The Alberta Real Estate Foundation (AREF) and the Real Estate Foundation of British Columbia (REFBC) have formed a partnership with Platform Calgary to “explore technology solutions to support the modernization of the real estate trust account process,” the foundations say in a news release.
“The real estate industry is evolving at an ever-increasing pace and the processes for managing trust accounts haven’t kept up. Through this partnership, we look forward to exploring how we might modernize trust accounts and adopt new financial technologies to help our foundation thrive: simplified transaction processes, less time and paper and the highest standards of accountability,” says Jack Wong, CEO of REFBC.
Working together, Platform Calgary, AREF and REFBC say they will host workshops with real estate professionals in Alberta and British Columbia to understand challenges within the trust account process and how new approaches might support the industry. Partners include real estate brokers, financial institutions, government, post-secondaries and real estate foundations. Future phases will see Platform Calgary leverage its experience with technology startups to establish a startup accelerator and incubator program. This accelerator and incubator will feature programming that prepares startups to address opportunities identified by industry partners, the organizations say.
“In partnering with Platform Calgary, there is an opportunity to show leadership by using technology to improve the industry. We see opportunities to improve workflows, tighten up compliance documentation and reduce banking fees. Ultimately, we aim to increase interest revenue to the foundations to support the public good,” says Cheryl DePaoli, executive director of AREF. “We look forward to increased collaboration with financial institutions and diverse industry partners through this process.”