When most people think of real estate and real estate agents, they typically think of the actual home search process. Real estate agents have long been expert consultants for real estate information, helping people buy and sell homes. However, you might be surprised to know that one of the most involved aspects of the home buying/selling process has nothing to do with the home search at all — I’m referring to the real estate transaction process.

The transaction process refers to all of the details that must be finalized in order for a person to take possession of a property. Like the home search, which can take several months in some cases, the transaction process can also be very time consuming. Under “normal market” circumstances, the transaction process takes approximately 30-35 days and includes steps such as, property inspection, contingencies, lender approval, appraisals, title search and escrow, home owner insurance and possession of property.

Because of the importance and complexity of the transaction stage, it takes a considerable amount of time and energy, even for the most experienced agent, to manage the entire process. However, with the recent advancements in technology, many aspects of the home ownership process have been enhanced, including the transaction process. Thanks to the introduction of online transaction management software, the entire transaction process can be streamlined and simplified, enhancing the experience for all involved.

Online transaction management software provides one centralized online location for every aspect of the transaction, from the purchase and sale agreement to the property inspection, lender approval, and title and escrow. The various steps involved in the transaction are handled by transaction coordinators. Agents still act as their client’s advocate, but by using a transaction coordinator, they are able to hire a professional to manage the intricate details of the transaction.

Online transaction management also enhances the customer experience because clients have constant access to updates on their transactions. Studies show that clients want daily communication during the transaction process. They want to know about the status of their transaction every step of the way. Online transactions empower clients because they have access to current information about their transaction at all times. Through online transaction software, every aspect of the transaction is linked into one centralized, online location, allowing all parties involved to view the same information. Clients can even opt to receive email notification whenever their transaction is updated. Online transaction software also eliminates much of the cross over and duplication that takes place, reducing the overall transaction process time significantly.

Another benefit of online transaction software is that it frees up the agent’s time to focus on their clients and their business. As I see it, a real estate agent’s role is to act as an advocate for their clients through market knowledge, expert negotiations and overseeing the transaction. Unfortunately the transaction process demands an enormous amount of the agent’s time, forcing them to focus less on their other primary functions. Traditionally, real estate agents have managed the various stages of the transaction, but for most, it’s extremely time consuming. Online transaction management ultimately gives back the agent the time they would have spent on the transaction because they’re no longer managing the intricate details and time-consuming paper work. This results in enhanced communication between agents and their clients and ultimately a higher level of customer service.

The use of online transaction management software has the potential to result in more satisfied customers and repeat referral business, which is the greatest compliment to any real estate agent. The result is a win for the real estate agent, a win for the real estate company and most importantly, a win for the real estate customer.