Going "Green" with Paperless Transactions

NAR's debut of the Green Designation highlights a way of life for many consumers who are conscience of the earth-friendly home.  Per Inman News...

"The Green Designation program offers instruction on building techniques that are less environmentally damaging, marketing to 'green" consumers', regulatory issues relating to environmental sustainability, potential cost savings for employing "green" features, and education on energy efficiency, air quality, and sustainable communities and land planning, among other topics, according to a course description."

For many REALTORS(r), green is a way of life, looking to practice in one's personal life and business endeavors.  Given the business of real estate, it's understood much of the transaction has gone online, especially efforts towards marketing of properties.  Many have considered reduction in newspaper ads and print flyers, just-listed cards, etc.

However, once offers are made and entered into contract, the paper trail becomes immense...originals printed, re-printed, paperwork faxed and re-faxed.  Brad Inman of Inman News once noted...

“For years, the real estate industry has pursued the grail of purely digital housing transactions in an effort to become faster, less expensive, more consumer-friendly, more accurate, and more flexible than the burdensome traditional approach, with its piles of paper and endless cycle of signatures.”

Transactions have become extremely complex and inclusive documentation of disclosures, agreements, inspections, title, escrow, home owners association, and financing are voluminous. In one market, as reported by the Center for Realtor® Technology (CRT), transactions can be as many as 41 documents totaling 200 up to 500 pages. The idea that a consumer can purchase a CD of these documents and successfully execute a transaction themselves is daunting.   

For many, the thinking behind a paperless transaction should involve just that, no paper.  Through electronic signatures, electronic forms, online transaction management, with facilitation via email, are the many elements better enable a paperless transaction (as close as you can get).  For now, get your feet wet and enable paperless activities where possible…especially using Online Transaction Management (OTM).

Can movement towards a paperless transaction establish a heightened, more “visual” awareness to the agent’s efforts; efforts that are worthy of praise and moreover, worthy of commission? Absolutely! Besides making life easier for yourself as an RE Professional, real estate technology on the web is highly visible, giving greater perception to what you bring to the table in terms of all-inclusive services.

The (a) Electronic Forms and (b) Online Transaction Management modules of the REW Certification look to engage the core, consumer-facing technologies towards a paperless transaction.  These types of technologies are not only streamlining business tasks, but are socially conscience of today's "Green" real estate professionals and consumers.