Smartphone app, available exclusively to licensed real estate agents, allows for first-ever third-party electronic deposits of earnest checks; engages and connects subscribers to a network to promote listings and buyers via searchable updates
DALLAS — Licensed real estate agents have a new tool to close deals more quickly and efficiently — all from their smartphones — thanks to ZOCCAM, a new, easy-to use mobile app that launched in Texas today. ZOCCAM’s patent-pending process streamlines the handling of earnest money checks via their smartphone app using Jack Henry & Associates, Inc. (NASDAQ: JKHY) to securely process checks, as well as connects real estate agents to promote their sellers’ listings and buyers’ needs.
The app is available exclusively to licensed real estate agents for a $9.99 monthly subscription or discounted $100 annual fee.
“We are revolutionizing the way real estate transactions are conducted,” stated Ashley Cook, CEO and founder of ZOCCAM, in a press release. “We are improving the agent’s ability to attract and service clients by enabling faster sales cycles. Instead of driving checks to the title company, the agent can spend more time putting deals together. Not only does it minimize their liability, it gives them more time which is something you cannot buy.”
ZOCCAM is launching with two features: ZoccaPay and ZocTalk. Through its ZoccaPay feature, the mobile app is the first in the industry to allow electronic, third-party delivery of earnest money directly into the title company escrow account, the press release states. The remote deposit technology is the same technology used by banks to allow their customers to deposit money into their personal accounts.
ZoccaPay enables the real estate agent to capture the check with their smartphone or tablet and specify the title company recipient. ZoccaPay utilizes the latest secure remote deposit capture technology to send the earnest money check to the title company. Upon receipt, notifications are sent via email to the parties that the money has been deposited to the designated title company.
According to the press release, ZoccaPay is convenient and more secure for the agents, saving drive time and eliminating the accidental misplacement of checks, providing real-time notifications at every stage and full transparency for all involved parties.
In addition to its industry-first check deposit functionality, the app leverages its network of subscribers through its ZocTalk feature, where members engage to share geographical and ZIP code-searchable listings, pricing updates and other property insights about listings and buyers. Members have the ability to opt in to receive notifications when a listing is added or updated within their desired, specified ZIP code areas.
“ZOCCAM’s two initial features are excellent. I no longer have to drive to a title company to deliver earnest money, and with ZocTalk I can find properties that I would otherwise not know about,” stated Pam Dyer, a Dallas real estate agent with Allie Beth Allman & Associates, and one of ZOCCAM’s early adopters. “Agents commonly know a client that is thinking of selling but has not yet listed their home. The ability to locate real estate for my buyer in a matter of minutes is priceless, and ZocTalk will make that connection.”
ZOCCAM was founded by Ashley Cook, a Dallas real estate attorney who has spent her career representing real estate brokers and title insurance companies. This gave her the insight to recognize that technology could fulfill a need in this vertical industry—specifically money delivery and increasing market liquidity through access of information.
“Throughout my career, I’ve worked with agents and have come to understand their challenges, liabilities and successes,” stated Cook. “I recognized a need to link agents together more efficiently, and a need to be able to accomplish more each day. With the advent of online real estate sites, many agents were losing their competitive advantage, and ZOCCAM gives that back to them.”
The first title companies to sign on to process transactions with ZOCCAM include Texas-based Allegiance Title Company, Capital Title of Texas, Providence Title Company, Republic Title Company of Texas, Reunion Title and Texas Premier Title.
ZOCCAM will expand to other markets nationwide throughout 2015, the press release stated.