Transaction management is a popular buzz phrase in the real estate industry these days. Many brokers are looking to transition their business to paperless and are turning to companies that classify themselves as transaction management to help. Since the majority of real estate functions are performed outside of an office, agents require easy access to the resources they need to do their job, specifically, the transaction documents.
There are a lot of companies in today’s real estate industry that are labeling themselves as transaction management companies. There’s a difference, though, between complete transaction management and a company that manages forms or manages eSignatures. So what is transaction management? How does it affect your brokerage? And how do you know which transaction management solution to use to help your business go paperless?
Today, transaction management is the process in which your brokerage electronically manages the paperwork required to process a listing transaction from start to finish. The steps involved in transaction management affect all aspects of the real estate industry, from associations to agents, to brokers and administrators, to clients.
Transaction management can be broken down into these 5 simple steps:
Steps one and two are “owned” and managed by associations and agents. While steps three through five are broker-centric and managed at the brokerage level.
Lone Wolf Real Estate Technologies, known for its Complete Enterprise Solution, already covers the submission, review/approval and storage steps. Recently, Lone Wolf announced it now partners with forms and eSignature providers, bringing the creation and execution steps of the transaction management process into the brokerage. Combining all five steps shows Lone Wolf’s continued focus to streamline business processes and improve efficiency for real estate brokerages.
loadingDOCS, the transaction management component of the Complete Enterprise Solution, handles the submission, review, approval and storage of transaction documents. The partnerships with forms and eSignature providers will bring together the remaining elements of the transaction management process for a brokerage. In addition, the loadingDOCS platform now offers YourHomePulse.com, which is an online portal where clients can login to view their transaction documents online, truly streamlining the process for agents, administrators and clients.
A brokerage that chooses to go paperless and provides online resources for their agents through front offices tools, portals and other electronic resources, is more likely to last in the long run with satisfied agents and clients. The key to business longevity is choosing a company that offers solutions that meet the needs of your brokerage and agents, today and tomorrow.