Real estate professionals know the value of successful partnerships. In partnerships, timing and complimentary skill sets are everything. Successful partners know when to join forces and how to leverage two sets of expertise to create a more powerful offering—and without either party being overtaxed. Partnerships fill a market need at just the right time. And, in today’s digital world, partnerships that facilitate business and prioritize security are invaluable.
Two companies offering powerful tools to real estate professionals—Docusign and Prisidio—are partnering to bring more seamless collaboration and secure digital documents to the real estate domain. And NAR has helped fuel the growth of both organizations.
Early Investment in Docusign Transformed Real Estate
Docusign radically improved speed and efficiency in the real estate space. It transformed how agents and brokers handle documents related to property sales and added a level of convenience customers love. Using Docusign for real estate transactions not only accelerated business but also simplified life for real estate professionals and their clients.
NAR saw the transformative value of Docusign early and invested—and continues to invest—in the company’s growth through Second Century Ventures (SCV), the most active global real estate technology fund.
Investing in New Technology, Moving Real Estate Forward
Prisidio is a cloud-based digital vault designed to store and protect life-essential documents, like wills and estate documents, tax returns, investment and asset records, and personally identifiable information (PII). Users can share vital documents in one secure, digital location with approved parties and protect what often can be scattered information and documentation.
Prisidio offers real value to real estate agents and brokers who can use it as a virtual deal room where all the documents related to a sale can be housed and where access is only allowed to those who need to see and use those documents. Prisidio can also be used as a secure delivery channel between real estate professionals and their customers for closing documents, key contracts and more.
NAR has fueled Prisidio’s growth and allowed it to scale its services by its participation in REACH 2023—NAR’s event-based launchpad and accelerator program for the most promising technology companies in the real estate and adjacent industries.
The Combined Business Value of Docusign and Prisidio
The Docusign-Prisidio partnership is part of a new software as a service (SaaS) offering Docusign calls Intelligent Agreement Management. An upcoming study by Deloitte and Docusign highlights the fact that the process of managing agreements is outdated, which can lead to delayed or lost revenue, customer loss and increased legal risk. In fact, the study found that the estimated costs of outdated agreement processes are surprising:
- When developing agreements, 25,000 hours are wasted annually, per function.
- When organizing, storing, and managing agreements, 6,000 hours are wasted annually, per function.
- When analyzing agreements for insights, 14,000 hours are wasted annually, per function.
The study finds that $2 trillion in global economic value is lost annually due to outdated agreement management processes.
The Docusign-Prisidio partnership will seamlessly connect to move documents requiring e-signatures from signers to the virtual vault. Not only is the process automated, but so is security because only those with access to the Prisidio vault can access the documents. And once a transaction is complete, a real estate professional and a client can transfer documents to separate archives and limit access to other parties. This process increases efficiency and security and eliminates risk on both sides of the transaction. The companies cite cost savings, speed, convenience and security as the driving forces behind this partnership.
Better Business Through Partnerships
Partnerships like this can make magic happen in the business of real estate. They have the power to transform, streamline and level-up the services agents and brokers can offer their customers. NAR recognized this and has facilitated the growth of Docusign and Prisidio with the understanding that their success means more success for the real estate professionals it serves. NAR is proud to identify and invest in technology solutions that add value and make your business run more efficiently and effectively.
This is a partnership that will further support and enhance digital transformation in real estate. The speed of change in technology and real estate is exciting and offers tremendous opportunities. Understanding, embracing and adopting these tech solutions and partnerships adds value and helps you build on your successes.