Closing Time – Simplifying The Escrow Process With Technology
I’ve written before about technology that is here to stay, and how the real estate industry can benefit from all the brilliant people in the world creating it, and I’ve recently come across another good example of a new company that’s applying technology to attempt to solve a big headache for buyers and agents alike: the escrow (purchase) process.
I met founder Jonathan Aizen when he reached out to me through TheFrontSteps, and he took me through an early version of his tool, Closing Time, telling me about how he built it based on his own pain navigating the closing process on his Noe Valley home last year. Basically, Closing Time takes a bunch of information about a buyer’s property and finances to generate a customized checklist of steps to complete prior to close of escrow (read: get the keys to your home). These steps include things like “Get homeowners insurance” and “Submit your W-2s to your lender.” The steps generated and their due dates are based on the information you give Closing Time (it asks you simple questions like “what kind of property are you buying?”, etc.). For pre-contract buyers, Closing Time simply provides a checklist of things to prepare that might make escrow run more smoothly (like getting your financial documents in order, who to use for inspections, etc.) after you beg, borrow and steal your way to convincing the seller to accept your offer over one of the 15 others he just received.
It’s an interesting concept, and it’s certainly worth checking out. While great strides have been made in document management and e-signatures to reduce the amount of crap you actually physically have to sign (now you just click, click, click your way through), the actual escrow process has remained mostly untouched by technology (especially for the buyer). I’m still thinking about how this would work with my own workflow, as there’s an agent-interface that helps agents track buyers through their escrow process, and I’m actively giving them feedback about how to make it more user friendly and as little a drain on my already tapped time for technology and new processes, but I invite all of you to give it a shot and tell me or Closing Time what you think.
To that end, Closing Time is offering a free trial for agents, and buyers, who read TheFrontSteps. Agents can invite in as many buyers as you want for the first three months. Agents can sign up at http://www.closingti.me/agents. Buyers can try it too, even if you’re not yet under contract, by going to http://www.closingti.me to play around. Both buyers and agents can use the invite code “TheFrontSteps.”
Good luck with it…and Happy New Year!