The technology was also a response to pending regulations.
“On July 1st, 2015, the Real Estate Council of Ontario will officially adopt changes to REBBA 2002 (the Real Estate and Business Brokers Act) which will require that real estate brokerages retain a copy of every offer on a property in order to prevent fake offers,” DealDocket explained in an official release.
The platform is set for launch in Ontario with plans to launch it Canada-wide within the next month. It boasts bank-level encryption and the eventual goal, according to Donaldson, is to have a DealDocket number on every MLS listing.
“It benefits everyone; the real estate agent, the buyer, the seller, the regulator,” Donaldson said. “There is more compliance and, honestly, it’s a win on every level.”
Some of the program’s features include:
• Timestamps all incoming offers
• Provides full disclosure in multiple representation situations
• Creates an auto summary of all offers
• Standardizes the multiple offer process