lux-sign is Luxembourg's e-signature platform tailored to the real estate sector that was launched in mid 2022 from a fruitful collaboration between kodehyve, the Luxembourg Chamber of Real Estate (Chambre Immobilière) and LuxTrust, powered by Amazon Web Services.
Urban Livin' is an innovative digital real estate agency based in Luxembourg whose main objective is to simplify and accelerate the real estate transaction process for their customers with utmost legal security.
The agency distinguishes itself in the local market with innovative pricing solutions and cutting-edge estimates, offering tailored services to its customers.
As Urban Livin’ is a member of the Luxembourg Chamber of Real Estate, they are committed to offering superior services to their customers and they are doing so through the adoption of technologies.
Urban Livin' made the strategic decision to adopt lux-sign so as to streamline its agreements process. This strategic decision has not only improved the efficiency and speed of the document signing workflows but has also enhanced the agency’s reputation as high-quality, responsive, and innovative as lux-sign enabled its international clients to conveniently sign documents wherever they are. A 25% percent reduction in administrative costs and overall time-to-completion for real estate transactions being reduced from several days to only a few hours are only some of the many benefits we will discover below.
Challenges
Urban Livin' confronted various issues associated with handwritten signatures. These challenges encompassed substantial delays in concluding real estate transactions, the possibility of document errors, high administrative costs, and a customer experience that was tarnished due to a longer process. Additionally, they were struggling with document storage complexities: maintaining paper copies on-site, necessitating individual agents to handle scanning, and appointing a dedicated personnel for thorough verification. This operational approach incurred considerable time and financial costs.
Most importantly, a central challenge for Urban Livin' lies in the international nature and availability of its client base.
With a commitment to continuously enhance its services and address the challenges posed by its international clientele, Urban Livin' has been proactive in seeking innovative solutions. The electronic signature solution and template contracts offered by lux-sign appeared to effectively address and resolve the various challenges faced by Urban Livin'. Recognising the reliability and security that lux-sign provides within the realm of electronic signatures, Urban Livin' strategically opted for this made in Luxembourg solution.
Making teams more efficient and accelerating transaction lead times with lux-sign
Since its adoption, Urban Livin’ team has seen a significant transformation in the way they work and a direct impact, particularly in reducing transaction lead times.
Rental contracts have undergone a shift to electronic signatures, resulting in a remarkable reduction of processing time from several days to just a few hours. Similarly, sales agreements now reach finalisation more swiftly, enhancing responsiveness to both customers and sellers, thereby streamlining the overall transaction process.
The incorporation of contract templates within lux-sign further contributes to the team's efficiency by simplifying the document creation process and instilling confidence in legal compliance.
Moreover, the team leverages lux-sign’s automatic reminders, providing a seamless workflow and ensuring that all parties involved receive and sign the document promptly.
lux-sign has played a crucial role in significantly shortening Urban Livin’s overall time-to-completion for real estate transactions. Formerly taking days, these transactions are now efficiently concluded within a few hours.
Additionally, the implementation of electronic signatures plays a crucial role in minimising errors and the need for rework in documents.
Improving customer experience and increasing greater geographical flexibility
The electronic signature brings a significant advantage for Urban Livin' by addressing the international nature and availability of its customer base. With over a third of transactions involving at least one of the signatory parties abroad, electronic signatures allow contracts to be signed from anywhere, at any time regardless of the time zone. Before using lux-sign, the process was burdensome, involving the application of power of attorney and sending someone on-site to represent the signatory, leading to extra time and complex legal procedures. “lux-sign has played a major role in enhancing our services, allowing us to provide customers with a much-improved customer experience and streamlined customer journey.” added Daniel.
The adoption of lux-sign resulted in a significant boost in customer satisfaction, with positive feedback from clients highlighting the platform's user-friendliness, responsiveness, and efficient delivery of contracts to all recipients.
Substantial cost savings: 25% reduction in administrative costs
Regarding cost efficiency, Urban Livin' has experienced substantial savings following the implementation of lux-sign. In quantifiable terms, they have achieved a 25% reduction in administrative costs through the adoption of more efficient document management practices. This includes the digitalisation of their contracts, removing the need to send documents via mail, proceed to checks and stock all contracts on premises.
Results and impact
lux-sign has enabled Urban Livin' to shift from a cumbersome and time-consuming manual signature process to a streamlined, fast, and secure digital workflow. This transformation has reinforced their standing as a leading real estate agency, ensuring an optimal experience for their clients. “lux-sign is a highly effective tool which, once mastered and integrated into our processes, brings significant value as a complement to our traditional working methods.” added Daniel. Urban Livin' exemplifies how digitalising workflows can reshape business practices and enhance customer satisfaction. Furthermore, the impressive return on investment observed within a matter of weeks, driven by substantial time and administrative cost savings, further highlights the transformative impact of lux-sign on their operations. This achievement sets an inspiring example for other participants in the real estate sector seeking to optimise their operations and provide exceptional service.
