Real estate transactions are disjointed, complicated affairs rife with emotion, parties with differing agendas and motivations and many forms that need edits, supplements and signatures at distinct times by diverse groups of users.
Dotloop smooths this fray with a digital platform that centralizes the transaction workflows of brokerages, teams and agents. Collaboration lives at the platform’s core: every party, including buyers and sellers, receive access to a “loop” that they can access from anywhere through dotloop’s mobile app and mobile-optimized website.
Through loops, transaction collaborators can access, amend and sign all the documents necessary for a transaction based on permissions set by the loop owner.
Collaborators don’t need dotloop accounts to review and sign documents. That means everyone from listing agent, seller, buyer’s agent, buyer, admins and brokers on both sides, appraisers, attorneys, lender, title pro and more converge on dotloop to get a deal done.
- Mobile-optimized, digital platform for all parties in a transaction to collaborate on closing a deal.
- Real-time visibility into transaction pipeline, closed, active and working deals.
- Enhanced compliance based on ability to set workflow templates by transaction type.
- Customized broker and team client-facing branding on the platform.
- Ability to add trusted service providers in the back-end.
- Any paper documents can be scanned, emailed or uploaded into the system.
Brokerages and team leaders who purchase dotloop get added functionalities that help them efficiently run their businesses. They can set templates and workflows for each transaction their agents do, helping ensure compliance. Real-time visibility into loops, individually and in aggregate, allow them to spot-check work, track dealflow and allows admins to jump in and support agents with specific transaction tasks, easing their lives and speeding up transactions for clients.
In addition, brokerages and teams can customize the platform with their branding, ensuring that their clients’ appreciation for the streamlined transaction workflow accrues, in part, to them.
Here’s how a dotloop transaction works.
A buyer’s agent puts in an offer on 123 Main Street through dotloop. Since dotloop ties directly into most MLS’s in the nation, the home’s details are automatically populated into the form.
After consulting with the buyer, the buyer agent shares the digital offer with the listing agent. The online offer sheet is editable within dotloop as the company has access to many of the nation’s official real estate documents. The seller and his listing agent make a counter offer. Both sides can digitally pin notes and comments to the offer sheet, which remain private to each party. The buyer’s agent receives a push notification from the native dotloop mobile app, if she has it set up, or via email. She shares the counter-offer with her buyer; she can make the document editable or just for review.
The buyer opens the document from any device and reviews sections the agent digitally highlighted. If the buyer likes what she sees, she can sign the document. Dotloop keeps a history of all the negotiations and who does what and when. When the buyer finishes reviewing, dotloop automatically notifies the buyer agent.
Once both parties sign, the next phase of the dotloop transaction kicks into gear with inspection and contingencies as parties responsible for these phases are now invited into the loop to help usher it to a close. Before finalizing the transaction, the agent can send it to her broker or team, which has a complete digital window into the transaction, for final review.
To learn more about streamlining transactions in a collaborative, digital workflow, visit dotloop or watch this video: