RENOSY, the comprehensive one-stop real estate transaction platform runs by GA technologies Co.,Ltd. (Headquarters: Minato, Tokyo / CEO: Ryo Higuchi / Securities Code: 3491 hereinafter referred to as “the Company”) is shifting towards the measure of turning the paper documents needed during the contracting process into electronic files starting from October, 2021 (※1) .Customers can check the documents online with the Company’s own asset management App for property owners: “OWNR by RENOSY”. By doing so, customers are able to check and complete the contracting process online for most of the documents except for the ones that still need to be handed in paper required by the law such as the “important matters explanation” and the “property ownership transition contract”.
[ Key Highlights ]
- By turning an average of 177 pages of paper documents needed per contract into electronic files, RENOSY saved about 480,000 pieces of paper annually.
- Making the entire process less stressful for customers by cutting the required paperwork into the minimum.
- Saving about 680 hours annually by cutting all the tedious administrative tasks such as printing, checking, and mailing of the paper documents for RENOSY’s staff (※2).
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Background
According to our research, it takes about 177 pieces of papers on average whenever a deal is made for customers using the RENOSY platform. The document is either mailed to those of whom wish to carry out the contracting process online or be handed in in person for those requesting a face-to-face meeting. Customers must find a place to keep all these papers whenever they receive them. On the other hand, it also becomes an issue to RENOSY’s staff in which RENOSY must spend more time and cost on the printing, checking and the mailing of these documents along with the increase in the number of users using our service.
Under such circumstances, it is necessary for RENOSY to implement the measure of shifting the paper documents online and updating the features of OWNR by RENOSY App in order to improve customer satisfaction and the overall efficiency of the workflow.
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How will the customer experience change?
Customers will be able to enjoy a more sophisticated service along with the following updates.
Before:
- Customers will receive the paper documents in advance
- The agent will go along each document with the customers to complete the contracting process after the paper documents have been received.
- The customer will not be able to check the complete document 10 days after the deal has been closed on OWNR by RENOSY
After:
- Customers will be able to download all the required documents from OWNR by RENOSY in advance
- The agent will go along the electronic files (“the important matters explanation” & “sales contract” etc.) with the customer to complete the contracting process (※3)
Major changes:
– Shorten the time it takes to complete document is available for viewing on OWNR by RENOSY from 10 days to immediately on the day of the signing
– All necessary documents including the “important matters explanation”, “sales contract” are available online
Vision for the future:
Along with the launch of the digital reforming amendments (Article. 34, 35, 37 of the real estate transaction laws) in May 12, 2021 (※4), the required documents such as the “important matters explanation”, “sales contract” and the related procedures can be delivered electronically and carried out online as well.
When enactment of the reforming amendments takes place (※5), other documents would also be able to be delivered electronically besides the ones being updated this time. A pure online real estate transaction could be realized in the near future.
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