Why Online Invoicing is Here to Stay for Real Estate Companies
There are over two million real estate agents in the US, and in 2020 alone, there were 842,000 houses sold.
Every real estate agent would have processed invoices for those sales, and that’s not including invoices for rentals or other services provided. In the past, this would have meant hours of paperwork. But with online invoicing, there’s been a huge shift from hard copies to digital documents.
Thanks to digital transformation, real estate invoicing is no longer a laborious, time-consuming process. Online invoicing has paved the way for more streamlined systems and created a new way for real estate agents to manage transactions, track payments, and keep their finances in check.
Here’s why online invoicing is here to stay, and why it benefits every real estate agent.
The Benefits of Online Invoicing
1. Cut down on waste
One immediate benefit of online invoicing is cutting down on paper. This might seem trivial in the greater scheme of things, but caring about the environment will pay off in the long run, and it might even attract more tenants, buyers and sellers who are serious about living a “green” life. Corporate responsibility has become a major trend, and real estate agents who ascribe to going paperless can use this as a marketing tool too.
2. Improve Efficiency
Online invoicing results in a streamlined way of working that offers huge benefits for real estate businesses. Digitising your data makes it more reliable, as there is little room for error—accurate input produces accurate results.
Various accounting software options can help a real estate business transition from an offline operation to an online one, and most of these include multiple tools that complement online invoicing. This ensures that overall financial management is easier and that accounting becomes simpler.
3. Simplify Record Keeping
Online invoices are easy to store and far easier to manage. Real estate agents can opt to store these documents locally or they can back them up to the cloud, making them accessible to anyone who has permission, anywhere in the world.
Not only does this make record keeping easier, but it also ensures that accountants have access to all the information they need, and tax season no longer involves hours of sorting through paperwork. If an online invoicing system integrates with accounting software, the entire process becomes even simpler.
4. Customized templates and brand identity
There are hundreds of downloadable invoice templates that are easily customized before they’re sent to clients. Adding logos, corporate colors, and any other elements that create a cohesive look and feel with your branding ensure that you can create a professional-looking invoice in just a few clicks.
Even if you have not yet automated the entire invoicing process, using invoice templates saves time and creates a uniform brand identity. It also ensures that every invoice looks the same, and the correct information gets included for every recipient.
5. More virtual interactions
There’s no doubt about it: every industry is migrating online. Some might be moving at a snail’s pace, but once a company gets a taste of digital working processes it’s unlikely they’ll return to a pen-and-paper way of life. This holds true for the real estate industry, with more and more clients preferring virtual dealings over in-person.
Potential buyers can view a space virtually, for example, which bypasses a lot of the face-to-face interactions of the past. Taking that into consideration, it’s obvious that online invoicing is the only way to go.
6. Focus on what really matters
Returning to the movement of industry into an online space, it’s clear that making use of online invoicing tools frees up real estate agents’ time and allows them to focus on what’s important: in this case, the client.
Buyers, sellers, landlords and tenants are real people, and although many interactions are online, they appreciate a personal touch. Set up an online invoicing system for your real estate business and you’ll find that your relationships with clients improve dramatically.
Embracing An Online Future
When it comes down to it, growing a business necessitates efficiency and the ability to adjust as industries develop. Online invoicing is simply a step forward for real estate agents that want to get ahead in an increasingly competitive marketplace.