How this new tool helps real estate lawyers meet key challenges in their practice
Time and time again, Dil Grewal, Senior Vice President, Registry and Property Solutions at Teranet, has heard real estate law firms say they are under pressure to do more with less, as clients continue to expect more in terms of service.
Lawyers and clerks have shared countless tales of frustration with long delays and processing errors when dealing with the preparation of cheques and bank drafts, as well as the manual pick-up and delivery of these — not to mention the time required to complete the activities, Grewal notes — and the COVID-19 pandemic added physical risks and challenges with in-person activities on day of closing. Specifically, Teranet was hearing: What else can you do for me when it comes to making things easier with this still very labour-intensive process? This was a need in their customer base which they very much wanted to address.
“There’s no question that the past year and a half has driven more law firms to adopt remote-friendly technologies, but there was still a gap — the need for a secure, streamlined funds management solution.” Dilprit Grewal, Senior Vice President, Registry and Property Solutions, Teranet
“There’s no question that the past year and a half has driven more law firms to adopt remote-friendly technologies, but there was still a gap — the need for a secure, stream-lined funds management solution,” Grewal says. “SureFund offers a way to solve these problems by delivering a more efficient and secure way to enhance productivity and deliver increased client satisfaction.”
The Teranet team designed an intuitive solution that leverages a modernized user interface to make the learning curve very short and ensures ongoing ease of use because “we wanted law firms to feel confident using SureFund from Day 1, so their time and energy can be spent on delivering quality service to their clients, rather than being frustrated by trying to figure out how to use a new system,” Grewal says.
The ability to easily collaborate with other lawyers on transactions is a key advantage of SureFund, and a feature that Teranet is proud of, Grewal says. Customers reported poor communication, missed calls, unread emails, and constant follow-ups with other law firms as some of the main hindrances to productivity. Not only did these issues slow them down, but they also lead to errors, re-work and client confusion. But with SureFund, shared details and the status of deals “are at everyone’s fingertips.”
“Lawyers will always be on the same page as to where things stand,” Grewal says. “SureFund provides significant efficiencies and reduces uncertainty for everyone involved.”
With no indication of the world “going back” to how it was pre-pandemic, the demand for remote or virtual closings will only continue to rise — and the real estate market shows no sign of slowing down either. SureFund’s web-based platform creates opportunity for real estate lawyers to attract clients from anywhere in Ontario and is the kind of solution that puts the lawyer at the forefront — the mark of a modern office that’s committed to providing solutions to clients’ ever-evolving concerns. In an environment where more attention than ever is being paid to things like practice management, incorporating solutions that allow for greater efficiency and a superior customer experience is critical to staying ahead of the curve.
“Teranet has always had the tools customers need when they need them,” Grewal says. “SureFund is a secure, intuitive, collaborative solution that helps our client base meet the challenges of today’s real estate practice head on.”
SureFund™ is currently in the pilot phase and available in Ontario.