Why You Need a
Transaction
Management Platform

Transaction management platforms help brokerages streamline their processes, save time, run more efficiently, and maintain compliance.

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Marc Sykes
Published on December 22, 2023

Real estate management systems have become increasingly central to brokerage operations in recent years. Transaction management is perhaps the most key aspect of such platforms. Core transaction management capabilities include document management, transaction data management, approval workflows, audit and compliance, and e-signature. Management platforms that feature such capabilities help brokerages run more efficiently by centralizing documents and data in one place, allowing for efficient and consistent communication, and seamless review and approval processes.

What are the key features of a transaction management platform?

A good transaction management platform should support all of the following:

  1. Document Management
    • keyboard-arrow-right Centralized storage for all transaction-related documents
    • keyboard-arrow-right Version control to track changes to documents over time
    • keyboard-arrow-right Secure access controls to manage who can view or edit documents
  2. Task and Workflow Management
    • keyboard-arrow-right Task automation to streamline routine processes
    • keyboard-arrow-right Workflow management to guide users through each step
    • keyboard-arrow-right Data validation to ensure all required data and documents are submitted
  3. Integrations
    • keyboard-arrow-right Seamless integration with CRM, accounting, and other brokerage systems (preferably all in one platform!)
    • keyboard-arrow-right Compatibility with electronic signature platforms
  4. Compliance
    • keyboard-arrow-right Tools to ensure compliance with provincial and federal regulations
    • keyboard-arrow-right Full audit trail to ensure all documents have been properly approved
    • keyboard-arrow-right Easy packaging and export of transaction data and documents to support Council and FINTRAC audits
  5. Collaboration
    • keyboard-arrow-right Communication features such as messaging and notifications
    • keyboard-arrow-right Automated prompts and reminders to ensure deals keep moving forward
  6. Reporting & Analytics
    • keyboard-arrow-right Comprehensive reports and dashboards for real-time visibility into transaction status
    • keyboard-arrow-right Analytics to generate insights into transaction trends, agent performance, and overall brokerage efficiency

Considerations for Brokerage Decision-Making

How can you determine what software is right for your brokerage? Consider the following factors in your selection:

  1. Scalability

    checkChoose a platform that can scale with the growth of your brokerage. The more efficiencies the platform provides, the less you'll find yourself scaling up staffing as your agent roster grows.

  2. Ease of Use

    checkUser-friendly interfaces and intuitive workflows are essential for widespread adoption.

  3. Configuration

    checkLook for a system that can be configured easily to align with your brokerage's unique processes and requirements.

  4. Training and Support

    checkConsider the vendor's training and ongoing support — particularly response times.

  5. Cost

    checkEvaluate total cost of ownership — factoring in the efficiencies the system delivers — rather than the sticker price. The cheapest system won't save money if it causes more headaches than it solves.

RealDesk provides full transaction management capabilities.

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