To identify the best real estate transaction management software, it’s crucial to understand the fundamental role it has to fulfill. According to CoreNet’s Global Essential Guide, transaction management is “the buying and selling of owned or leased space.” In finding the best real estate transaction management software of 2022, we looked at the following key functions it should assist you with:
- Management and reporting of a property portfolio
- Planning and execution of strategies and tasks
- Market engagement
- Selection of brokers
- Oversight and automation of transaction execution
- Automation of task management
- Integrations to relevant real estate software
The best real estate transaction management software will help you streamline the entire transactional process, from canvassing and managing listings to tracking all contracts and electronic signatures on shared platforms. It’ll bring order to your workflow processes through seamless automation and integration. The sole purpose of acquiring a good real estate transaction management program is to close deals faster and earn more commission because you can focus on new leads instead of doing admin.
Real Estate Transaction Management Features
To find the most suitable real estate transaction management software, there are a few elements worth considering. For starters, you’ll need various tools to perfect your business flow online, so a program should support third-party integrations. We recommend software that offers various features, including automated contract management, task management, and transaction review tools. Acquiring the best software tailored to your needs will create transparency in your buying and selling process It’ll also help you meet deadlines while organizing all your tasks and keeping track of every transaction’s progress. The most prominent elements that the top software should include can be summarized as:
- Software integrations and customization
- Automation of workflow processes
- Customer support and availability
- Performance tracking and reporting
- Financial analytics
- Official electronic signatures validation, application, and filing
- Commission management
External integration capabilities are essential. The best real estate transaction software should allow you to bring various subsystems into a single unified platform. It’ll save you time as you work from one hub while accessing various features and tools to simplify your daily online tasks. Software integration links numerous systems in the background while giving you a single view or point of access to the cumulative data. You can combine file-based systems with several other databases through one application. Versatile software integration is necessary for the real estate industry as it uses specific systems to accomplish different tasks. The main purpose is to:
- Record sales
- Store client data
- Track and trace transactions
- Collect and analyze data for reporting
- Provide a platform for e-signatures on shared official documents
The best real estate transaction software provides automated and accurate metrics and statistics that allow the real estate agent to track and observe progress. It’ll accumulate this data into user-friendly and customizable reports to monitor performance effectively. Analytics features should be easy to navigate and offer a personalized dashboard and detailed reports. These functions help the agent to assess and improve transaction management practices. Features we look for include:
- Detailed leads reports
- In-depth progress reports
- Comprehensive sales reports
- Extensive commission reports
- User-friendly dashboard
What Is Real Estate Transaction Management Software?
Special real estate transaction management software eliminates the paper trail in a business. It does this by streamlining all processes through an online platform. In particular, it manages all documents, tasks, transactions, signatures, leads, sales, and commissions. Real-time solutions are imperative, and the best real estate transaction management software will give you automated updated progress reports, too.
Automation and machine learning systems that offer intuitive solutions will help you save time in the office so your team can focus on canvassing and leads. By implementing real estate transaction software, you’ll be able to increase your commission as you’ll close deals more quickly.
The best real estate transaction management software will offer you compliant work processes with automated audit trails. It keeps everything stored in a centralized hub for easy access and referrals.
Benefits of Real Estate Transaction Management Software
The benefits of real estate transaction software are tangible and lead to increased production from the sales team. Transaction progress and task management become more efficient, too. The added benefit is that it reduces paper use, a global drive for companies with social responsibility objectives.
- Effective transaction management and compliance: You can access, view, and control all tasks on one platform. Automated systems using AI technology streamline your workflow and processes. Compliance for audit trails is at the core of the software, saving time and money on accounting fees.
- Centralized platform for enhanced efficiency: There are various products in the real estate industry to streamline processes and workflow. Real estate transaction software delivers a platform on which they can all integrate, creating a single-entry system to perform essential tasks.
- Increased productivity and growth: By automating your workflow and transactions, you’ll have more time to source leads and close deals. You’ll grow your business while the software takes care of the administration and paper management.
- Expedites daily task scheduling: A range of automated features will help your team remain focused during every step of the process.
- Saving costs: The automation and compliance will reduce the workforce and time needed to prepare audits. You’ll see a higher ROI as your team will also be freed up to engage more with potential buyers and focus on closing deals.
Must-Have Features of Real Estate Transaction Management Software
When looking for the best real estate transaction management software,, there are a few vital features worth noting.
- Integrations: The best real estate transaction management software will integrate seamlessly with other programs for an all-around tool. If it offers an API to connect to, it makes integration even easier.
- Customized reports: The software should have automated analytics and reports that provide a compliant audit trail. Customization options are also crucial for isolating certain information. Plus, a dashboard view of the data you require allows for enhanced day-to-day management.
