“What’s the best CRM”? This question is asked a million times in Realtor Facebook groups.
Much neglected, in my opinion, is the question, “What is the best transaction management software?”
Crushing the transaction is critical for happy buyers and sellers. A TMS can help deliver that experience.
Furthermore, transactions and operations are not something many Realtors are that great at. Real estate agents are outgoing and considered “people” people. Most don’t want to sit behind a computer ordering pest inspections and writing repair amendments. Good transaction management software can ensure agents shepherd their clients to the finish line with competence and earn their referrals and repeat business.
Top Real Estate Transaction Management Software
DocuSign’s “Transaction Rooms” is a great tool for managing contracts. The user interface isn’t great, but it’s worth considering if you already have and love DocuSign.
DotLoop is a well-respected transaction management software. It is used by many brokerages, and is a complete solution that includes e-signature, brokerage tools, and the forms library. DotLoop is a popular solution for those looking for a comprehensive solution.
Folio is a great addition to your email workflow if you use Outlook or Gmail. It automates the grouping and recognition of transactions, making it easy to keep track of your work.
MOD is the perfect choice for businesses that need a VA in a supporting role and are on a budget. With a team of highly skilled VAs based in the Philippines, MOD can provide you with the help you need to grow your business.
DISCONTINUED AS OF MAY 24, 2019, REESIO HAS BEEN DISCONTINUED. I HAVE LEFT MY FINAL REVIEW COMPLETE BELOW, AS WELL AS ALTERNATIVES TO CONSIDER. Easy to
SkySlope is a well-respected transaction management tool that is ideal for businesses with a large number of transactions. Its DigiSign tool makes it easy to create and sign documents, and its numerous integrations make it easy to work with other software. SkySlope is a top pick for businesses with a need for a comprehensive transaction management system.
TransactionDesk is a powerful transaction management tool that is part of the Instanet suite. Often, Instanet sells directly to MLSs, who buy the package to provide for their members. So, even if you don't have TransactionDesk yet, you may already have the tools needed to use it!
zipForm Transaction Coordinator
ZipLogix is a valuable tool for Realtors, as it is free to many of them through their partnership with associations. It includes tools for transaction management, e-signatures, and Digital Ink, as well as ZipCRM. Its user interface may not be as user-friendly as some of the competition, but it could be worth considering if you are already using ZipLogix.
More Transaction Management Options
Some other real estate transaction management software options include:
Not Included Here
All-in-one platforms are just that. All-in-one. In addition to lead generation, real estate websites, email marketing, and contact management, these platforms usually have tools to manage your real estate transactions. If you have a platform or considering one, it might have what you need already.
There is a blurry line between transaction management tools and brokerage tools. On this list, I’ve tried to limit it to tools whose primary focus is managing the contract-to-close. These tools often focus on the holistic view of your real estate business, including accounting tools, compliance monitoring, setting required documents, and more. Examples include:
Some CRMs are equipped with transaction management functions and might suitably serve as your real estate CRM and transaction management tool. Some CRMs with decent transaction tools include:
This list is software, but if you are looking for virtual transaction coordinators or a service to do it for you, there are plenty of options.
One unique option is Transactly, a (free) transaction software, and transaction management service. You don’t have to pay for a transaction coordinator (TC). You can just use the software if you like.
State Association’s TMS Member Benefit
Many State associations partner up with one of these systems as a member benefit. For example, in my glorious state of Texas, the Texas Association of Realtors provides zipForms (and zipTMS) for all Realtor members. TransactionDesk, zipForms, and dotLoop are the three main products often provided by state associations.
There is another consideration when choosing a TMS based on your state. If your TMS is essential to be your form software, then TMS needs to have a licensing agreement with your association. Only with that agreement will they be able to have the full range of your association forms available within the TMS software.
Or, you can do what I do and have your form software (zipForms) and TMS software (Realvolve) separately.
Should you use your free, member-benefit TMS? I certainly recommend trying it, whatever it is. In my experience, the TMSs with the best UI and usability (Folio, Skyslope) are not the ones partnering with associations. But if a free version you already have meets your needs and the needs of your agents and clients, then there is no reason to spend money!
A smooth transaction is critical if you are a real estate industry professional. That is where your reputation with your buyers and sellers is made or broken.
Fortunately, there are great tools out there to fit your needs and style. Whether a simple real estate transaction tracker or a full-blown transaction management ecosystem, there is a technology to meet your needs.