Look out, America.
We may not yet have hoverboards or flying cars as depicted in “Back to the Future Part II,” but kwELITE Real Estate is keeping a close eye on efforts in Washington to modernize real estate transactions.
The U.S. House of Representatives on July 27th voted 336-90 to expand the availability of remote online notarization (RON) nationwide, a key advocacy priority for the National Association of Realtors® (NAR).
RON allows a notary and signer in different physical locations to securely execute electronic documents using two-way audiovisual communication. Currently no nationwide program standardizes the process, which can make remote closing tough depending on the buyer or seller’s state of residence.
“Remote online notarization is a critical step forward for real estate and many other industries that acknowledges how the needs of consumers have changed along with what’s possible. Just a few years ago, many thought online notary was an unsafe and unreliable option, and nothing could be further from the truth when done right,” kwELITE Team Leader Dakotah Smith said.
Remote online notarization became more prevalent in the U.S. throughout the last few years in part because of the COVID-19 pandemic. But, the use of modern technology is nothing new for kwELITE. Being a tech-powered hub for every step of a real estate transaction in all of its locations is paramount.
“The goal of kwELITE was to provide the traditional broker with solutions that aren’t typically seen in the real estate industry … we wanted to give the consumer a one-stop solution to the entire real estate transaction,” kwELITE Co-Founder Jeff Cohn said. “And we wanted it to be packaged in one place that could be received both virtually and physically, that includes the mortgage, the title, the insurance – anything and everything from A to Z surrounding a real estate transaction – so the consumer can save time and money.”
That commitment also means incorporating 6D renderings and aerial drone photography for listing videos/virtual tours and utilizing online platforms to empower real estate professionals and clients to get deals done conveniently.
“If you’re not learning and growing, you’re not moving forward,” kwELITE fellow Co-Founder Renee Mueller said. “We utilize technology so we can ensure accuracy and efficiency when it comes to our core services, which sets us apart from our competitors.”
The bipartisan SECURE Notarization Act now goes to the Senate for consideration, and kwELITE is optimistic moves will be made to push the industry ahead.
“Online notarization represents progress both in terms of accessibility and convenience, but also in security and assurances for everyone affected by a signed document,” Smith said. “It’s important we not take our eye off the ball and continue to support more bills like this that empower buyers, sellers and their trusted agents to conduct business with as few unnecessary barriers as possible.”
Mueller echoed that sentiment.
“The pace of the market is fast and furious with regard to technology, and it’s incredibly important as the next cycle of real estate will be dominated by firms that are willing to use technology to innovate, automate and streamline operations in any way possible,” Mueller said. “This includes those core services, such as title and mortgage.”