Real Estate Bubble in the US
When the pandemic hit hard across the world, in 2020, everything had come to a halt. The headlines of economists stating their predictions of the impact of covid-19 on real estate and other industries had all the front pages covered.
However, according to Forbes, due to the low interest rates; the push to stay at home; the changes in the job, financial trends and the millennials offering a salvation in 2021, the real estate industry, and the number of homes bought amidst the ongoing trends of unemployment have set a record in the US.
Real Estate Transaction
In the US, real estate transaction, the process of transferring a property or an estate from the seller to the buyer includes a buyer, seller, a dual agent (an agent who represents both the buyers and sellers) , a contract and a notary. Apart from this, there are various documents that are required to be stored by the companies such as insurance papers, valuations, contracts, bill of sale, leases, fees etc.
But with the huge database comes the problem of the storage and accessibility. Real estate companies thrive in a world full of complexities making their capability to organise their confidential data and analyse it even more vital. It becomes critical not only for their survival but also for Its growth prospects.
As per the recent reports of Forbes, the commercial real estate enterprises are engaged in the business of storing, organising, and sharing the sensitive data selectively. However, their history shows their inexperience in dealing with the data handling in terms of risk management and ensuring cyber security.
In a recent interview of Cary Sylvester, the executive director of technology at Keller Williams Realty Inc. (the biggest real estate company of the US), she mentioned the following:
• the changes in technology around the real estate world and how Keller Williams dealt with it by transforming the way it processes and stores its data
• how moving to cloud computing was a challenge but also a solution
• the need of frictionless access to documents and emails
Drawbacks of Traditional Real Estate Transactions
The enterprises engaged in dealings of properties typically have their huge data stored in physical form i.e., paper and files. These stacks of files become futile once there is an urgent requirement of information. Opportunities wait for none and spending time and resources to get the right file is not something any firm is set up for.
Data breach is the technical buzzword now days. With the increase in data and its complexity what rises is the risk of data loss and data infringement.
The greater access time, security risk, lack of organisation and the inability to edit dataare what makes the firms involved with traditional transaction methods lag in the cutthroat competitive world.
So, is the problem common to businesses of different scale?
Is there a way to tackle it?
In the interview mentioned above, Cary also? how earlier Keller Williams was always in the need of a realtor to find the information related to an estate. Apart from the technological aspect, she pointed out the changes in the transactional and legal aspect that pushed them towards cloud computing which eventually led them one step closer to their goal – making them accessible all around the globe.
How can Cloud Computing be a solution to Real Estate?
Cloud computing simply means a method of storing, organizing, and processing data over a network of servers that are hosted on the Internet. Over the years with the commencement of digitalization, various sectors have undergone a transformation and cloud computing has just been the solution in their predicament situation.
According to the BBC and Forbes, the various advantages that it has to offer are listed below.
• Inexpensive: Pre cloud era required firms to look efficient storage devices to store all the crucial data that they produced on a regular basis. Problem: Exorbitant rate of reliable storage devices. This thus led to higher expenditure for the companies and hence difficulty in market sustainability.
However, with cloud computing data is encrypted in algorithm and stored safely in the cloud servers.
• Data Encryption: as mentioned earlier the data in cloud is encrypted i.e. converted into symbols and algorithms that cannot be read by everyone and hence is one of the safest way to store confidential information.
• Confidentiality: The confidentiality of the data is something which is not compromised while using cloud. The improved security and updated software of the cloud service providers help the businesses especially the real estate storing the license Id, the credit scores etc. to maintain the safety of their database.
• Enhanced Productivity : The real estate agents with the help of data in cloud storage gain its accessibility from anywhere and at anytime. This helps them do their documentation even if they are not at the workplace and thus increases their productivity
• Growth and Expansion The improved productivity, security and enhanced efficiency help the firm grow and expand and surpass its own benchmark.
Platforms like DCirrus, Dropbox, Docusign, Adobe Amazon, Microsoft are offering services to help people build a better relationship with their customers and get a competitive edge.
As industries especially real estate as mentioned need to be organized in order to structure their work, scrutinize it and operate effectively. The companies are also undertaking eco-friendly measures to not only simplify their procedures but also attract larger customer-base.
Need for a Document Management System (DMS)
All the measures mentioned above can be solved with the help of a document management system that is used to track, store documents and go eco friendly by reducing the usage of papers.
Moreover, the United States Real Estates Commission states that the agencies should maintain all the paperwork involved in a good condition of the transactions done in the last 5 years. That is easily manageable when using a DMS.
Benefits of DMS
• Easier Retrieval: Easier access to critical data with the help of the built-in search features.
• Security: the strict securityguidelinesprotect the confidentiality of the stored information
• Data Backup: Ability to archive/ index the documents and files reduces the chances of misplacing the files.
Applications like DCirrus provides some added features to solve your data related concerns:
• Smart level sync – to save time in case of bulk of documents
• Easier File Versioning – to track the different and previous versions of saved files.
• Tag and Flag feature- to make your browsing easier.
• User permission – to give easy and full access of the files to move, edit view and delete.
• Security with Dynamic Watermarking – to prevent unauthorised distribution of your files.
With the passage of time and commencement of the era of digitalization the tables for the industries – big or small have turned . The real estate as well, is no such exception as its demure image of being conservative and unresponsive to technology seems to be reshaping.
With the aim to help you cross the old professional boundaries seamlessly and escalate the growth process , DCIRRUS brings you the solution to all your database problems at a single platform.
DCirrus: Single Platform; Multiple Solution
• We ensure you complete confidentiality of your data by providing encryption and usage of safe algorithms
• We follow a three level data encryption: in transit, at rest, in use
• DCirrus provides you complete control over your data with an automatic data update feature.
• Cost effectiveness as switching to DCirrus involves a relatively lesser cost for the features and advantages it has to offer.
• It not only provides you a secure storage place but also an easy and a safe transfer route for your files
• The application allows anyone to work from anywhere. With the guarantee of security, storage and a perfect organisation of files, it is the best companion for people doing from home.
• Its environment- friendly cloud solution helps not only you but also your community.
Why do You NEED DCirrus?
Technology and Business have turned out to be the two sides of the same coin that change with every flip of it. Enterprise continuity is possible only if they know how to restructure themselves with the modifications in the technology.
Informed consumers and selective investors are the key players in the introduction of cloud computing, Virtual Data Rooms, Document Management Systems and DCirrus provides you all.
These features have already surpassed the traditional ways the businesses worked with. But, if it has not around you then it is a great opportunity for you to take the first mover advantage because methods will change and if not today then very soon. But the question is ARE YOU READY for it? If not and you are still worried about the disadvantages, be rest assured as we at DCirrus have got you covered.