Limiting the human touch, the deadly COVID-19 virus urged the need for digitalization. While the pandemic caused destruction to life as well as the economy, governments and several sectors realized the importance of going digital. The real estate industry seems to be the latest jump onto the digitalization bandwagon.
Digitalization Of Real Estate In Singapore
Prominent Singapore-based real estate platform, ERA Realty Network decided to take things up a notch with regard to digitalization. The platform revealed that it would employ Sign with the SingPass service and support digital signatures for tenancy agreements.
Sign can be accessed by the community via the Singpass application. The application supports an array of platforms including DocuSign, iText, Netrust, Adobe, OneSpan, Dedoco, Tessaract.io, and Kofax that aids digital signatures. Incorporating Sign had made ERA the first private platform to do so. This addition paves the way to limiting physical contact between the owners and the buyers of the property.
Jack Chua, the Chief Executive at ERA Singapore stated,
“ERA is in full support of the Government’s initiative to build a trusted digital ecosystem as we move towards an increasingly efficient and convenient Smart Nation.”
The SingPass was formulated by the Government Technology Agency [GoveTech] to limit the need for signing documents physically. Sign with Singpass would allow users to sign several documents with a simple click. Users would be required to click on a document that needs to be signed after which a QR code would appear. The SingPass application on the users’ phone would now come in handy as a function that initiates the signing request by scanning the QR code would be found in it.
The Government would get involved here as the encrypted signature of the signee is validated against the database of the Government post-signing. The digital signing process will be completed after the users’ face or fingerprint is scanned. The platform assured that confidentiality would be upheld as the transfer of these documents cannot be transferred to the GovTech.
Additionally, the Minister for National Development, Desmond Lee also commented on the latest development and said,
“To survive and do well in a digital era, (property agencies) will need to ensure that both your real estate professionals and your technical teams, who build and support your digital platforms, receive the necessary training.”
Furthermore, ERA has several other plans like the introduction of a WhatsApp-based chatbot that would aid in delivering information pertaining to projects.