IN an effort to create digital transaction platforms that can scale, a lot of short cuts need to be taken in terms of managing documents and managing signatures. Typically, all purpose e-signature solutions that are currently on the market use a PDF as the vehicle for the transaction. They allow the user to add his or her own input fields and signature boxes as well. The problem with this solution is that it doesn’t allow for flexibility of the actual document you are signing.
For instance, in Real Estate transactions, a legal template of a board-approved form cannot be changed. If there are conditions that need to be amended and the document has to be sent between parties on several occasions, there isn’t full functionality within that platform to allow the agent to be on that platform for all the purposes of the transaction. The agent has to use other software to re-create the PDF to the amended version and start the entire transaction again.
Consequently, in their effort to scale, the all purpose platform really only puts together a one size fits all option which doesn’t work quite as well because they are trying to service everybody on a wide scale.
A specialized solution doesn’t use a standardized template that’s static in the background, the actual template is part of the working document that’s malleable. It can be changed. Therefore, the only way to build a specialized solution is to build one form at a time which means your product is going to be focused on a much smaller market and it’s going to service only specific needs for that market.
This is the strategy we chose for DealTap, which is specifically designed for Ontario Realtors, using standard legal forms issued by Provincial Boards. DealTap encapsulates the entire workflow of a transaction, including generating the board-approved form, editing the form, tossing it back and forth to allow multiple parties to change and edit it on any device without the need for extra software.
We previously talked about the Death of the PDF and how it’s not a good vehicle for transactions because you can’t change a PDF. It’s not dynamic. We like to make the analogy of our product to the rest of the industry as footwear; almost comparing it to a specialized shoe for sprinting as opposed to an all purpose sneaker. The all purpose sneaker is designed to be serviced and sold to as many people as possible. It’s not going to be good at any one thing. It’s not going to be the most comfortable or the highest performing shoe. It’s not going to be the most rigid shoe but it will do an okay job for everything. That’s really what the status quo is in the industry for Real Estate transactions; everyone’s trying to make an all purpose solution that will service as many as people as possible.
When you compare any other product for Ontario Realtors against DealTap, it can never be as specialized, catered, or high quality of a product because it’s not designed for just them in mind and this is exactly the strategy DealTap is taking. We focus on niche markets, one at a time, to service those customers as best as we can while addressing all of their particular intricacies within their workflow and the way they put offers together. This results in the best possible user experience and we are very confident that Ontario Realtors would be pleased and comfortable with the way this platform works because it was designed by them, for them.
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