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07 Feb

Online Transaction Management

Posted February 7th, 2007 | View Comments

There’s an online transaction management system that I’ve been thinking about using, SettlementRoom. One of my agents used to be a transaction coordinator early on and mentioned it to me. It allows a buyer or seller to securely track the progress of their transaction (or the feedback from agents on their listing) online. One of the complaints that sellers often have about their agent is that they failed to provide feedback from property showings from the buyers and other agents. Once you’re in escrow, it allows you to have all the paperwork in one central place, and allows us to provide you with a CD record of the whole transaction when it is done.

I know my colleagues read these blogs pretty heavily, but on the off chance that a potential client does as well, I’d love to hear you chime in and let me know if you think that would add value to our real estate service. The cost is certainly not prohibitive unless it just turns out to be a needless bunch of bells and whistles.

  • http://www.thepermanentrecord.net/ Michelle Schoen

    Speaking as a professional transaction coordinator, I can personally tell you that SettlementRoom is a very good system. I’ve used it as well GuruNetwork, SureClose, Relay. Given those choices, I would choose SettlementRoom over any of the rest. It’s easy to use once you get just a bit of practice. I think that’s true of just about any software though… they all have a learning curve. Feel free to contact me if you have any questions about it!

    Michelle Schoen
    The Permanent Record
    http://www.thepermanentrecord.net

  • http://www.sacramento-home.com/real-estate-agents/ John Lockwood

    Michelle, thanks for your input on that. It’s good to know it’s one of the better choices in its field. I’m of two minds as to the benefits of automating more. On the one hand I think it’s a great idea and it fits the way many of my agents and I like to work. On the other hand, I have a lot of loyalty to my current transaction coordinator, who is absolutely fabulous on coordinating and helping me out with file review, but unfortunately lives a bit out in the boonies in El Dorado County and so relies on a dial-up connection. Because of this she’s fairly low tech, but on the plus side I know the files will be done right.

    Have you had any feedback from your Realtor(r) clients about whether their buyers and sellers enjoyed using the system?

    Thanks again for chiming in!

  • http://www.valleymarket.com Marty Van Diest

    John, I’m visiting for the first time, but not the last.

    I have used both settlement room and gurunet. I’m currently using gurunet but thinking of switching back. They both have plusses and minuses.

    I don’t use it for all the bells and whistles really. I need an online transaction management system because of the decentralized way that I work.

    I do most of my work from my home office, my brother who is part of my team also works from his home and sometimes from my home office. And then we both meet clients at the local RE/MAX office. In addition, my assistant does a lot of work from her home as well. She also goes to the RE/MAX office to scan the files into guru.

    So, no matter where I am, if I can access the internet I can access the files, and forms.

    In addition, this year I have begun using a tablet PC that allows me to complete forms on my computer and then have a client sign them right on the screen. I then email them to everyone involved including my assistant who puts in on guru.

  • http://www.sacramento-home.com/real-estate-agents/ John Lockwood

    Marty,

    Great, I’m very glad to have you here, and thanks for your kind comments in the Tomato recently as well. Gosh, that Tablet PC thing — I’m jealous. I thought of that but went for the traditional (cheaper) solution of a regular laptop for now. Oh well, if I go for the tablet, my daughter will be all too happy to inherit this laptop as she did my last one, which is now about on it’s last legs.

    Yes, you’ve pretty much described how we work as well, minus the REMAX office (which makes the tablet option even more compelling). We’re as decentralized as we can be without a prescription, covering Sacramento and three counties to the East between four of us.

    I like SettlementRoom’s feature set and Michelle Schoen’s endorsement, and to give the salesperson who didn’t call me back the benefit of the doubt, perhaps I forgot to leave my number. I guess I should try it out and see how my agents and our clients like it. I suspect it’s a natural fit given that my typical client is a regular Internet user.

    Thanks again for chiming in!

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