DotLoop, an online transaction platform, has recently been established and promises a “quantum leap forward” in online sales in the US real estate industry.

DotLoop is described as a “negotiation and management service” that can save time, cut costs and avoid employee burnout.

Using DotLoop, real estate companies and clients can engage in real time negotiations online. The platform offers secure electronic authorisation and “state-of-the-art tracking” to protect clients a they trade offers and counter offers, time stamping each version of a contract.

DotLoop is not only promoting its service as a time saver, but also says it can help to reduce a company’s carbon footprint by cutting down on paper waste and fuel costs.

DotLoop was founded by 24-year-old entrepreneur Austin Allison, who began selling real estate when he was just 18. In an interview with Business Courier, Allison explained how he and web designer Matt Vorst founded the company last year, and discussed its aim to eliminate paperwork.

“[DotLoop] eliminates up to 100 pages of paper per transaction, which can add up to a million pages a year for a large broker,” Allison told Business Courier. “The cost of this thing is trumped by the savings. You save money on paper, document storage. That can cost $200,000 a year for a big brokerage.”

A recent press release says DotLoop is aiming to become a US$100 million company operating across 50 states within five years. A free trial is currently available, and membership costs $20 per month for basic use or $50 per month for a premium service. Users can also choose a pay-per-use option.