- Customer support: Most real estate transaction software comes with a learning curve once installed, so you’ll need efficient customer support. The best solutions offer online tutorials and have 24/7 representatives with extensive knowledge about the product.
- Contract and task management: These features are crucial to streamline your workflow processes and increase productivity. Automated contract management that can be shared and electronically signed is a highly effective tool.
- Document templates: This function makes drawing up contracts and task sheets quick and easy. Preferably, there should be customizable form templates for corporate branding.
The Cost of Real Estate Transaction Management Software
The cost of real estate transaction management software varies depending on the product. You’ll find various pricing models, with most offering a free trial or demo to get you started.
Some providers will charge you per user and tend to decrease their price as the number of users increases. Other companies offer plans for groups, ranging from 10 users to 50 or more. You can also find providers that charge a monthly fee for unlimited users.
The average cost of the best real estate transaction management software can range from $10 per month up to $40 per month per user. Some providers charge a flat rate of around $450 per month for 450 transactions or more, calculating the cost per transaction and not per user.
Brokermint is an end-to-end solution that offers you complete back-office automation, customized dashboards, and personalized reporting capabilities. It streamlines your entire real estate business from transaction management through commissions and accounting.
Brokermint is a fully automated and integrated real estate transaction software that helps drive your bottom line. Features include:
- Customized dashboard
- Customized real-time analytics and reports
- Real-time transaction management
- Automated commission calculations
- Complete API support
- Customized forms and checklists
Brokermint enables you to set up and manage the entire platform according to your business needs and preferences. You have a real-time view of every transaction’s progress, and you can tailor the layout of your dashboard to have a quick view of the data you prefer. The automated commission calculations include referral fees, disbursements, sponsor fees, and sliding scales.
Pros & Cons
Brokermint provides a real-time view of all pertinent tasks, including sales and commissions earned. Although there’s no free trial, you can request a demo for every feature and receive technical assistance through a highly responsive online chat function. The support team is professional and well-versed in offering you a customized version of Brokermint according to your needs.
DocuSign delivers a list of sub-products that addresses every aspect of the real estate transaction management process down to the smallest detail. It applies AI technology and machine learning to offer this document-driven industry intuitive contract creation, automation, collaboration, and finalization.
It’s a start-to-finish product that’ll allow your business to focus on the deal while the software evaluates, scrutinizes and processes the contracts, signatures, validation, and payments. Some of the most significant features it offers the real estate industry include:
- Document management through automated contract lifestyle generation
- Interactive collaboration and process workflow
- Finalization through a central repository
- Fully functional mobile apps
- In-depth review process via AI contract analytics
- Document generation through integration with Salesforce
- Powered by SmartIQ
- Transaction listings on the blockchain through Ethereum
- Electronic signatures and validation certificates
DocuSign has seamless integrations and APIs in collaboration with SAP, Workday, Salesforce, and Ethereum. The software is a one-stop-shop solution for the real estate industry as it addresses every aspect needed to save time and money. The extensive integrations allow you to work from one platform while benefiting from various industry-leading providers. It covers every aspect of accounting, contract management, payments, and reporting.
Pros & Cons
The 30-day free trial is an excellent opportunity that allows enough time to determine whether DocuSign is the right product for your needs. Despite its hefty price tag, it’s a comprehensive software with multiple integrations and a range of mobile apps.
However, it can take some time to learn how to utilize its potential fully. The provider does offer extensive customer support, though, which can greatly assist you during the rollout and implementation phase.
Dotloop offers industry-specific software, tried and trusted among real estate agents. It’s used to streamline and optimize the entire online transaction management process. Essential tasks are simplified thanks to online form and contract creation, transaction management, and electronic signatures. It offers you a fully automated workflow solution and gives your team a real-time view of operational progress.
You can brand and customize Dotloop software according to your requirements, making it user-friendly and adaptable. Features include:
- Automated workflow processes
- Automated audit trails and storage
- Real-time view of each transaction’s progress
- Multi-device compatibility
- Creates a 100% paperless process
- Signing of documents and contracts via text message
- Customized task templates
- Tag and track leads
- Customized and real-time reporting
Additionally, Dotloop offers integrations to more than 75 existing real estate software platforms, making it easy to set up and continue working during implementation.
Pros & Cons
Dotloop offers a free demo to help you make the right choice. It’s an affordable option for small businesses, and its customer support team provides training, too. That’s fantastic news as switching from a demo version to a paid one isn’t always smooth sailing. However, the product is solely developed for the real estate industry and needs few to no adjustments. It therefore allows for quick migration of existing data onto its platform.