Are You Reaping the Benefits of a Paperless Office?

As someone in their early twenties, I have grown up in the digital world; working with technology is the reality of my day-to-day life. Part of growing up in this digital world means I have adapted to electronic documents. I am better with a keyboard than I am with pen and paper, but this isn't the case for all. Some people, of all ages, still prefer signing their name on the dotted line with a ballpoint pen.

There are certainly circumstances where I prefer to use a pen and paper – when I was in school studying for a test or had to remember something important, physically writing it down always worked better. But there is one area where I believe digital documents and paperless transaction management systems come out on top – in business and, more specifically, the business of real estate.

Agents and brokers are constantly trying to juggle a million things at once: home sales and purchases, clients on one side of town, clients on the other. Needless to say, it can be challenging to stay organized and ensure you are on top of your game.

So how do you overcome the sometimes chaotic work day of an agent, the mounds of paperwork an admin is shuffling through and a broker's seemingly constant struggle to stay on top of their brokerage and focus their attention where it's needed? The answer lies within a paperless transaction management system.

Making the switch to a paperless office can seem inconvenient to some. After all, changing the way you operate is a big step and can be scary. Whenever an operational change is made, an opportunity for error is created; there could be pushback from staff and often there can be a steep learning curve. However, when you choose a paperless transaction management system that is right for your business, the transition will be easy and the benefits will far outweigh the risks.

Here are just a few of the benefits your business could realize with a paperless transaction management solution:

1. Improved Efficiency

When you choose to make the move to a paperless office, you are choosing to build an office that is streamlined and efficient. Electronic documents allow for a single point of data entry and storage of your documents in one central location. This means the back and forth between agents to complete transactions is eliminated and your administrators and agents won't be wasting time digging through mounds of paperwork. Electronic documents also mean you can access information 24/7 from any device and update transactions in real-time, allowing your agents to better serve their clients.

2. Improved Accuracy

Electronic documents can integrate with your office technology to eliminate duplicate data entry and improve your overall accuracy. Some transaction management systems will track documents when uploaded to ensure that all necessary information and fields are complete and correct; if not, integration with office technology creates notifications for agents of any incomplete documents. This new level of accuracy will lead to a more productive office.

3. Enhanced Client Experience

A paperless office provides your clients with the unique opportunity to be in the know throughout the transaction process. When documents are all stored in one central location, you have the ability to give your clients access to their completed documents, allowing them to feel connected throughout the entire transaction process. Some systems even enable agents to maintain relationships with clients after a transaction closes through automatic money-saving offers. This enhanced client experience will place agents above the competition and leave clients feeling satisfied, ultimately resulting in more referrals for agents.

4. Increased Security

Digital documents are stored on secured servers. This means that only authorized personnel are able to view and change documents. This limited access provides more security than traditional paper documents. It is important to note that when you chose to store your files on servers, it does not mean that you lose access – you can still have full ownership and access to all of your important documents.

5. Reduced Costs

When creating a paperless office, there is the obvious cost savings due to a decrease in supplies. Digital documents mean less paper, less toner and ink, and less printer maintenance. No paper also means you won't have to pay to physically store all of your documents in a storage facility.

Less obvious than the savings in supply costs is the savings in labour costs and the cost to the environment. Working with paper can be extremely time consuming; a paperless office means less time spent searching through files, manually checking accuracy and duplicating data entry. A paperless office also means you are contributing to a greener earth, reducing your carbon footprint and reducing the cost on the environment.

To view the original article, visit the Lone Wolf blog.