How Digital Transaction Management Can Grow Your Brokerage

Published By: SkySlope
May 22, 2018

| Topic: Digital Transaction Management

More leads, more listings, more sales—more money! Sounds great, right? While it may appear easier said than done, that’s not necessarily true.

All you need to do is give your agents back a few hours of their time each week and you could both start reaping the rewards (give your admins a few more hours on top of that and then you could really see an impact)!

You might be thinking this is crazy talk. “Where are they going to find a few more hours in their day?” An understandable reaction, for sure. Most agents are already overworked; real estate is not a 9-to-5, after all. The best agents are all in, all the time.

So what is this madness that we’re referring to? Three words: Digital Transaction Management (DTM). DTM has taken the industry by storm, with experts predicting the technology will grow faster than nearly every other business category within the next couple of years, reaching $30 billion by 2020.

My Brokerage Has Already Gone Paperless

When talking with broker-owners, they’ll often tell us, “My brokerage is already a paperless office.” While that’s a great start, this is not true Digital Transaction Management. Look, we love Dropbox and Google Drive as much as the next guy, but those just are not transaction management solutions; they’re just simple ways to share and store documents, nothing more.

DTM goes far beyond eliminating files and filing cabinets. Simply being paperless does not remove the biggest obstacle agents and admins face — gaps in functionality. Without a complete DTM solution, brokerages may continue to work with a variety of Software-as-a-Service (SaaS) providers that do not always play well with one another. These integration issues result in a more complex and time-consuming transaction process.

How Does DTM Help Me and My Agents?

With a true brokerage DTM solution, you’re not just paperless, you’re automated. A DTM offers an all-in-one platform that simplifies every step of the transaction process from start to close. Think of it as a central hub for all the tools you use every day, from customer relationship management to accounting.

A true transaction management system helps to:

1. Audit with speed and accuracy

Agents and admins can review files in half the time through a streamlined review process utilizing customized checklists.

2. Keep activities in compliance

Every interaction, text message, email, and more are captured and stored in a digital log for easy retrieval and reference.

3. Initiate forms and acquire e-signatures

Save time by doing all your work in one centralized eco-system. Forms can be filled out, signed, and shared through a single platform.

4. Make smarter decisions

With instant analytics and metrics, you gain a 360-degree view of all brokerage activities, including business growth and agent success rates.

How Does DTM Help My Admins?

Most admins are experts at multitasking; it’s basically a job requirement! But a DTM can take a little bit of pressure off of them, enabling them to take care of details quicker to better support agents. In turn, agents will have more time to nurture leads—talk about a win-win! Here are four examples of how DTM empowers admins.

  • Forget about chasing down agents for missing disclosures or signatures. Admins can simply send a notification that alerts agents of any issue.
  • No more digging through mountains of paperwork to confirm whether a transaction is compliant; documents can be reviewed, revised, and approved online with just a couple of clicks. In addition, a DTM allows an admin to manage compliance as a transaction happens in real-time rather than waiting to review a file once it has closed.
  • Never miss a due date again. DTMs allow admins to set reminders on tasks that need to be completed during the transaction to ensure an on-time close (which ensures happier clients!)
  • Data entry can be a drag. But a DTM automates many steps of the transaction process, eliminating redundant data entry and the potential for human error.
  • DTM Has Top Brokers Talking

Do you have doubts about the benefits of DTM? Maybe it would help to hear it from a real estate pro. Larry Matos, President of C21 M&M and Associates, the largest company in the Century 21 system with 28 locations, can’t say enough good things about DTM. “We’d been paperless for about 3 years, but still inefficient,” says Matos. “That’s why we looked for a company to really be a solution … as large as we are, we just need to be efficient. Efficient with our time, our staff, in reviewing files, in communicating with clients.”

The company he turned to? Skyslope, of course. SkySlope is leading the way in Digital Transaction Management, with 48 of the country’s top 100 brokerages leveraging our technology. Something else brokers, agents, and admins love about SkySlope? It was created by an agent who knows the business. Tyler Smith, founder and CEO, went from steakhouse server to top-selling agent to real estate tech guru. He understands the challenges you face every day and has developed the perfect solution. Want to learn more? Contact us today for a free demo.

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