Real estate technology is all about "pain points." We recently heard this perspective from David Lester, Founder and CEO of Sequent Systems, and we asked him to talk a bit more about it.

"Discomfort is a great motivator," David explains. "In that way, it serves an important purpose. In our industry, one of the common pain points seems to be managing the many documents associated with a transaction. Some people may be great at developing their own systems for staying organized, but most of us need help in that area. Technology is developed to address these pain points and help make business easier and more profitable for REALTORS®."

But what if I have a lot of pain points?

Most real estate professionals we know have a variety of factors that slow them down. We asked David what real estate professionals should do if they've got more than a single pain point.

"Well," he says, "you're right; it's usually not as simple as a single source of frustration. That's why you often see people working with 10 different tools to address 10 different problems. Which, of course, creates a whole new world of pain. You've got people trying to remember which tool does what, forgetting 10 different usernames and passwords, and wasting a lot of time on redundant data entry. That's why I think the industry is moving toward integrated solutions."

In addition, David notes, more real estate professionals are using technology created specifically for our industry. "The tools you use should be built specifically for your industry because you have very specific pain points," he says. "You need a targeted solution if you want effective relief from your frustration."

What are we talking about?

As with any industry, our acronyms and product categories can get confusing; so can the technology tools that they describe. Let's explain a few of the terms you may hear tossed around in terms of the pain points they address.

• CRM: If managing your contacts is what's giving you grief, then a CRM might be recommended to you. CRM stands for Customer Relationship Management.
• Document management: Wrangling paperwork getting you down or tripping you up? You're not alone. This is one of the most common pain points in our industry. Document management tools help to organize and share with other parties the endless paperwork associated with a real estate transaction.
• Transaction management: If you have difficulty keeping the many tasks associated with a transaction organized, then a transaction management tool might be for you.
• Digital signatures: Tired of driving all over town to obtain signatures? E-signature/electronic signature/digital signature solutions help agents get legally compliant signatures quickly and easily.

Of course, these are just a few examples. There are many more product categories, which isn't surprising when you think about all the pain points busy real estate professionals encounter on a typical day.

"Then, there are solutions that address multiple pain points, incorporating features of several products," David explains. "For instance, our EZ Coordinator product wears several hats. It's often tagged as 'transaction management,' but in actuality it addresses pain points associated with signatures (with DocuSign integration), contacts, and document management. And because it's an all-in-one solution, it's easing pain and simplifying the process for agents, brokers, and transaction coordinators from the time they get a new lead to that special moment when they had over the keys."

Next Steps

• Read more articles about transaction management
• Learn more about EZ Coordinator
• Visit Sequent Systems online at www.SequentSys.com