Industry News

Real estate transaction technology faces roadblocks

Vendors must make systems easy to learn, study finds

Though automated real estate transaction management systems will ultimately be adopted and will be good for the industry, there are a number of roadblocks to adoption, a recent study said. "While it is clear that adoption of transaction management has occurred and will continue to occur, the pace has been slow," said the authors of the WAV Group's 2005 Transaction Management Adoption Survey. To speed adoption, the study said, vendors need to make systems easy to learn and use, solve the biggest pain points in transactions, and show how transaction management can help agents help clients, among other things. The study defined an automated transaction management system as one that allows a number of people involved in a real estate transaction to view, share and manage data through the entire process. Industry observers point to transaction management systems as a way to streamline real estate deals, eliminate paper and improve communication among all parties. There are 10 major ...