Document Management vs. Transaction Management
What’s the difference? Do I need both?
Posted by: RET Staff
- Transaction Management: technology intended to help real estate professionals manage a transaction through functions such as: contact management, a calendar tool, some degree of document management, and a wide variety of other features.
- Document Management: technology intended to help real estate professionals manage documents with functions that support: digitally storing documents, sharing documents with other interested parties, organizing documents, tracking the status of documents, and (in some instances) electronically signing documents.
Chatting with some of the experts in each area helped me to nail down the differences between the two categories – however, it also made clear that there is often considerable overlap between products that label themselves as one or the other. Each technology company has their own unique perspective on this issue, so I thought I'd share some of these voices here.
Cartavi – Document Management
The creators of Cartavi see a very distinct difference between transaction management and document management – and made a very conscious decision in focusing solely on document management.
"When we set out, our initial thought was to build a tool to help agents manage transactions," says Glenn Shimkus, Co-Founder and CEO of Cartavi. "Documents were a part of that, of course, but just one piece of the puzzle. However, as we began talking to more agents, we kept hearing very consistent feedback: 'I already have a solution I like for my contacts, calendars, etc. Where I really need help is with documents – managing and sharing them (with everyone involved, not just other REALTORS®).'
"This is the Age of the App and most agents actually prefer an 'a lá carte' approach to the tools they use. They choose the apps and software that work for them – and are not likely to adopt a product that replaces all of the solutions they currently use. However, the missing piece for most seemed to be document management. That's where we decided we could really meet an unmet need."
After creating a streamlined solution for document management, Cartavi decided to add integration with DocuSign for digital signatures. "Our integration with DocuSign allows us to provide a more comprehensive platform for document management," Glenn explains. "Agents now have a tool that enables them to manage, share, fax and electronically sign the documents that drive a transaction."