The property industry is one of the industrial sectors that has a considerable impact on the economy of a country. It links people looking to buy property with the best results, excellent service, and competitive prices. The industry has begun to innovate by using digital signatures to be able to provide better services. Digital signatures can be used for various purposes such as signing contracts, making cooperation agreements, and ratifying new projects. So, how exactly do digital signatures benefit the property industry? What challenges can be overcome with signature technology innovations? What examples of implementation can we see within the property industry? Read on to find out.
Factors Affecting the Use of Digital Signatures in the Property Industry
The use of digital signatures is becoming commonplace in the property industry. Many factors have encouraged their use.
The first is security of corporate and consumer data. Digital signatures secure electronic documents using encryption methods that cannot be accessed by anyone without their knowledge.
The second is efficiency and convenience. These are especially important during a pandemic like the current one, when consumers are looking for fast service with minimal face-to-face time. Digital signatures offer a solution for this.
The third is increasing competition in the property industry in the digital technology era. This has forced companies to innovate in order to be able to respond to this challenge, remain closer to their customers, and ensure they are always connected, anytime and anywhere.
Benefits
Digital signatures have a positive impact not only on the big 'players' such as real estate developers or entrepreneurs, but also on potential buyers or tenants. Here are some of the benefits of using a digital signature.
1. Speed up the document management process
In the past, the process of buying and selling or renting property was a lengthy one, with many administrative requirements that had to be met. Inevitably this resulted in the requirement for signing multiple documents and data administration. Just imagine if the property company's head office is far away from the property or the buyer or the tenant: it could take several days just to take care of the paperwork and administration! With the use of digital signatures, the processing process only takes a few hours at most. Even documents can also be completed in minutes. All can be solved easily using internet technology.
2. Cost savings
A shorter and easier document-signing and administration process will have a positive cost impact for both the company itself and the consumer. File management with minimal paper documents means an end to printing documents. Revisions can be made without having to physically reprint or resend documents. If the assigned signatory is away or out of town, it will take even longer to process the document, perhaps even making potential buyers or tenants think twice about renting or buying the property. In this way, the opportunity for profit slowly disappears.
3. Easy operation
Some parties are reluctant to use digital signatures because they require a laptop or smartphone. However, this assumption is not correct. In fact, they are easy to make, anywhere and anytime - even if you are away from your home or office. Indeed, at the beginning parties such as agents, brokers, and consumers had to adapt to using digital signatures. However, this can be overcome if the developer or property company provides education about the effective use of digital signatures.
4. Connecting clients and potential buyers
You should never be too busy to connect with clients, potential buyers or tenants. Without nurturing relationships, you lose potential customers. One way to stay connected with them is by simplifying the approval process and document management. For example, if you are out of town when a prospective client needs a contract signing quickly, you can use a digital signature, and stay connected, anytime and anywhere.
5. Improved company excellence
Using digital signatures can increase work effectiveness and productivity, and hence improve customer service - something that every company strives for as an important part of its operations. This is particularly true if the property industry company has certain projects that must be handled immediately, be it management of permits, cooperation agreements, and so on. Better preparedness means the company will be viewed as superior and able to answer all challenges with satisfactory results. This will in turn increase the customer confidence that the company can provide excellent service.
6. Improved customer satisfaction
As well as having a positive impact on companies and colleagues, excellent customer service also has a positive effect on consumer perceptions - in this case the buyers and tenants. Both will feel more comfortable because of the fast contract management process. Property companies will also be seen to have a commitment to protecting consumers' personal data when handling agreements, transactions and other administrative arrangements. Services like this make consumers feel more valued by the company. They will view the company as more trusted and reliable, meaning that property buyers, for example, will not hesitate to recommend your property company to potential buyers or potential tenants.
7. Preventing counterfeiting of property asset data
The final benefit of using digital signatures for property industry companies is that it prevents falsification of asset data. Property disputes are often caused by criminal acts such as forgery. The aggrieved parties are not only developers or developers, but also potential buyers, as well as legitimate property owners. Data falsification comes in many different forms. These include falsification of landowner data, data on building permits, property sales and purchase deeds when using a wet signature. Forgery will not occur if you use a digital signature, because this technology has a layered system to guarantee the validity of electronic documents and accurate identity verification.
Property Industry Challenges When Using Digital Signatures
Implementing digital signatures in the property industry presents a number of challenges both in terms of technical and human resource preparation. These include:
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The readiness of the property industry to provide a secure and government-certified digital-signature service infrastructure, and to connect with parties such as government, other corporations, and individuals
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The need for human-resources training: rapid technological developments necessitate education through workshops for related parties such as employees, agents, and brokers
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The need for maintenance of the digital-signature feature on a regular basis in collaboration with digital-signature providers
Despite these challenges, however, the property industry should not be deterred from implementing digital signatures. There are a number of digital-signature providers that can help address these challenges, such as VIDA.
Case Study
Now you know why digital signatures are so important, you also need to know how to apply them. Take this example of a property company in the United States:
The company has a fairly good reputation in the property industry and has been honoured for its 27 years of experience and achievements in property development. During the same year the company completed around 11,000 housing projects throughout the United States. Problems arose when the property administration process had to be signed and resolved immediately. Initially, this company used the old way with wet signatures on paper. However, as the project continues to increase, it is impossible for this to be completed in a short time. From there, the company finally decided to switch to digital signatures. This resulted in a 90% improvement in processing, smoother communication with customers, and an enhanced company image, and the opportunity to secure higher-value projects.
Conclusion
Digital signatures offer many benefits for the property industry. They can impact sales volume, instill confidence in employees, and increase their enthusiasm to improve their performance, and in turn increase productivity. They also enhance the relationship between companies and consumers.
Accuracy, speed, and excellent service are a necessity. Using digital signatures within the property sector helps to improve the quality of services it can provide, and results in a positive impact on sales levels.
Simple but far-reaching innovations such as digital signatures represent an ideal way to improve the image of the property industry, thanks to their convenience, security, and ease of use, both for potential buyers and companies.
It is important for companies to choose a digital-signature provider that has been certified by the relevant state agency. Besides being more secure, its legality is guaranteed. To obtain a certified digital signature that has various international standards, contacting VIDA Digital Identity. We are an Electronic Certificate Operator (PSrE) with an excellent reputation as a top provider of digital signatures in Indonesia.
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