Transaction Management Systems Need to 'Talk to One Another' for More Market Efficiency

Brokerages and agents are suffering with technologies that are incompatible, requiring brokerages to support redundant data input and inefficient processes.

Listing and transaction data fuels most processes within brokerages from accounting and commission payments to marketing systems. The 2021 WAV Group Transaction Management Interoperability Report revealed brokers have strong interest in the ability for digital transaction management systems to pass data seamlessly for the brokerages representing two sides of a transaction. Today, brokers have to enter data in as many as nine or 10 systems, creating inefficiency, added cost and increased chances of inaccurate data. According to the study, nearly three-quarters of brokers would like to enter data into one system, either at the MLS or brokerage, and then seamlessly pass the information to other systems.

With the shrinking profitability of residential transactions, many brokers have turned to ancillary services to strengthen revenues and profitability. There's strong interest in passing transaction data to these entities as well.

While there is still a ton of work to be done to allow data to pass as seamlessly as brokers would like, the nearly ubiquitous adoption of digital transaction management solutions has created a foundation of opportunity. According to the 2021 WAV Group Transaction Management Interoperability Report, 81% of transactions are now processed digitally.

The interoperability needed to simplify transaction data management across a brokerage or market can be fueled by standardization outlined by data uniformity outlined by the Real Estate Standards Organization (RESO). RESO has a Cross Platform Interoperability Work Group in place to address these important broker issues. Any member from a company RESO member is welcome to participate in the Work Group.

Download your copy of the 2021 WAV Group Transaction Management Interoperability Report here.

To view the original article, visit the WAV Group blog.