Sixty-nine percent of what, you ask?
According to the National Association of REALTORS® 2007 REALTOR®Technology Survey, 69% of REALTORS® would like to use a transaction management system, but haven't made the move to do so.
What are some reasons to use a transaction management system (TMS)?
A TMS allows you 24/7 access to transaction files using any web-enabled computer, allowing you more time away from the office.
A TMS allows for accountability and an audit trail. You can invite users for certain parts of the transaction, and block others. Changes are tracked by user so there is no question as to who changed what and when.
A TMS allows for automatic reminders on critical events that take place during a transaction (inspections, appraisals, etc.), making sure nothing falls through the cracks.
A TMS allows you the option of archiving the entire transaction to a cd after closing (and makes a great closing gift).
A TMS allows you to have an edge up on the competition.
There are trained transaction coordinators ready and willing to handle your transaction management system for you. They can help you decide which particular transaction management system would be suitable for your needs and take care of managing the process and interacting with the dozen or so parties to a typical real estate transaction.
According to a study by Clareity Consulting, the average agent spends 19 hours of their time processing a transaction on their own. Using salary figures provided by NAR®, this equates to $575.51 per transaction for an agent handling it on their own. The average cost of transaction management using a transaction coordinator is much, much less. Even when you add in the cost of the online transaction management program, you will come out way ahead, and with far few headaches!
So what are you waiting for - take yourself out of the 69% and put yourself in the 81% -- the percentage of respondents who, according to the NAR® survey, are satisfied or very satisfied with their transaction management system.
Show All Comments
Sort:
LPT Realty - Orlando, FL
LPT Realty
Hi Sarah;
Great Post! Very Informative! I must take myself out of the 69% and into the 81%. Thanks for sharing.
May 01, 2008 04:20 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato
Our office uses trpoint which is through chicago title. Very easy to manage and it helps keep me organized.
May 01, 2008 08:01 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP
Sarah,
I do not now....as my new partner and I grow our business I will certainly consider, I know the value of my time....thanks for the data and have a great weekend.
May 02, 2008 04:06 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Dan - Thanks for commenting. I hope your business grows beyond your wildest dreams. Have a great weekend too.
May 02, 2008 05:45 AM
Holler Law Firm - Milford, CT
Been there, Done that...
Sarah, very good post. I am a firm believer in online transaction management systems. I have seen the benefits first-hand.
May 15, 2008 06:16 AM
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Smyrna, I think more in the business would use a transaction management system if there was an effective one everyone could use. Many MLS systems have one but no one uses it.
May 15, 2008 06:36 AM
eXp Realty of California Inc. - Daly City, CA
Realtor®
Good afternoon Sarah, thanks for the post very informative. Good luck and have a wonderful day!
May 15, 2008 07:38 AM
EarthSTEPS - Tallahassee, FL
Green Building Consultant
Sarah, thanks for the post and advice. I'd love it if you'd give a link to some more info on TMS if possible.
May 15, 2008 07:57 AM
Holler Law Firm - Milford, CT
Been there, Done that...
Gary, we're working on changing that in Arizona. SureClose is now a member benefit through the AAR. We're working very hard on successful implementation, training and adoption.
May 16, 2008 04:55 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Beth -- thanks for commenting. That's great to hear that SureClose is making such an effort to encourage utilization.
May 21, 2008 11:41 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Gary -- thanks for your comment. I think it's very important to shop around when you are looking for a transaction management system -- in order to find one that suits your needs. Some are more robust but may be overkill depending on the situation. Of course you can also look to partner with a Transaction Coordinator who is willing to manage the system for you.
May 21, 2008 11:43 AM
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Greene Business Support Services - Smyrna, DE
NAR Certified REPA
Alex -- thanks for your comment! Is there any info in particular you are looking for?
May 21, 2008 11:45 AM
Comments(15)