8 Questions You Need to Ask When Picking a Transaction Management Software

The term “real estate transaction management” has wide-ranging connotation in the real estate industry to describe a software app that, at a minimum, provides an eSignature platform with autofill, maybe offers some storage capabilities and possibly integrates with a CRM and/or backend financial app.

However, to compete in the current real estate market and beyond, transaction management software should offer brokers, agents and transaction coordinators (TCs) a true end-to-end, collaborative experience that provides all of the above and more in a single system that the entire real estate office will adopt and actually use from Day One. 

Interactive C.A.R. forms and secure eSignatures are just the beginning. Transaction management systems today offer a wide assortment of features and functionality that goes well beyond the basics.

But how do you decide? Begin by asking the right questions. When you evaluate and compare the various transaction management systems on the market today, ask yourself:

What compliance features does the system offer?
Can your transaction coordinators review, share and edit documents for agents?
What are the system’s reporting and analytics capabilities?
Does your transaction management offer flexible features to pull and push data into front- and back-office apps?
Can the platform help onboard and engage agents?
Can it help scale your business?
Are their specific features geared toward teams?
What integrations does it offer?

At a minimum, busy real estate pros will want to look for an end-to-end platform with forms and eSignature functionality built in to avoid the hassles of logging in and out of separate systems.

Dotloop, for instance, comes preloaded with C.A.R. forms so you can easily manage documents, eSignatures, Tasks and compliance all from a single platform without having to jump between systems. 

Mobile-First is the Future

By 2025, experts predict that the phone will overtake the laptop as the go-to device for online shopping. The 5G network will amp browsing speeds 23 times faster and download speeds 100 times greater than today’s 4G devices. 

Real estate agents and clients will turn more to their handhelds to view 3D videos, vet lenders and home insurance products, and text documents. 

The phone will be the agent of the future’s best friend, with the transaction management mobile apps that are able to keep up running a close second. 

When comparing transaction systems, you might test-drive a few mobile apps (some let you sign up with a free account) to see how they compare. 

Ask these questions:
Are you able to link to MLS listings and assign eSignatures?
Can your agents and admins easily submit documents for review? 
How fast could you create an offer on your phone from the kitchen or driveway of a home you just toured with a client? 
What do the reviews on iOS and Android say? 

Do More Digitally
 
The pandemic not only accelerated the adoption of real estate technology; it also eased regulatory constraints, paving the way for once-manual, in-person transaction steps to go digital. 

For example, you no longer need to submit deposit checks to the office; there’s an easier, safer, faster way using today’s digital earnest money platform. Rather than collect and deposit checks in person, agents and TCs can request the earnest money through an app, notifying the client to submit their earnest money digitally. Look for a service that offers banking-level security and encryption and email confirmation. 

Will Agents Adopt It?
 
Of course, behind every great transaction management software is a great training and support team. 

Is it only a 9 to 5 customer service department, or are there additional lines of communication and support? What is the customer support satisfaction rate? Transaction management support can range widely from low-scoring platforms to those scoring in the mid-90 percentile range.

Vet the educational offerings, too. Does the transaction management provider offer a wide range of training formats, such as webinars, eBooks, video learnings and online certifications, including continued education (CE) credits?

Finally, what is the retention rate or churn rate of the transaction management provider?

Do your homework and compare transaction management systems thoroughly before you purchase. Those systems that check all the boxes will pay dividends in time and operational savings.