If you’re overwhelmed by the number of real estate transaction management software platforms out there, each with different features, you’re not alone. Read on to discover what transaction management platforms do and determine if you need one.
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- What Is Real Estate Transaction Management Software?
- How It Works
- Why You Need Transaction Management Software
- Basic Software Features
- Best Transaction Management Companies
What Is Real Estate Transaction Management Software?
Real estate transaction management software’s primary purpose is simplification. Like the name suggests, these platforms help real estate agents manage the transaction process from start to finish.
From digitizing paperwork and ensuring compliance with laws to providing simple checkpoints each step of the way, transaction management software is like a real estate management hub that gives agents more visibility and control over the entire closing process.
While many real estate software platforms focus on lead generation and Customer Relationship Management, real estate transaction management software is a back-end platform that organizes and simplifies all the work typically done in the office.
The result is a smoother transaction process that benefits not only agents, but their clients as well. In this article, we’ll explain why you need these platforms and how they simply your job.
How Does It Work?
Every platform is different, but most real estate transaction management platforms work similarly. Here’s a look at what it’s like to use one of these platforms.
First, an agent uploads client documents or forms by emailing them, scanning them, or uploading a digital file to the system. These files can then be added to the transaction they belong with.
If the files aren’t assigned right away, they’ll be placed into a holding queue. Administrative staff or agents review all uploaded documents to ensure everything is completed, signed, and compliant.
Completed reviews should show the time and date and identify the reviewer to allow for easy tracking. Agents can create custom checklists and workflows to create a simple framework for the process.
When items on the list are completed, they will show as Complete. When things are not yet finished, they will be highlighted or flagged. All closing deadlines are tracked within the platform’s built-in calendar.
This is along with any tasks that must be completed by a specific date (for example, home inspections or contingencies). Reminders can be sent out to the agents involved with the transaction before their due dates to make sure nothing is missed or noticed too late.
A final check ensures all documents, deadlines, and compliance-driven requirements are met before the closing date. Completed transactions are labeled as closed and moved to a separate section where they can be accessed later if needed.
Why Real Estate Agents Need Transaction Management Software
Using transaction management software puts you ahead of the curve as an agent. Being able to organize, track, and generate reports on every transaction you handle while ensuring every deadline is met helps your business run smoothly.
One of the main benefits agents will see from using real estate transaction management software is saving time. Doing paperwork, tracking each step of the process, ensuring all forms are signed, scheduling appointments and calls, and tracking commissions are all essential parts of any real estate transaction.
Transaction management software significantly cuts the amount of time required to do these tasks. For a busy real estate agent, this is a considerable advantage – more time to generate leads, meet with clients, and improve your real estate business!
Mistakes do happen, even for the most experienced real estate agent. Transaction management platforms prevent many mistakes from happening by having agents follow through a guided process for each transaction.
If a step is skipped, an appointment is coming up, a document is missing a required signature, or something isn’t compliant with real estate laws, real estate transaction management software will notify the agent so they can make the proper changes.
Guidance for New Agents
New real estate agents learn a lot on the job that they didn’t have a chance to learn in real estate school. Real estate transaction management software platforms help guide new agents through each step.
This increases their familiarity with the transaction process and ensuring every step is followed correctly. This can give new agents more freedom and independence with the confidence they’re taking the right steps.
A Simpler System
Having an entire transaction management hub – like a control center for the most important tasks an agent is responsible for – makes the job of a real estate agent much easier.
Everything is in one place with a simple dashboard to give an overview of what should be done next, what’s missing, and what’s already completed.
Agents will appreciate having their calendar, digital document management system, commission tracker, and step-by-step guidance through the closing process in one, easy-to-access place.
Basic Real Estate Transaction Management Software Features
Let’s talk about the basic features you can expect from real estate transaction management software. What should be included to make this kind of platform the most useful for you?
Document and Paperwork Management. Transaction management software should have the ability to securely upload documents and contracts digitally by email, scanning, or manual file upload. This is an essential feature as more real estate brokerages move toward becoming paperless.
Complete Calendar. Transaction management software always comes equipped with a calendar, but the level of customization and scheduling varies for each platform. Agents should be able to set up events, appointments, and deadlines in the calendar as well as share those events with other agents, clients, or vendors.
