Each year in North America there are almost six million real estate sales, resulting in 24 million transactions, yet the real estate industry still largely relies on paper-based workflows to complete a transaction, says Loft47 founder Sasha Hryciuk.
She says her company has developed the technology and services to “greatly increase the quality and speed of real estate closings. This will improve profitability in the industry while also streamlining the experience for the consumer,” she says.
“We are looking to unburden brokerages of the heavy investment and high overhead needed to process real estate transactions. This will allow them to focus on recruitment and customer relationships, factors which lead to greater profitability,” says Hryciuk.
Loft47 provides transaction processing services and accounting support to brokerages so that traditional in-house processing will no longer be required. The web-based application allows collaboration using a straight-forward interface, flexible workflows and approval processes, the company says. From mobile devices, users will be able to submit new deals, view and collaborate with others.
Brokerages currently employing at least one full-time deal administrator can save more than 50 per cent over traditional in house services, the company says.
“Our clients appreciate that we have developed a specialized product that can hook into multiple platforms. This makes adoption easy and most brokerages are eager to shift their focus from managing transactions to growing their business,” says Hryciuk.
Loft47’s services are available across Canada and the U.S. It is currently working with clients in Alberta and Arizona.
Pricing is charged per transaction – the higher the volume, the lower the cost per deal, says Hryciuk. “Overall, brokerages can save significantly by not having to staff for transaction processing at static levels, while their deal volume is constantly fluctuating. The only time they are paying is when their agents are producing,” she says.
