Real estate is a powerful tool with which to build personal and economic wealth. We take a look at some facts and figures about this sector in the US.
Real estate is a powerful tool with which to build personal and economic wealth. We take a look at some facts and figures about this sector in the US.
Real estate in the United States is not just a potential wealth-building tool for everyday consumers but a key driver in the growth of the US economy. Many a millionaire started out by securing their wealth through real estate investments. Real estate is made up of four basic types:
- Residential real estate
- Commercial real estate
- Industrial real estate
- Land real estate
A significant and lucrative component of the real estate sector in this country is construction and development, which, according to Ascent Law in Utah, “contributed $1.15 trillion to the nation’s economic output (in 2018). That’s 6.2% of US gross domestic product.”
With these four basic property types in mind, the real estate sector has a wide range of different stakeholders in its value chain that make up the whole business sector.
- Property development, including engineers, contractors, and builders,
- Marketing and sales,
- Brokerage, or buyer-seller intermediaries,
- Property management,
- Finance, legal, and lending,
- Buyers and sellers.
Extrapolated from the Corporate Finance Institute’s resource on real estate.
The Importance of Digital Documents in Real Estate
Real estate is an admin-intensive industry that relies on formal documentation and agreements to ensure smooth, efficient, and ethical processes and transactions. Every single day, countless different types of documents are passed from one desk to the other. Among the most important are agreements that require the signatures of at least two parties to get the real estate project, deal, or development on the road.
Serving customers from the entire real estate value chain, from investors to real estate agents, commercial property lessors, and home buyers, with over 20 PDF tools to process documents, Smallpdf doesn’t just understand how important digital document management is in real estate, but why.
Digital Document & E-Signing Facts & Figures According To Forbes & Finances Online
- Businesses that moved from paper to digital or electronic signing saved from 55% to 78% on costs associated with material, administration, shipping, and subscription fees.
- Getting a traditional, wet signature from a client or business partner takes an average of 5 days. E-signatures cut that time to only 37 minutes on average.
- Businesses experience an average of an 80% decrease in turnaround and error rates, plus a $36 average saving per document, when using e-signing instead of traditional signatures.
- 87% of businesses believe that digital will disrupt their industry, but only 44% of these businesses are prepared for this disruption.
- Using e-signature software reduces the number of missing files by 66%, thus ensuring a swift and professional process.
- Digital transformation plus focusing on customer experience can result in an increase of up to 30% in customer satisfaction and growth potential of up to 50%.
Thinking about taking your real estate business or team digital? Smallpdf’s eSign tool is your ideal starting point. Get to know our easy to use, intuitive, and high-security e-signature tool to get those contracts and legal documents signed. You can test the tool’s capabilities outside of its free usage in our 7-day free trial of Smallpdf Pro as well!
