenders who are set up to facilitate eClosings, realtors can use sustainability as a selling point when trying to gain business from new potential clients.
Realtors that embrace the eClosing process can provide their customers with a more convenient experience and benefit from efficiencies that lead to faster closings. Forward-thinking realtors who can give their clients the option to close digitally will ultimately provide the best customer experience, which will help you stay top of mind for referrals and future business.