Perhaps some feel that such a light and simple product cannot handle the financial and metaphorical weight of a deal, but JetClosing is an app that proves otherwise.
Do you have any suggestions for products for our real estate technology expert to review? Email to Craig Rowe.
JetClosing is a mobile first title and escrow app.
Platforms: iOS, Android, browser
Ideal for: Homebuyers and all agents
Top selling points::
- JetScore Closing Probability Meter
- Intuitive understanding of the deal flow
- Fast, transparent user experience
- Delineation of financial accountability
Right now it’s availability. JetClosing is licensed to operate in seven states: Arizona, Colorado, Florida, Pennsylvania, Nevada, Texas, and Washington.
What you should know
JetClosing is a very good app that does not add any “mental” friction to a property transaction, which means that it is meant to overcome the industry’s cynicism about its place in business. I claim this will instill confidence in what is usually the most error-prone phase of a home sale.
The JetClosing team has clearly never turned away from what worries consumers when their home purchase ends up in the (traditional) void of escrow, where everything is dictated by contract terms and third party vendors, many of which they never meet.
They also don’t forget the agent whose login shows them a flawless snapshot in any ongoing business that uses easily digestible cards of business content. There’s a picture of the house, basic contract details, and an escrow progress bar. All tasks that require attention are made clear by a warning function that puts the user in the desired function.
The activity begins with the selection of a new “Listing Package”, “Title Commitment” or “Open Escrow”.
A vertical checklist helps the user to scan completed tasks or address what is needed next. The upload of documents is clearly listed, as is the contact details of everyone involved.
Agents will find the financial accountability features very helpful in explaining to their customers what they are responsible for for the payment. Here it’s as simple as a single dynamic bar chart splitting the totals between seller and buyer.
JetClosing provides agents with a “JetScore,” a metric that actively measures the likelihood of a sale being closed by the scheduled date. It is based on the competitive percentage of each task related to the business, including the buyer’s role in providing financial records and other types of credit documentation.
The JetScore also takes into account ongoing title problems. The longer tasks are ignored and title problems remain unsolved, the lower the score, which ranges from A to D.
In addition to detailed document tracking and automated task monitoring, a layer of internal support staff monitors the progress of an escrow agreement.
I think this could be a downside to the nationwide scale. It is certainly a reliable failsafe, but manpower is a huge expense for a business based on business efficiency. Such an overhead commitment can be made more palatable with a central call center as opposed to teams in each state. That’s very likely the model in the game, and getting $ 20 million in venture capital in 2018 can certainly help smooth out rough spots during the expansion.
JetClosing can also support Remote Online Notarization (RON) and work with digital cash deposits. It requires two-factor authentication if necessary and is integrated with DocuSign for electronic signatures.
I want to emphasize that it is understandable to be skeptical about managing such a document-intensive, task-driven business process that involves communicating with multiple external parties through an app.
Perhaps some feel that such a light and simple product cannot handle the financial and metaphorical weight of a deal, as if it requires a complex corporate platform and hours of blinking on a monitor in dim light and under the influence of bitter coffee.
That’s not the case. Closing houses is a process, and the software is designed for these scenarios. It was designed to distill complex business processes into only what is important to move the business forward.
I believe this has been one of the biggest hurdles to advancing digital escrow – accepting that software can safely handle all of the fragmentation and subsequent quirks and ambiguities of a deal.
Trust him folks. Technology is there for you and your buyers and sellers. It’s a shame it took a pandemic to prove it.
Do you have a technology product you’d like to discuss? Email to Craig Rowe
Craig C. Rowe started commercial real estate at the start of the dotcom boom, helping a number of commercial real estate companies build their online presence and analyze internal software decisions. He now assists agents with technology decisions and marketing by reviewing software and technology for Inman.