6 challenges of paperwork in the Real Estate industry

Paperwork challenges

Paperwork is tough, cumbersome to say the least. No one likes it, but we all have to do it. Being meticulous at paper documentation makes future reference easier. For every department, 20% of the time is taken up by paperwork so that everything can be accounted for and trackable. Unlike digital documentation, physical documentation has a fair amount of challenges.

The problem with paper documentation

1.Inefficient tracking and monitoring

For current real estate documentation is often recorded manually on paper documents. It creates difficulty in locating records, sorting documents and identifying key pieces of information. The paper records can only be in one place a time, meaning they are not always accessible to the person who needs them. Moreover, if the business fails to house and manage their documents properly, countless hours are spending on searching the missing document which more often than not, stir up many negative emotions and people asking existential questions.

2. Security risks

According to the Department of Health and Human Services’ Office of Civil Rights website, during 2015, 258 breaches have been reported. 71 of those were paper or film-based records. Compare that to just 16 electronic records. Which makes electronic record 300%  more secure.

Without a log, any individual can access documents without permission and make copies or changes of documents without anyone knowing. This sometimes will cause a confidentiality breach without a way to trace it back to the culprit.

3. Takes up storage

The number of documents needed on site takes up space quickly. This not only includes internal documents generated using a word processor or emails but other forms of paper such as bills, receipts, etc.  With that much paperwork, it also means there’s a need for substantial storage space to house all these documents. You may overpay for storage you don’t need or have trouble finding places to store new data.

Paper and folders most definitely do not spark joy. There’s no easier to get rid of it then by uploading to the cloud.

4. Prone to human error

In manual paper-based operations, the greater the number of people who touch a document, the higher the likelihood for human error. Often, an important document must be delivered to several employees in different departments. This delivery process relies on the ability of each employee to handle the document correctly and quickly. The risks and consequences of failure along the way are very real.

5. Decreases productivity

Matching client information with related paper records or management systems becomes more cumbersome, requiring document scanning, manual data entry, and other unnecessary processes. Not forgetting the man hours spent on creating, printing and storing away these paper documents which could be channeled to more meaningful tasks.

6. Vulnerable to natural disaster

If you’re storing data in paper form, a single disaster can destroy years worth of records. Because paper is fragile, a fire or water leak can quickly ruin documents. And in many cases, there’s no way to recover the lost data. So what do you do then? These documents might mean millions of dollars for real estate companies when they don’t have the right documents to substantiate legal cases.

 

Introducing e-documents to the real estate industry

Real Estate Doc Demo

With technology, it has become easy for companies to duplicate, sign and store e-documents in the cloud. E-documentation has proved to reduce all these inefficiencies and at the same time be kind to the environment. Using a platform like RealEstate Docs, property managers can create leasing contracts for their tenants in a few steps, allow for different stakeholders to review and sign all at once. With a simple search, one can easily retrieve a document from a few years ago. It’s that straightforward.

Digitalising can help improve overall productivity and maybe even general job satisfaction.

Request for a Demo

Add a Comment

Your email address will not be published. Required fields are marked *