Gallup polls consistently show the experience most buyers and sellers of real estate have is not a good one. That should come as no surprise: Real estate transactions are almost defined by a lack of efficiency and transparency. Despite evolving from hand-delivery to faxes and now emails, submitting offers and counteroffers is still a cumbersome process, made worse by the fact that many realtors spend thirty minutes or more adding their opinions to carefully crafted emails.
That isn’t me taking shots at an industry from the outside. Before founding Transactly, I was CEO and founder of one of the fastest growing brokerages in the country.
Having spent most of my career in real estate, there is a sad truth that most of us in the industry know, but few of us are willing to knowledge: The process of selling or buying a home is often miserable.
Though there is a certain level of stress when anyone engages in a large financial transaction that is so important to their family’s future, buying or selling a home should be a far happier and less stressful event than it usually is.
REALTOR® Code of Ethics, Standard of Practice 1-6.
One big source of unnecessary stress and poor customer experiences are offers and counteroffers, despite the industry’s best attempt to minimize the influence of personal opinions and unnecessary delays. Standard of Practice 1-6 of the REALTOR® Code of Ethics states, “REALTORS® shall submit offers and counter-offers objectively and as quickly as possible.”
In a world where customers increasingly demand and expect transparency, real estate transactions remain one of the most confusing, inefficient, and frustrating experiences consumers will ever have. One reason for that is our industry’s consistent struggle to make Standard of Practice 1-6 a reality, rather than a guiding principle.
Transactly was founded to solve that problem. By putting trust and transparency at the center of everything we do, Transactly automates compliance and creates an entirely different and vastly-improved customer experience.
Transactly Delivers Offers to Clients in Real-time.
One of the many features of Transactly is the way our platform empowers REALTORS® when delivering offers and counteroffers. There are two important words in Standard of Practice 1-6. The first is objectively, which is defined by the absence of “personal feelings or opinions in considering or representing facts.” The second is the word quickly, which means fast—or “with as little delay as possible.”
(The quote marks are there because we looked up the definition in the dictionary. As a REALTOR® I know our definitions of “objectively” and “quickly” aren’t the same definitions our customers have—and that’s the problem, in a nutshell.)
Objectively and quickly are more than just words. They are commitments to our customer—commitments that those of us in this industry frequently fail to meet.
Waiting for an offer or counteroffer can be an excruciating experience, made worse when customers receiver offers and counteroffers that come with the opinion of their REALTOR® attached. While those opinions are intended to be in the client’s best interest, the truth is that Standard 1-6 exists for a reason.
Clients will have a better experience when they receive truly objective offers and counteroffers as quickly as possible.
Even with the best of intentions, that won’t happen by delivering offers and counteroffers the old fashioned way – via email. Standard of Practice 1-6 will become a reality—and customers will start to have the experience they expect—when agents have access to a platform built on a foundation of trust and transparency.
Transactly is that platform, and we look forward to working with agents ready to deliver the next level of customer experience to their clients.