The Changing Landscape of Transaction Management
Transaction management is at the heart of every real estate deal. Buyers and sellers sign documents electronically, agents use digital forms, and brokers review submitted deals against a defined checklist for compliance purposes. Each process is a key component of transaction management. There is nothing more important in processing a deal than an efficient transaction management solution.
So, how do you ensure reliable transaction management in your brokerage to maximize adoption and efficiency?
To answer this question, we have to look at how transaction management has been used and what tools and processes are most critical to a brokerage going paperless and managing deals electronically.
First, transaction management means many things to many people. For example, some brokerages still use paper-based processes for their transactions. Others use cloud-based programs. Some use only manual processes while others digitize all components of the process. Transaction management is a very complex concept with no single solution getting blanket adoption.
Due to this complexity, many transaction management solutions have been fragmented, which means they typically don’t integrate well with 3rd party software (ie. MLS, Websites, CRM, Back-office, Title/Escrow, etc.), forcing brokerages to duplicate their data in multiple systems. Inefficient processes and duplicate data entry significantly weakens agent adoption, resulting in agents using makeshift solutions and/or sticking with the manual status quo. As we all know, when agents don’t adopt a process or solution, then the value to the brokerage disappears.
The real estate industry demands an integrated solution with data automatically flowing from one stage of the deal to the next, helping a brokerage close more deals in less time and without the compliance hiccups.
That’s where Lone Wolf comes in. TransactionDesk gives brokerages one system, one workflow, one process through which they can create, manage, and complete all of their deals. And by integrating it into our back office accounting system, brokerWOLF, we’re able to provide brokerages with the industry’s only end-to-end transaction management solution. After all, a transaction isn’t actually complete until everyone is paid!
For more information about TransactionDesk and our integrated software solutions click here!