dotloop Pushes The Real Estate Game Into The Digital World

Based in Cincinnati, with offices in San Francisco, dotloop is a real estate technology company that enables users to create, alter, finalize and sign their documents in a single online space. dotloop's founder and CEO, Austin Allison, appeared on CNBC's Squawk Box on Wednesday morning to discuss his company's innovations to the market. According to Allison, dotLoop is a transaction network that enables collaboration. "We help real estate agents, and buyers and sellers, do deals more efficiently. And real estate companies run better businesses," said Allison. Closing a real estate deal no longer requires stacks upon stacks of paper. Allison has found a digital solution. He said that they're displacing fax machines, scanners and cloud storage for an option that allows them to do everything in one place, covering every point interaction. Allison said that they disrupt the process of negotiating the transaction and getting the deal to the closing table in the first place. Currently, you'll still have to be physically present at the closing table, but he says that those days are going away too. Allison noted that in real estate, almost every deal has multiple parties in different locations. dotloop allows people to work together from where they are, enabling people to come together in the easiest way possible to reach a deal. They call their process a loop. He saw that real estate was an issue when he bought his first house in his parents' name as an investment opportunity at the age of 17. Allison called the real estate transaction terribly inefficient. He went on to say that the gap between what we expect as consumers and what we typically get from a real estate agent has never been further apart. In 2009, he saw an opportunity to take on the real estate scene while it was in a weakened state. Allison said he wanted to help brokers save money and run better businesses, all while closing that gap in expectations that he saw. "We launched in '09. Today, we have about 600,000 professionals that use dotLoop. We've got over 10 to 12 million buyers and sellers, and total subscribers, and we're growing by double digit percentages month over month," said Allison. He said that every real estate agent and company can benefit from the service. Then he went down the list. The value proposition to the consumer is that it makes the process more seamless, more efficient, and more secure. For the real estate agent it allows them to manage all of their business online and close that consumer experience gap. For real estate companies, noting that they had partnerships with nearly every major brand, Allison said that it helps them run a better business locally, regionally and nationally.