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How to Choose Transaction Management Software that Maximizes Growth in 2024

Real Estate Back Office

Will your transaction management software help you grow in 2024? Or, hold you back?

Having the right transaction management software is crucial to growing in 2024. Without the right tool to manage transactions, your team will struggle to do everything needed for growth. The wrong transaction management software can lower productivity, increase expenses, and stall growth.

Wondering how you can choose the right transaction management software? We’ll cover everything you need to know to select transaction management software that will help you grow. To start, let’s take a look at the first must-have when picking a transaction management solution – automation.

Feature #1: Automation

The first feature you should look for in transaction management software that boosts growth is automation.

Managing transactions manually requires a lot of work from your team. They have to find, enter, and transfer data from throughout your back office. It can take tens of hours a week for your team to pull info from accounting, agent management, commissions, and more.

When your team spends so much time on manual data entry, they have less time to focus on growing your brokerage. If you want to manage more transactions, you’ll have to hire more back office staff. This increases expenses and can cut into any brokerage growth.

With the right transaction management software, your team can automate manual data entry and transfer. This software can automatically find, enter, and transfer all the data needed to manage transactions. Not only is this more accurate. But it also saves your team time – allowing them to manage more transactions with the same staff.

By automating transaction management, your team can manage transactions faster. This empowers your team to manage more transactions to drive brokerage growth.

Feature #2: Checklists

Another important feature to look for when choosing transaction management software is transaction checklists.

For smooth transaction management, your agents need to complete each of their transaction steps in the right order. But, with how much your agents have to do, it’s easy for them to forget a step here or there.

Forgetting even one step can cause huge transaction management bottlenecks. Your team has to discover a skipped step, inform the agent, and wait until the agent does that step. This not only holds up that transaction but any others after it – leading to fewer transactions managed and slower growth.

The right transaction management software, however, makes it easy for agents to remember everything with transaction checklists. These checklists lay out each step for your agents. And, your agents can’t move to the next task until they complete the previous one. This ensures your agents complete transaction steps correctly the first time.

With transaction checklists, you can ensure your agents do every transaction step. This speeds up transaction management, allowing your team to manage more transactions to grow your brokerage.

Feature #3: Consolidation

Along with checklists, you should also look for transaction management that’s part of a complete platform.

Managing transactions requires data from other areas of your back office – like accounting and agent management. With a stand-alone transaction management solution, your team has to manually find, enter, and transfer this data. Manual data entry is slow and error-prone. This limits the number of transactions your team can manage and, in turn, brokerage growth.

Instead of choosing a transaction point solution, you should look for a consolidated back office platform. With a complete back office platform, your team has transaction management, accounting, commissions, agent management, and more in the same, easy-to-use solution.

With your entire back office in one tech solution, your team doesn’t have to manually find and transfer data. Instead, this software can create a seamless data flow that does it automatically. This can cut down on the time it takes your team to manage transactions, allowing them to manage more each day.

By consolidating your back office, you can remove bottlenecks and speed up the transaction management process. This helps your team manage more transactions to grow your brokerage.

Feature #4: Integration

Lastly, you should look for transaction management software that has wide integration with third-party tools.

To manage your back office, your team likely uses one or more third-party tools. When your team’s managing transactions, they’ll need to move data from or to these third-party tools, even with a complete back office platform. This manual data entry and transfer increases the risk of transaction errors and slows down the entire transaction management process.

That’s why you need a complete back office platform with wide integration. Having wide integration allows your back office platform to create a seamless data flow with all the tools your team uses. This wide integration helps your team work faster, allowing them to increase transaction management volume to grow your brokerage.

With wide integration, your team doesn’t have to choose between efficiency or using the tools that work for them. Instead, this software seamlessly transfers data to and from these tools, speeding up transaction management and helping your brokerage grow.

Wrapping it up

Efficient transaction management is crucial to brokerage growth. When your transaction management isn’t streamlined, it takes your team longer to manage each transaction. To grow, you need to increase your transaction volume, which means adding more staff with inefficient transaction management. Increased expenses cut into your growth, holding your brokerage back.

Streamlined transaction management, however, empowers your team to manage more transactions each day by eliminating manual work. Automation, transaction checklists, consolidation, and integration each improve your transaction management.

Back office software with all of these qualities is the key to managing more transactions without hiring more staff. This maximizes growth and helps you meet your brokerage goals.

If you’re looking for back office software that can help you manage more transactions without more staff, Brokermint is the way to go. Brokermint is a complete platform with wide integration. Plus, Brokermint has powerful automation and easy-to-use transaction checklists, providing your team with everything they need to manage more transactions.

Along with transaction management, Brokermint has four other core modules – commission automation, accounting, agent management, and reporting/analytics. With these five modules, Brokermint provides everything you need to streamline and modernize your back office.

Book your Brokermint demo today to see how the right transaction management software can boost your brokerage growth in 2024.