Problems with Real Estate's Transaction Management

Problems with Real Estate's Transaction Management

'Fragmented' transaction management systems—those that don't connect properly with the rest of the real estate industry's solutions from the MLS, franchise, brokerage, and individual agents—exacerbate this lack of adoption.

Fremont, CA: While the advent of these new digital tools has been thrilling, at least in the brokerage industry, this type of innovation is essential in the past. Rather than new technologies, today's brokerage innovation is focused on connecting the dots. It's all about integrating the various pieces together to form a whole and making it easier for agents and brokerages to conduct business.

The industry's focus has switched to the heart of the brokerage's tech stack: transaction management, with front and back-office technology substantially taken care of.

Despite how far people have progressed with digital processes, transactions remain extremely complex to control. Indeed, it appears that regardless of whether eSignature, electronic forms, and/or transaction management vendor a brokerage employs, fragmented solutions and agent adoption remain a problem.

This is due to the fact that real estate has a transaction management issue.

The inconsistency of transaction management is a concern. For trades, several brokerages employ paper. Others like the digital format. Some companies go all-in on manual operations, while others digitize elements of the process. Unfortunately, because of this inconsistency, no single technique, process, or software has been able to gain widespread adoption in the business.

'Fragmented' transaction management systems—those that don't connect properly with the rest of the real estate industry's solutions from the MLS, franchise, brokerage, and individual agents—exacerbate this lack of adoption. Agents and brokerages are forced to enter the same data into many systems as a result of these fragmented solutions. This method raises the risk of human mistakes and data inaccuracies while also adding minutes, if not hours, of labor to a single transaction. It also forces agents to do things their way, no matter how difficult it is for them or the office to manage.

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