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. 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.’
While the US real estate value chain spans four basic property types, there are many more stakeholders in this value chain that keep the industry moving.
- 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 and relies on formal documentation and agreements to ensure smooth, efficient, and ethical processes and transactions. Each sector in the real estate industry will process hundreds of different documents, most of which are agreements requiring multiple signatures.
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
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Businesses that moved from paper to digital or electronic signing saved from 55% to 78% on costs associated with material, admin, shipping, and subscription fees.
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It takes an average of 5 days to obtain a traditional signature vs. 37 minutes for an e-signature.
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Businesses experience an average of an 80% decrease in turnaround and error rates, plus a $20 average saving per document when using e-signing instead of traditional signatures.
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87% of businesses believe that digital will disrupt their industry, but only 44% of these businesses are prepared for this disruption.
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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? Why not start with eSign, the quickest, easiest way to get contracts and legal documents signed.
