You are a developer or an agent in charge of a recently completed state of the art, optimally priced apartment complex targeting the middle class. Say 150 units. The uptake rate has been a little slow than you envisioned when you initiated the project five years ago, times are tough you know, and there is talk of a glut in that particular market segment. It’s eight months since completion and you have so far manage to rent out only 90 units, actually the highest compared to a few similar developments in the proximity of your property. This is despite the marketing and promotional efforts by you and your team. Potential tenants trickle as slow as can ever be, and so do returns.
Financiers are beginning to grumble about your obligations, market constraints notwithstanding. However, your prospects are very unbecoming. So you to take a trip down to the coast where perhaps for a few days the monsoon winds could blow away your real estate woes. On the second day of your trip, you get a call from one of your men that four clients are due to inspect the property, and then later; that they are interested. It’s past mid-day so you roll your back of the sandy beach, quickly releasing the particles from your body, excited and anxious about deal in the making.
You know you can close the deal if you move quickly but you are hundreds of miles away together with your signature. Your delay could cause you to lose the deal since there are comparable properties in the area. You look for the next available flight, aware that a bad case scenario could result in a double loss, your trip and the clients. However, with technology you need not box yourself into a situation like this. The truth is that, things are far easier, so you can have your cake and eat it.
A little simple technological trick, a convenient digital tool known as a digital signature could always save your day(s). Here is how…
Digital signatures, a type of advanced electronic signature, which is uniquely linked to the signatory and is capable of identifying the signatory. The digital signature is solely maintained and controlled by the signatory. The data is linked to the digital signature in such a way that any changes to the data is detectable. Digital signatures are more secure than traditional electronic signatures because the signature links some sort of a digital fingerprint to your identity. When you sign a document, this information becomes permanently inscribed on the document so that any attempt to alter it will be detected.
Furthermore, digital signatures adhere to international standards of security issued by the International Standards Organization although different jurisdictions and industries have their preferences. In Kenya, electronic transactions are governed by the Communications Authority of Kenya through an act of parliament. To get a digital signature, you will need to obtain one through a licensed Certified Service Provider/Certificate Authority or consult a number of online digital security signature providers. Digital signatures are legally recognized in transactions similar to written signatures and written records.
The advantages to real estate professionals, businesses and their clients are many. First, the client can sign a document from any internet connected device anywhere. Second, digital signatures are legal, verifiable and secure from infringement. Also, you get to specify the order assent and you can get notifications on completion of the document. In addition, it is easy to connect with other services like Google Drive and Dropbox and to use with different document formats.
With the volume of paper work that normally accompanies real estate transactions, digital signatures make it seamlessly easy and convenient to do your thing and do your own things.
