Why You Need a
Transaction
Management Platform

Marc Sykes
Published on December 22, 2023

Real estate management systems have become increasingly central to brokerage operations in recent years. Transaction management is perhaps the most key aspect of such platforms. Core transaction management capabilities include document management, transaction data management, approval workflows, audit and compliance, and e-signature. Management platforms that feature such capabilities help brokerages run more efficiently by centralizing documents and data in one place, allowing for efficient and consistent communication, and seamless review and approval processes.

What are the key features of a transaction management platform?

A good transaction management platform should support all of the following:

1. Document Management
• Centralized storage for all transaction-related documents
• Version control to track changes to documents over time
• Secure access controls to manage who can view or edit documents
2. Task and Workflow Management
• Task automation to streamline routine processes
• Workflow management to guide users through each step
• Data validation to ensure all required data and documents are submitted
3. Integrations
• Seamless integration with CRM, accounting, and other brokerage systems (preferably all in one platform!)
• Compatibility with electronic signature platforms
4. Compliance
• Tools to ensure compliance with provincial and federal regulations
• Full audit trail to ensure all documents have been properly approved
• Easy packaging and export of transaction data and documents to support Council and FINTRAC audits
5. Collaboration
• Communication features such as messaging and notifications
• Automated prompts and reminders to ensure deals keep moving forward
6. Reporting & Analytics
• Comprehensive reports and dashboards for real-time visibility into transaction status
• Analytics to generate insights into transaction trends, agent performance, and overall brokerage efficiency

Considerations for Brokerage Decision-Making

How can you determine what software is right for your brokerage? Consider the following factors in your selection:

1. Scalability

   Choose a platform that can scale with the growth of your brokerage. The more efficiencies the platform provides, the less you'll find yourself scaling up staffing as your agent roster grows.

2. Ease of Use

   User-friendly interfaces and intuitive workflows are essential for widespread adoption.

3. Configuration

   Look for a system that can be configured easily to align with your brokerage's unique processes and requirements.

4. Training and Support

   Consider the vendor's training and ongoing support — particularly response times.

5. Cost

   Evaluate total cost of ownership — factoring in the efficiencies the system delivers — rather than the sticker price. The cheapest system won't save money if it causes more headaches than it solves.