Benefits of using an Online Transaction Management System:
1. Connects to your Office. You can connect virtually with your office so you can spend less time at your desk. You will have 24/7 access to all of your files.
2. Document Tracking. Allows the Broker and Agent better document tracking methods. With the increasing requirements established by regulatory agencies, brokers and agents must constantly prepare to have all documents available if an audit is required.
3. Efficiency. The integrated nature of OTMS eliminates paperwork. Brokers and Agents can now burn each transaction to CD. Most OTMS will allow the Broker or Agent the opportunity to select individual documents, messages, emails, and other items to include in the archiving processed.
4. Lower Costs. Even though the cost of each OTMS varies, the automation of an OTMS eliminates many of the administrative costs associated with a transaction. With the advent of Online Real Estate Assistants, brokers and agents can pay one fee to have a transaction process.
5. Competitive Edge. Providing OTMS to sellers and buyers allows you to differentiate yourself from your competitors.
6. Timely Data. The systems use timestamps when transaction steps are assigned, initiated, and completed, providing proof of deadlines. It also contains an electronic repository of the documents.
7. Better Communication. TMS enables a better consumer experience by letting buyers and sellers know in advance when items or tasks are needed, so there no surprises. In addition, when a common TMS platform is implemented by the MLS, this allows MLS subscribers cooperating on the same transaction to share information and updates with one another more easily.
8. Better Customer Service. TMS can provide the level of service and responsiveness your customers want.
9. Security. With secure logins, authentication, and encryption, and by limiting access to only those parties involved with a particular aspect of a transaction, TMS protects the integrity of the transaction and the confidentiality of the parties
10. Document Retention. The TMS allows you to retain all communication, contact information, documents, and agency requirements online to ensure that you are meeting the retention period.
11. Document Archiving. Most TMS allows the account holder to archive closed files within the TMS and/or on CD/DVD for additional storage, client copies, office copy, and broker storage.
12. Integration with the MLS computer system. This functionality allows the user to pull property data from the MLS in order to populate the transaction in the TMS. Note: Not all MLS systems integrates with a OTMS.
13. Integration. Integration with online form systems such as MBA Forms and Win Forms.
14. Templates/Task List. Templates containing typical steps and deadlines involved in a transaction in order to get to closing. These templates can be customized based on the steps and deadlines required by your Broker, Local Real Estate Board, or State Real Estate Commission.
15. Calendar Features. Built-in Calendars that allows the user to schedule and manage unique activities that must occur or be completed during a transaction.
16. Task Alerts. Alerts are used to notify participants if a task is behind schedule or has been completed. The alerts typically take the form of an e-mail message that it automatically sent at designated intervals.
17. Touch Point/Drip System. A built-in system that allow documents and emails to be sent to the buyer, seller, and other invited parties throughout the entire transaction. It consists mainly of tips, general documents, reminders, and notifications.
18. Document Visibility. Document visibility is designed to allow the broker/agent and transaction coordinator to establish document access to the parties of the transaction
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Site-wide – Everyone with a unique username and password can view a post, document, and function within the transaction.
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Private – Limited viewing access granted only to specific individuals within the transaction.
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