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Document and Transaction Management 101

August 08 2014

technology handsDocument management and transaction management represent two distinctly different product categories. However, some companies have chosen to offer solutions that combine the two categories into a single solution. Thus, we are discussing them together here. Borrowing from our previous article on this very subject, here's a quick review of these product categories.

  • Document management technology is 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.
  • Transaction management products are 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. It provides a collaborative space for working with all the parties to a transaction through tasks (for instance ordering home inspection, coordinating mortgage, etc.).

Forms management is also often a component of products that fall into this category.

Choosing the Right Tool

If you're in the market for a document or transaction management platform, there are questions you can ask to evaluate which option is right for you, like:

  • What is offered by my broker, MLS or Association? Your broker may work with a Transaction Coordinator and you'll want to be using the same solution they're using – it will make things easier for you and for them. The more people that use the same solution, the more effective it can be.
  • Do I want a transaction management tool, document management tool, or forms management tool?
  • Will this product "talk to" or work with the products I already use for CRM, electronic signature, forms, etc.?
  • Can I pull property information from my MLS into this document management or transaction management solution?
  • Are the documents encrypted? Are there any security guarantees? Will the vendor manage the legal notification requirements in the event of a security breach where consumer information is compromised?
  • Does your E & O insurance provider offer a discount for using the product?
  • Does the product have a digital signature solution included or will it work with the solution you're already using?

Find more questions to ask in our 2014 Technology Guide2014 Technology Guide. It's a free resource for real estate pros who want to learn more about the technology products available to them.

Here are four document and transaction management solutions highlighted in the Tech Guide:

  • DocBox2Go: Simple to use unlimited "cloud" document storage for listing, sale and lease files, and other critical documents. It's fully compatible with all devices and seamlessly integrated with TransactionDesk™, InstanetForms™ and Authentisign™ from Instanet Solutions.
  • TransactionDesk2Go: Access and manage all your real estate forms, contracts, documents, E-Signings and contacts from any device. It features full integration with the Instanet Solutions suite of products.
  • myShortTrack: Cloud-based and paperless, myShortTrack connects all parties to a transaction with controls that allow you to define what they see. This transaction management solution becomes your one stop for emails, documents, tasks, notes and activity.
  • Sequent Systems: EZ Coordinator is more than transaction management. The solution, which includes a CRM, is built to support moving leads more effectively from introduction to a completed transaction.

For more information on the options above, download the full guidedownload the full guide. For a full list of Document and Transaction Management solutions, visit our Product Directory.