“How will real estate business be conducted 5 years, 10 years and longer into the future?”
This is a question I have been asking myself since 2003.
I’ve been looking into the future…
Back then, I envisaged a virtual business, with no need for a physical office, all files held electronically, and ability to access data, records, clients, properties etc online. It’s taken more than a decade for most of this to become a reality.
But now we have:
- Templates and documents prepared online
- Signatures able to be added electronically
- Electronic conveyancing at out fingertips
It’s possible to initiate, and manage property purchase transactions to settlement, without needing a single piece of paper.
For remote, interstate and offshore clients, this saves huge amounts of time and ensures accurate documentation, while high levels of encryption deliver much-improved security and confidentiality.
At RealTeam, we’ve embraced these innovations and, as the facilities have become available, and legislation and the regulatory environment have caught up.
We can see the day when filing cabinets and archive boxes filled with paper records will be only a memory.
Instead, we’re storing terabytes of client records in the cloud and backed-up on hard drives no bigger than a smart phone.
We still have filing cabinets and archive boxes, but only for records older than 5 or 7 years.
We’re progressively destroying paper records as they pass the statutory holding period.
Our focus this year
Needing and using less paper, and reducing our archive and office filing space. Pretty soon I’m expecting that the RealTeam’s entire office and record-keeping will fit in the palm of my hand.