Last Updated on July 14, 2024 by Asfa Rasheed
Hey there! So, you know how top-notch realty firms are totally rocking it by using tech tools all through the contract journey? Well, it’s a game-changer. Tapping into contract software to automate all that paperwork not only saves a bunch of time but also ensures no tiny detail gets missed in each file. Think about it, using AI-powered gadgets from start to finish in a contract’s life – from birth, through the whole bargaining thing, to the final deal – gives you the full scoop on each transaction without breaking a sweat.
Now, let’s chat about CLM, that’s contract lifecycle management software, into your everyday hustle. It’s a lifesaver in keeping you sorted and amps up your support game during haggles, letting you zero in on sealing deals, not drowning in forms. This software is a perfect fit for aligning contracts with what your business really needs because it’s tailor-made for your specific flow, offering a smooth ride based on what you need.
Here are a few cool perks of using CLM for handling real estate paperwork:
1. Safe Contract Vault
CLM is like a digital vault for all your contracts and related stuff, open to your team all day, every day. Data is pretty much the life juice of the real estate biz. Before even pitching to a client for leasing or selling, a broker digs up loads of info like tax records, traffic stats, and competitor brochures to get the full picture. This info can be all over the place – computers, laptops, phones; CLM brings it all together in one spot, making it a breeze for your crew to grab what they need. A study from the Aberdeen Group showed that top-tier companies can slash the time it takes to make and approve contracts by 15-20% by using CLM to centralize all this data.
2. Speedy Contract Creation
Relying on paper contracts or files on your laptop can lead to outdated templates or irrelevant clauses. CLM fixes this by keeping all your contracts and related docs in a secure, always-there digital spot. You can build a library of contract templates and clauses, sorted by area or other criteria, making it easy-peasy for those making contracts to find the right stuff. Plus, a central clause library means salespeople can tweak things on the fly, all trackable through the system.
3. Contract Tracking
Once a contract’s done, the work’s not over. You gotta keep tabs on property files and ongoing deals. Most CLMs have dashboards to manage stuff like expiring contracts, special clauses, and other key risks. CLM offers a handy way for realty agencies to do all this on autopilot.
4. Teamwork
Get the whole gang involved in a secure space. Realty agencies can hammer out terms using the software instead of old-school ways. CLM lets you control who sees what, safeguarding sensitive info, and you get a full audit trail, version control, and side-by-side comparisons during negotiations. Once everyone’s on board, you can send it off for approval.
5. E-sign
Finished contracts can zip out for digital signatures, saving time and cash. E-signatures are super secure, even more than traditional ones. They can’t be faked or used by anyone but the intended person. Plus, they come with extra security layers and proof of when and where they were signed, making them a cinch to verify if ever questioned.
Conclusion:
CLM is like having a superpower in the real estate world. It’s like your personal assistant, keeping everything organized and speeding up the whole contract process. With its ability to keep all your contract info safe, easily accessible, and totally trackable, it’s a no-brainer for any real estate pro. Honestly, if you’re not using CLM yet, you’re totally missing out on making your life way easier and your deals way smoother!
