At Inman Connect New York, Endpoint CEO Scott Martino discussed how innovative digital closing solutions are changing the game for real estate professionals and their clients alike.
Scott Martino, CEO of Endpoint, took the stage at Inman Connect New York to discuss how digital closing technology is changing the agent and customer experience. He highlighted how it's not just about making the process more efficient, but also about creating a better experience for buyers and sellers.
“Technology can't replace the human element,” Martino said. "Ultimately, we're dealing with people and properties and no two are alike. But with technology, we can augment and work with the human. The companies that combine technology with people to deliver a seamless customer experience ultimately win."
When it comes to the latest innovations, all the panelists agreed that times are changing, especially after March of 2020. The pandemic really changed the digital landscape of the real estate market and saw agents starting to adopt advancements in technology more than ever before.
“Over the last two years, the biggest change has been adoption,” recalled Martino. “When we launched in 2018, we came out with an earnest money deposit, an in-app money transfer — similar to Venmo or Paypal. Consumers loved it, but the agents were terrified.”
“The agents were thinking, wait, I need to write a check and deliver it to your office.”
Once the pandemic struck, adoption for digital closing tools began to take off. What started as people staying home out of necessity to avoid infection, became a realization that a digital earnest money deposit was easier, simpler, more convenient, yet still secure for their clients.
From there, Endpoint became a household name in digital closing for agents and their clients, with many agents praising the ease of the platform.
“I appreciated how dedicated the entire team was to seeing this deal go through,” said one Arizona-based agent. I truly appreciate the communication and the portal for keeping everyone in the loop every step of the way. I will absolutely use Endpoint again for all my future transactions.”
The choice of title company varies by transaction and state, however oftentimes the consumer entrusts their agent to recommend a title company.
“When we think about what consumers want from a technology standpoint, how do the partners you choose, enable that and bring that to the table? Because that's going to make the agent look good, and grow the repeat and referral business” said Martino.
At Endpoint, our teams prioritize stellar service for the agent and their clients during every transaction, with the hopes of continuing our partnership as their businesses scale. This allows the agents to stay focused on what they know best, servicing their buyers and sellers.
Technology has changed the way we work, communicate, and live. There is no question that it has made our lives easier in many ways. But it has also created new challenges and complexities. So when it comes to technology and the value it provides versus the human element, it’s really a combination of both. Technology can do things that humans cannot, but it also needs humans to operate and maintain it. The key is to find the right balance between the two.
Martino cited opening an order as a great example of how digital closings can bridge gaps for consumers, saying, “As an agent, you work hard, you get a contract in, everyone’s really excited,” he said “It's signed on a Saturday night, for example. You send the contract in, and then it sits in the email inboxes of the title company for two to three days.”
Everyone is waiting around for the closing process to begin, and that delay creates uncertainty. Martino's example illustrates a time when anxiety can start to settle in for the agent and their client. However, automation can solve for this. Technology can help to get the process started even when it’s outside of working hours for the title company.
“We take those emails, we understand that it's an open order,” he explained “We can extract the data from the purchase agreement. We can kick off those opening invites, invite the buyer and seller to our platform. The buyer can log in and submit their earnest money deposit on Saturday night at 10:30 if they so choose.”
This comes as a relief for all parties because a very anxiety-inducing part of the transaction is complete. And that’s where technology really drives power when the human element cannot.
No matter how much technology advances, there will always be a human element to real estate. But by leveraging technology, agents can augment their work and provide an even better customer experience. At Endpoint, we help agents and their clients experience a seamless closing process by combining technology with personal service, so you can focus on what you do best – helping your clients buy and sell homes.
To learn more about how Endpoint helps agents deliver an amazing customer experience with digital closing solutions, click here.