Requirement Reminders. These platforms should include a way to remind agents when a step is missed, a signature is missing, or a compliance step needs to be completed. Reminders for all calendar events, upcoming appointments, and client meetings should also be built in.
File Sharing. Agents should be able to share documents and files with other agents and administrative staff within the brokerage when needed. Many real estate transaction management software platforms offer file-sharing capabilities through a secure intranet system.
Step-by-Step Closing. Transaction management software should be able to guide agents through each step of the closing process, showing every task and document that will be required for each step.
It’s helpful for new agents who are still learning and saves time for seasoned agents who know the process through and through. The software should also give agents the ability to customize checklists to make sure all brokerage-specific regulations and rules are being met.
Commission Tracker. Keeping up with commissions and commission splits gets harder when you’re dealing with teams of agents and different brokerages who may have different commission rules.
Good real estate transaction management software will have the ability to track per-agent and team commissions to ensure everyone knows how much to expect, and no one is paid less than they’ve earned.
Best Real Estate Transaction Management Software
The hardest part about real estate transaction management software isn’t using it – it’s determining which one is the best for you as an agent. We’ve rounded up some of the top-rated transaction management platforms to give you an inside look at which are worth your time.
BackAgent offers transaction management, office intranet, and a few real estate marketing tools, like IDX websites and the ability to create marketing materials like flyers and mailers.
Not all agents will need these additional capabilities, but if you’re ramping up your marketing efforts while you simplify your transaction processes, BackAgent is a great place to start.
For transaction management, BackAgent focuses on the automation of tasks like generating closing documents for you, setting due dates, and reducing the amount of data entry you have to do.
The included office intranet makes it simple to communicate and share tasks and files with other agents and office staff.
- Pricing: $100/month (additional fees for extras like an IDX website and email address).
- Best for: Brokerages or a team of agents (plan includes up to 20) who want additional features like office intranet and marketing tools.
Paperless Pipeline is known as one of the most straightforward transaction management platforms available. It’s not packed with lots of features, but it has everything you’ll need to simplify your processes and stay organized in the back office.
Document uploads, a built-in calendar, commission management, and instant reports are the basics this platform offers. The pricing structure is unique, with monthly fees based on the number of transactions completed rather than the number of users.
- Pricing: $75 for 10 transactions; $100 for 25 transactions; $125 for 40 transactions.
- Best for: Agents looking for a simple tool that is priced based on the number of transactions completed in a month, not the number of users.
Skyslope is one of the most feature-packed transaction management software platforms we’ve found. Track every conversation with a client, whether it’s email or text messages.
Also log every user that accesses the system for clearer records, prepare and send contracts and other documents within the system, and use it from a desktop or any mobile device.
Sign documents with a saved digital signature, see instantly generated reports, enjoy unlimited storage, and get access to 24/7 support from the Skyslope team.
One complaint about this platform is that it can be challenging to learn how to use it, but their Activation Team helps onboard every new agent and designs workflows and processes that meet their needs.
If you can make use of the additional features this platform offers and take the time to work with the Activation Team to get started. It’s one of the best out there.
- Pricing: Not advertised on the website, but users report paying $25/month for the Starter plan (up to 10 agents).
- Best for: Brokerages and agents who value customer support and want more features than other transaction management systems offer.
So, Do You Need Real Estate Transaction Management Software?
Do you really need to use real estate transaction management software? The answer is yes, regardless of whether you’re a new real estate agent still learning the ropes or a seasoned agent with hundreds of transactions under your belt.
Having a system in place to simplify, organize, and track each step of the process is hugely beneficial. But which platform is best for you? From our in-depth reviews of several transaction management software platforms, many offer the basics, and a few stand out with special features.
Depending on your needs, you should select a platform that offers only what you need to ensure you’re not paying more for features you’ll never use. Some platforms, like BackAgent, offer additional marketing and website features that can take your real estate business to the next level.
Others, like Skyslope, focus on providing top-notch support and customization options – if you’re willing to put in the time to learn the system and work with their team.
Paperless Pipeline is a great option if you’re just looking for a basic transaction management system and would prefer to pay by transaction.
The main features to look for in transaction management software are document upload and management, file sharing, workflow/process creation, closing checklists, and shareable calendars that keep you and other agents, vendors, and clients in the loop.
These features are the core basics you’ll need to make sure no deadline or document slips through the cracks. Which real estate transaction management platform seems to be the best fit for you?