“Time kills deals,” says Austin Allison, creator of dotloop, and also its President and CEO. His brainchild is a hot new software for digitizing those unwieldy real estate transactions that require reams of paper and rivers of sweat from all parties.
Allison eschews paperwork as an inefficient time-waster for agents, as well as their anxiously waiting customers. A wunderkind real estate agent at the age of 18 with investment property of his own, Austin Allison set out to fix the frustrating, seemingly endless paperwork process that was bogging him down.
By 2009, the result was a remarkable, high-octane company that is gathering in the awards and recognition for Allison faster than he can find space for them in his virtual trophy case. Austin Allison’s undeniably handsome face recently filled the full-page cover of Entrepreneur magazine, who dubbed him a norm-shatterer and dotloop an audacious upstart. Most recently, Allison was named “Innovator of the Year” by Inman News, a sought-after title in the entrepreneurial milieu. Forbes put him squarely on the limited list of their prestigious “30 under 30” class, and CEO Magazine officially recognized him as one of Ohio’s “Most Talented Entrepreneurs.”
Obviously, Austin Allison is a person of interest for those with an eye on next-generation movers and shakers. Let’s look deeper to get at the reasons for all the hubbub:
What, exactly, is dotloop?
Put simply, dotloop is a cloud-based real estate solution where all parties involved in the transaction – agents, brokers, buyers and sellers – can come together to collaborate in real-time. With dotloop, users can add, adjust, approve and electronically sign documents – from anywhere, anytime, online.
Austin Allison is currently working with one eye on expansion. “Our primary focus is in the residential market, and we intend to be the dominant transaction solution there,” he says. “But dotloop could certainly be used in commercial real estate transactions. Though the buyers, sellers and properties differ, the process of negotiation and collaboration are the same and could all be made easier through dotloop.”
dotloop is the only solution in the real estate market that eliminates paperwork. Other point solutions solve parts of the paperwork dilemma, from cloud-sharing services to e-faxing and e-signature software. These services require a hodgepodge of systems, document couriers and machines to get the job done. To date, dotloop is the only one-stop point that offers a collaborative solution where deals can be followed from start to finish online.
Users love dotloop
Using dotloop, an agent can save up to ten hours per transaction and close deals up to 40 percent faster. It’s the fastest-growing software company in the real estate industry. In less than three years, it has attracted over 25% of U.S. and Canadian realtors to subscribe, and is increasing exponentially every month. These agents work in more than 700 cities for high-profile, top brokerages such as Keller Williams, RE/MAX and EXIT Realty, to name only a few.
“We’ve added over 150,000 new users in 2012 alone,” says Allison. “Beyond users and revenue growth, we recently closed $7 million in Series A funding from Trinity Ventures and prior to that, raised about $3M from local investors.” Based in Cincinnati, dotloop recently opened a San Francisco office to accommodate the company’s lightning growth. “We expect to be at about 80 employees by the end of 2012,” Allison said.
The future is now
“Real estate agents,” says Allison, who sold real estate during his college years, “definitely use our technology for their benefit. But it also provides their customers with the digital experience that’s expected in today’s world. When it comes to real estate, it’s simple: Time kills deals… and paperwork is one of the biggest time drains.”
Allison anticipates both horizontal and global expansion in the future for dotloop, but has yet to disclose the next targets. Meanwhile, he offers these suggestions to budding entrepreneurs who would emulate his impressive achievements:
- The best consumer experience will win.
- Follow your passion. Dream big. Surround yourself with amazing people.
- Never give up!
Austin Allison bought his first house at the age of seventeen and now at the young age of 27 is making his dreams a reality. Without question, this talented young entrepreneur in the fast lane has transformed the real estate industry, and is not about to stop there.