Lease and Rental Agreements, Mortgage Applications, Loan Files, Escrow Agreements. Everyone knows that the Real Estate Industry is document intensive, but that does not mean it is necessary to be overwhelmed by the volume of documents. A good Document Automation tool will increase productivity and build efficiency, leaving more time to find and close new deals.

An automated document management tool has many benefits, including:

For Drafting

• Reduced need for attorney review – Should alternative clauses be required, approved replacements are automatically drafted into documents, or made available through a Clause library.
• Automated Calculations – in-text, or using tables, fees, charges, and other values can be automatically calculated in real time
• Bundled Documents – Real Estate transactions rarely rely solely on single documents, but usually a whole suite of interconnected documents. The right software allows for the ancillary documents to be automatically created in real time. 
• Favorite settings  – Storing commonly used drafting options can further increase drafting speed by using previous documents as more accurate templates.
• Auto-populate fields – Information such as the names of parties and their addresses appear in documents several times. Features like Links can automatically populate an entire document, or bundles of documents after information has only been entered once.

For Collaboration

• Automated Workflows and Approvals – There are normally a number of parties involved in any given real estate transaction, and depending on the nature of the deal, a round of document review may be required. Automated workflows optimize the review process, ensuring the documents move swiftly. 
• Flexible Permissions and Guest settings – The review does not need to be limited to internal parties. Law firms, lenders, and customers can all be invited to collaborate safely and securely. 
• Automated questionnaires – made available via link, or shared through specially created customer portals, applicants can complete applications online. Notes, and Instructions can help guide applicants through the process. Initial drafts of any necessary documents are created in real time, and can be made visible to, or hidden from, applicants.

For Closing and Storing 

• E-signature is the quickest way to execute documents. When all the paperwork has been approved and the parties have agreed to all the terms, everyone wants to close and sign as quickly as possible. Extremely convenient and legally binding, signature allows the parties to execute documents anywhere, using any number of options available, including extremely secure biometrical signature. 
  
• Document Records – automatically created for drafted documents, not only categorize agreements for easy retrieval, but also automatically extract data, and store document metadata for strong reporting. 

Leaders in the real estate industry know the benefits of Document Automation, and try to implement the technology across their business to tackle the mountains of paperwork. Improved communication and collaboration, and faster closing times make it a necessary tool. For an real world example of how real estate companies are using Automated Document Management to get a step on the competition, read this case study.

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