When you look at the landscape of real estate transaction software, all solutions typically fall under 3 categories. The offer generator, electronic signatures solutions, and finally, document management solutions.
While they all serve an important purpose and incrementally improve the efficiency of the Realtor through technology- there doesn’t seem the be a solution that facilitates an entire transaction from start to finish. We envision all parties to participate in a paperless environment where they can generate offers, counter offers, make amendments and all without having to go into using any other software or re-purpose any existing documents. This is exactly what we wanted to address when we started building Dealtap almost 2 years ago.
We looked at the landscape and saw that there was a very clear gap in the transaction space because no one knew what actually happened to the offer once it was sent to the other agent. This is because submission of offers is typically done via PDF attachments in emails. The other side usually needs to do two things: 1) amend the document for a counter offer 2) get their clients to sign the counter offer. You typically cannot do this effectively with current solutions – thus the reason for printing, scratching, initialing and scanning.Because of this, there is a clear problem. Every time an agent generates an offer, manually or digitally, they have to revert back to a manual entry point to conduct edits, amendments, and to initial each change with a signature. To do that, either agent would have to download the same software the other agent is using, however, 9 times out of 10 they would conclude to print the document instead, therefore going through the same motions of crossing out, initialing, scanning, signing, and finally sending it back to the agent, in a digital format. Now, once a scanned copy is in the agent’s possession, the agent can’t simply reinsert it into his or her software. Thus the manual process must be continued.
What we wanted to do was solve that problem and close the loop and make sure we can keep the offer process digital from start to finish all while allowing all parties to collaborate without the use of any other software and PDFs. This allows for the transaction to be a truly paperless one from start to finish. Hence, allowing us to solve the problem of agents going back and forth while eliminating printing, scanning, faxing, emailing and utilizing electronic signatures on mobile devices instead of ink to paper.
To get this done requires two aspects. Creating a cloud service that does not require installing software. It requires only an internet connection. The software works off the cloud, on any device the other side happens to be on. The second is, the offer is formatted in HTML5 which is universal to all things that are digitally connected. Whereas PDFs are essentially stuck in time and dynamic PDFs have to rely on the party having similar software. This is why DealTap wants to eliminate the PDF. It doesn’t allow for true flexibility and that’s what DealTap is all about.