Innovation is redefining the way business is done in the property development industry.
From the use of 3D printing for construction to virtual reality display suites, the industry is hungry for new ideas that allows it to do things better and more cost-effectively.
Electronic contract exchange is another example of reimagining an existing process to devise a better approach.
Maddocks eContracts has been tailored in conjunction with the property development industry and lead financiers to deal with problems in the paper-based process that has been used for decades.
One of the main changes is that Maddocks eContracts allows developers to move from a paper-based process that could take a number of weeks, to one that can be completed in minutes in an efficient and bankable way
Then there are the environmental benefits, with the elimination of the need for couriers and postage.
The combination of a faster, more accurate process and a reduction in cost and environmental impact means that many in the property development industry have already taken the step to incorporate Maddocks eContracts.
There are key considerations when moving from paper to paperless contracts of exchange.
Having launched the Maddocks eContracts platform in 2016 and now processing several thousand eContracts per annum the team have established experience in helping their clients transition to, and smoothly implement their efficient, instantaneous online platform.
Related reading: eContracts the Solution for Fast and Secure Exchange of Property
Here are Maddocks top tips for implementing eContracts
Taking advantage of a system approved by banks – a number of banks have already funded projects utilising Maddocks eContracts.
Training – it’s important that all the users of system are familiar with how it works. Maddocks work with the project team to guide them through the system and provide comprehensive training along with dedicated support resources on an ongoing basis.
Integration and deployment – to ensure successful deployment of Maddocks eContracts, Maddocks provide their clients with a checklist of all required technical requirements.
Testing – Maddocks facilitate comprehensive testing of Maddocks eContracts for each client, to ensures the platform runs as it should for purchasers.
Learn more about Maddocks eContracts and how they can help you move to paperless, at the Maddocks website.
The Urban Developer is proud to partner with Maddocks to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.
