Anybody who has an understanding of real estate or title companies must be aware of all the tedious paperwork synonymous with it. The influx of mortgage contracts, surveys and appraisals, loan agreements, titles, comparable sales reports, property management forms, rental and tenant information, private financial information, disclosures and leases on an everyday basis, poses an impasse of effectively organizing and storing the plethora of valuable information and retrieving the requisite pieces effectually when desired from the secure database.
Misfiled paperwork and depletion of valuable work hours, as well as sorting through the volumes of folders can be reduced and even eliminated by using a document management solution to allow organizations to go paperless in order to maintain workflow and increase productivity.
How document management software streamlines the growing needs of real estate and title companies:
- Real estate and title companies need to allocate physical space to store these voluminous documents. Document management software stores, organizes, manages and tracks scanned images of paperwork and electronic documents, and allows workers to look up any file using keywords or metadata, instead of filing through rows and rows of filing cabinets.
- Backing up all the data in the company is paramount in case of a calamity, theft or drive crash. It is impossible to recreate unprecedented work and time spent in valuable work and thus an online backup that is built into a document management solution is indispensable to the company to mitigate such risks.
- The added security of document management software allows you to track each file and assign privileges to a handful of relevant employees. This prevents a major breach in your document security. Establishing a credible chain of custody for the clients, for each document, is tantamount to growing a successful real estate business, which invokes confidence from both auditors and clients. By protecting confidential information, it also ensures compliance with legal regulations.
- Document management software creates a database of scanned documents and stores each version of a document to ensure the most current updated version is available to your employees. This prevents needless errors and duplication of data by providing authorized users with access to client files, such as application forms, leases, signature cards, invoices and human resources, to any location through a secure viewer.
- Creating and renegotiating vendor contracts manually is a dreary and daunting task. With the versioning feature of document management software, it is easy to track changes to a contract including who made those modifications and when.
- When leading the buying and selling of properties, client documents are generally handled manually and can be misplaced while moving from properties to the corporate office. The overhead costs of providing documentation are also incurred. With document management software, large amount of documentation can be electronically shared with authorized external parties without actually collecting and reproducing paperwork.
- A hosted document management solution alleviates you from the hassle of owning and maintaining expensive servers. By gleaning the in-depth expertise of the application staff at DocuXplorer, your business would be up and running smoothly, 24/7.