CCIAOR Partners with DepositLink to Bring New Technology to Real Estate Deposits
October 22, 2020 Industry News, Member Benefits
The Cape Cod & Islands Association of Realtors (CCIAOR) has selected Boston based DepositLink as their preferred partner for electronic earnest money deposit and commission payments for real estate transactions across Cape Cod, Martha's Vineyard, and Nantucket.
CCIAOR is made up of more than 400 member brokerages that have more than 2,600 members who handle sales and rentals across Cape Cod, Nantucket, and Martha’s Vineyard.
DepositLink will allow these agents and their firms to safely collect payments electronically from homebuyers and renters instead of retrieving and processing paper checks; or asking consumers to pay for expensive bank wires.
“Receiving deposits has slowed down the real estate transactions for years, but has been exacerbated during this time – by the pandemic and the unprecedented activity of our marketplace,” said Ryan Castle, Chief Executive Officer of CCIAOR.
“Brokers turned to us to vet several of the leading electronic deposit software programs to find which one works the best in our market that we hope can be commonplace across the region. DepositLink stood out among the competition. They understand our members’ business and the need for consumers to safely, securely, and quickly pay deposits on real estate to buy the home of their dreams.”
DepositLink will also allow real estate companies on the Cape & Islands to send and receive commission payments electronically. Many agents are working virtually from home and not attending real estate closings during the pandemic. DepositLink will solve the problem of collecting commissions from cooperating firms and closing attorneys in a timely manner. “We are very excited to partner with CCIAOR and its members,” said Jay Rooney, CEO & Founder of DepositLink.
“The Cape Cod, Martha’s Vineyard, and Nantucket real estate markets are thriving and DepositLink will make agents and brokerages more efficient, and help them provide a better real estate experience for their clients.”