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News Article

Digitalization Increases in Real Estate Processes

By Lorenzo Núñez | Wed, 07/21/2021 - 10:32

The Real Estate contract process is transforming. It is leaving traditional contract processes behind and moving towards a more digitalized format.

The Real Estate industry has been one of the industries that has experienced one the biggest changes since the pandemic began. With entire projects modifying their focus to include more recreational areas that aim to replace tight workspaces, and with leading real estate leaders believing that traditional workplaces will remain a thing of the past, it is expected to have real estate contracts change from traditional means to a digitized way of signing a contract.

As seen by the digital contract management platform TRATO, construction companies and architectural firms have digitalized their contract processes. With digitalization in real estate processes increasing 128 percent so far in 2021 compared to the same period in 2020.

This digitized process took place as a result of the pandemic, in an effort to reduce contact with objects and people. By using this method, sales and leases could be made without the risk of contagion. As stated in an interview with NotiPress by Ignacio Bermeo, founder and CEO of TRATO “It is important to note that smart or digital contracts for the real estate sector are fully legal in the country. This is because the creation of consent can be given through electronic means, in accordance with what is established in civil ordinances.”

Digital contracts reduce transportation costs, less use of raw materials such as paper, and physical storage. In a digitized world storage is found in the cloud. The benefits of digital contracts do not stop here, transportation by plane, car or ship, whether for one person or for parcels is very polluting and time-consuming; now it can be avoided. This new electronic modality brings practical benefits to the environment and to those involved.

The data used in this article was sourced from:  
MBN, Notipress
Photo by:   StartupStockPhotos
Lorenzo Núñez Lorenzo Núñez Junior Journalist & Industry Analyst