Which Transaction Management Software is Right for Your Real Estate Business

At its core, the real estate business hasn’t changed in a hundred years. It’s still about matching up the right buyers and sellers while smoothing out the sales process for all of them. However, the advent of computers and the Internet have changed how most of the world gets business done, and the real estate industry is no exception. Property searches now happen in a split second at the click of a mouse or even the swipe of a finger. Buyers and sellers are more educated and have access to resources that were hidden from them by the process in the past.

What does all this mean for you as broker, manager, or agent? It means you need to stay on top of the latest available technology to make the entire process go smoothly from start to finish. One way is to utilize transaction management software, or TMS for short. A good TMS will allow you to track the progress and status on the real estate side of your business. It lets you know, at a glance, the status of each listing or purchase in progress. You’re also able to view documentation progress and identify potential hold-ups in the process. A TMS also lets you communicate with agents as well so the entire process is streamlined and efficient.

But how do you choose from all the options out there? Below are a few of the most popular.

1. DotLoop

DotLoop is one of the most popular TMS programs because of its seamless combination of tools that allows brokers and managers to run their business. Instead of connecting with others programs, it handles tasks like electronic signatures and document storage by itself. It also offers communication options and a wealth of reporting tools so you can keep track of who’s doing what, what transactions are in what status, and where there might be potential problems.

2. Wise Agent

Designed for agents by agents, the team functionality makes it an ideal solution for a busy office as well. Wise Agent also combines elements of CRM (customer relationship management) and lead tracking. You can also assign permissions of different sections to different team leaders so you can easily delegate responsibilities to assistants or transaction managers.

3. Folio from Amitree

This is a popular option for many agents and teams because it works well with programs they already use like Gmail, DocuSign, and Google Calendar. It lets you track and organize all the various emails you get into folders for each transaction. You can also use Folio to keep clients up to date on the status of their purchase or sale. Good communication is good business, and Folio gives you the transparency clients are looking for.

These are just three of the many programs available to help you manage your transactions and your teams. It’s very likely that just one program won’t meet all of your needs. Do some more research and maybe try a few free trials. You’ll be sure to find a Transaction Management Software solution that lets you spend less time hunting down information and more time on the important things in life.