More than half of all real estate brokerages — 61 percent — are using transaction management systems, and they’re seeing high levels of agent adoption and productivity gains, according to a survey by consulting firm REAL Trends.
The survey found that Web-based end-to-end real estate negotiation and document management system that allow users to create, adjust, approve, sign and share documents seem to help boost transactions per agent.
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Agents at brokerages using transaction management systems did an average of 11.5 deals per year, compared with 9.2 transactions per agent at other brokerages.
The survey found that while 75 percent of agents are using transaction management systems when they are available, manual data entry can reduce agent adoption. Customer support and a proven implementation process also increase agent adoption, REAL Trends said.
A REAL Trends analysis of the survey results concluded that the simpler the system, the better, and that efficiencies are maximized when all parties involved can collaborate to complete the transaction. Mobile and interactive forms within one system are crucial, the report said.
The dotloop platform was the most popular among the 295 brokerages surveyed, with 44.3 percent market share, followed by DocuSign (10.8 percent), SkySlope (9.5 percent) and 10 other solutions.
Source: REAL Trends report, “Transaction Systems in the Real Estate Industry.”