Shifting paper contracts to digital: GA technologies iBuyer business RENOSY provides key contracts on app

14-Oct-2021 Intellasia | PR Newswire Asia | 11:00 PM Print This Post

TOKYO, Oct. 15, 2021 /PRNewswire/ -- 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".

Shifting paper contracts to digital: GA technologies iBuyer business RENOSY provides key contracts on app
Shifting paper contracts to digital: GA technologies iBuyer business RENOSY provides key contracts on app

[ 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).

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.

How will the customer experience change?

Customers will be able to enjoy a more sophisticated service along with the following updates.

Before:

  1. Customers will receive the paper documents in advance
  2. The agent will go along each document with the customers to complete the contracting process after the paper documents have been received.
  3. The customer will not be able to check the complete document 10 days after the deal has been closed on OWNR by RENOSY

After:

  1. Customers will be able to download all the required documents from OWNR by RENOSY in advance
  2. 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.

About OWNR by RENOSY

OWNR by RENOSY is an App for smartphones and tablets targeted at customers who have purchased properties by using RENOSY service. Property owners can check all the documents about a contract and the basic information about a tenant by using the App. Other than that, there are a variety of necessary features available for owners such as "managing your monthly cash flow", "final tax return support", "online chat", "check up new properties", "assets calculation & simulation" etc. All you need for managing your property and assets is here on OWNR by RENOSY.
URL: https://www.renosy.com/asset/service/ownr

About RENOSY : the comprehensive one-stop real estate transaction supporting platform

RENOSY is a comprehensive one-stop real estate platform provided by GA technologies under the concept of "making house hunting and assets management easier." With the business vision of "inspiring the world with the power of technology and innovation". The purpose of RENOSY is to make everything about real estate easier for our customers, whether you want to "rent", "buy", "sell", "lease", "renovate" or "invest" on a property, you can get what you want and need all in one place. Currently, we have about 22,0000 registered members, and more than 15,0000 existing properties in the center of Tokyo available on our website. GA technologies is working on helping to accelerate the digital transformation process of the industry, and to provide a better customer experience through both online and offline.

About GA technologies

Company: GA technologies Co., Ltd.
Representative: Ryo Higuchi
URL: https://www.ga-tech.co.jp/en/ 
Head office: 40F of Sumitomo Fudosan Roppongi Grand Tower, Roppongi 3-2-1, Minato District, Tokyo
Year of founding: March 2013
Capital fund: 72,19,146,516JPY (by September 2021)
What we do:

- The operation of the PropTech (Property technology) one-stop service site "RENOSY"
(Real estate information portal site, real estate trading, real estate interior design & renovation, real estate property management)

- SaaS type of BtoB PropTech product development

- Real estate industry research using AI technology

- Overseas PropTech portal site "Shenjumiausuan"'s operation, targets at customers in the Greater China

Sub companies: ITANDI Co.,Ltd, Modern Standard Co., Ltd, Shenjumiausuan Co.,Ltd and 8 other companies

(※1)The important matters explanation and the sales contract will also be allowed to be delivered electronically after the enactment of the reforming amendments regarding real estate transaction laws (May 18th 2022)

(※2)The number is calculated based on the deals closed in 2020
Reference source: Financial highlights (results) of FY 2021, 10 3Q (page 2) https://ssl4.eir-parts.net/doc/3491/tdnet/1913342/00.pdf

(※3)A paper document is still required at this point regarding "the important matters explanation" & "sales contract" etc. before the enactment of the reforming amendments takes place.

(※4) Source: House of Councilor, the National Diet of Japan (May 19, 2021) https://www.sangiin.go jp/japanese/joho1/kousei/gian/204/meisai/m204080204028.htm

(※5)The reforming amendments will be enacted in May 18, 2022
Source: House of Councilor, the National Diet of Japan Article 37: Diet laws related to the forming of a digital society
https://www.sangiin.go.jp/japanese/joho1/kousei/gian/204/pdf/s0802040282040.pdf

※ Data of the number of RENOSY members:  by July 2021 / Data of the number of properties available on the website: by October,2020

For this release, please contact below:
GA technologies Co., Ltd. PR team
Nami  (+81-90-1503-9158), Judy MAIL: [email protected]

 

Category: PR Newswire, PRAsia

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