There is a growing trend in using online transaction management programs. But are the programs worth the investment? Sure. However, the program selected is only as good as its users.
Some agents equate price with quality, other equate quality with ease of use. As a transaction coordinator, I prefer to place value on the ease of use and security of information. If your buyers and sellers are stumped with the program and find logging in a chore, it might not be worth it. If your clients, are constantly calling because they are having difficulties uploading or download documents, posting messages/notes, or are unable to use the email feature, it might not be worth it. Is the cost of having a site with flash and your company images across the top with live links more important than the steps required to login or the functionality of the buyer and seller features?
Of course, cost is always a factor during the decision making process, but if the program is not user friendly, you have literally thrown hundreds of dollars down the drain.
Some of the features you should compare:
- Training and Support – Is training and support available through email, phone, and/or help files? If the OTM only corresponds via email, what is the response time?
- Uploading Capabilities – What is the maximum file size? Most allow PDF, TIFF, JPEG, Excel and Word uploads. But, if you standard contract with disclosures and addendums are over 10 pages, how much extracting and separating is required?
- Client functionality – Can the buyer/seller update his or her own information with ease or can you update the information with ease?
- Action Plans – How easy is it to create, edit, copy and delete action plans?
- How long are the files are kept online?
- Emailing capabilities – Can you send emails directly from the OTM program?
- Notes – Are you able to add online notes?
- History – Is there a tracking system that will allow the account holder to identify user history?
- Availability – Is the system available online or offline?
- Is there an online database that will retain the contact information of buyers, sellers, and other invited parties?
- Archiving – Are there any cost associated with archiving each file?
- Cost – One time fee or setup fee + per transaction or setup fee, per transaction and additional fees?
Prior to making the investment, do the research. You don’t want to invest in a program that will not work for you and your clients.
Another important aspect to review is the activity level. Are you going to use the program or rely on another person to manage the program? The majority of my agents don’t log in daily. That is fine because that is my purpose; I’m the transaction coordinator/client care coordinator. However, they do check during down time to let the buyers/seller know that they are present.
Are the buyers and sellers using the program? Yes. A large number of the buyers and seller I work with do because they are also holding full time jobs and find it easier to communicate via the OTM. Plus, the agent incorporates an overview of the OTM during the listing and buyer presentation. I always take the time to setup a15 minute webinar training session with the buyers/sellers to ensure that they understand the basic functions of the program in addition to providing a printable PDF explaining the basic functions.
An online transaction management program is a great tool to add to your arsenal. Imagine being able to access all of the documents 24/7 as long as you have internet access. No need to have those bulky folders in the car or in transport everywhere you go. You can stay on top of each transaction status using a timeline with reminders, access using your phone, IPAD, etc. Don’t forget, you can also archive the transaction along with a copy of the visual tour, single property site, flyers, cards, and a picture of the client on to one CD or DVD.
Few of the Available Online Transaction Management Programs:
I'm sure there are others being used and/or provided by your local board such as Transaction Desk.
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