What is Transaction Management Software?

In real estate, maintaining compliance is crucial. Every step of every transaction must be done according to the rules, and maintaining compliance can add even more complexity to the process. More and more real estate agents (and transaction coordinators) are turning to cloud-based transaction management software to assist them with the real estate process and ensure compliance at every step. Transaction coordinators use top-end software to ensure agents have everything they need to process a complete transaction.

What is Transaction Management Software?

Transaction management software replaces the dozens of systems agents would previously need to use with one comprehensive, complete solution. From eSignatures on important documents to mobile apps that ensure you’re never too far from an active deal, transaction management software contains everything a remote transaction coordinator needs to ensure that they’re working quickly, efficiently, and most importantly: in compliance. Transaction management software was built from the ground up to ensure compliance across multiple dimensions. With automatic, built-in audit trails and compliance review notes, the transaction coordinators using transaction management software are more than happy to ensure you’re always up-to-date and in compliance.

Transaction Management Software Features

Although it’s built primarily to track and ensure compliance, transaction management software’s extensive suite of features makes every aspect of real estate easier. Three of the most important features for compliance are Audit Trails, Workflow, and Compliance Review Notes.

  1. Audit Trails. Within the transaction management software, you can access the Activity Log to see a full breakdown of all activity under selected parameters. Each individual “loop” within the software maintains its own audit log, and you can easily customize reporting to see the information on the loops specific to the changes you’re looking to track. It also includes a Main Activity Log to track all changes on your account and allow you to easily see everything that was done in a specific timeframe.
  2. Workflow. Workflow is the function within each transaction management software system that performs actions automatically when files are ready. For example, if you have rules set to automatically forward a form once the eSignature has been performed, you can rely on the Workflow to send it as soon as it’s ready. Workflows are as simple or as complex as you’d like. A solid Workflow within the software allows transaction coordinators to easily ensure that your forms are always ready when you expect them.
  3. Compliance Review Notes Compliance Review Notes are the 2019 version of post-its. Instead of hoping a note is transmitted along with a fax or pile of papers, the software allows users to comment and manually annotate changes. These notes can easily be configured to only be visible to one user (for easily tracking minor notes) or configured for everyone on the project to access. Compliance review notes are best thought of as an integrated email system built specifically for real estate that remains entwined with the data.

Sales are in the details.
Cliche?
Sure but it’s the truth.

The Bottom Line

Transaction coordinators have been quick to adapt to the rise of the internet, and cloud-based transaction management software is making their jobs easier than ever. Real estate agents that take advantage of transaction coordinators’ abilities to easily track and manage forms and signatures are able to save up to 13 hours per transaction. The benefits of improved efficiency are a major draw, but the methods of ensuring compliance are the all-stars of the software. The days of having to manually check every single form to ensure that it’s initialed and signed and marked in all the correct places are gone, and real estate is entering a new era. Cloud-based transaction management software is here to stay. Filing and signatures can turn the job that real estate agents were born to do into a drag. Transaction management software and other transaction managers are helping realtors and teams everywhere focus on what matters.

Remote transaction coordinators handle the details of the deal.

This is a full list of remote transaction coordinator services.

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Sales are in the details. Cliche? Sure, but it’s the truth. Transaction coordinators handle the details of the deal. We only get paid if the deal closes.