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A new digital platform has been launched that will allow tenancy agreements to be signed on your smartphone, cutting out the current lengthy paper process.
A new platform called FLK IT OVER allows agents to send their tenants an SMS with a link to the lease and all tenants must do is click on the phone indicating their approval at each step of the process.
Director of Bright Residential Andrew Colagiuri developed the technology after seeing the frustration in the industry around the old-fashioned process of signing leases.
“I realised the way real estate agents do business hasn’t fundamentally changed for 100 years, and with over a third of Australians now renting, the demand is there for this technology,” Mr Colagiuri.
Mr Colagiuri said that his product was an Australian first as until now, people often had to travel to sign an agreement, which was a hassle for many.
“Up until now, real estate agents have had no choice but to ask tenants to sign a piece of paper either in the office or via the post or email which is time-consuming and often inconvenient,” the director said.
A recent survey of over 100 people looking for property found that 80 per cent found it a major hassle travelling to their agent’s office to sign an agreement and 95 per cent felt comfortable signing a lease on their smartphone.
Mr Colagiuri said that the process was particularly complicated for tenants who were overseas or in instances where there were multiple tenants.
“This outdated process from approval to signing a lease takes around a week and can be particularly complicated for properties where there’s more than one tenant, or the prospective tenant is relocating interstate or overseas,” the director said.
FLK IT OVER says that it takes 4 to 7 minutes for a tenancy agreement to be signed, saving real estate agents countless hours over the year.
Legally giving consent to an agent to sell or manage your home can also be completed with the same process.
“This is not about disruption to the real estate industry — this is simply innovation, using technology to improve the way we do business,” Mr Colagiuri said.
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