Welcome to the Online Transaction Group

I am really looking forward to the conversations on this most timely topic. For reference you might want to review some of the prior discussions that took place on RealTalk.
http://www.realtown.com/community/RealTalk/Transaction-Mgmt-Platforms

I am extremely excited to hear as much as possible about incorporating technology into my real estate transactions! I am currently taking the E-Pro course for realtors, and I am going next week to take the Relay Lecture and Lab.

Technology is the way to go with a future in real estate and I want to be ahead of the game!!

Thanks for the welcome!

Amanda

Transaction Management Platforms

• what has been the reaction of your buyer and seller clients?
• What platform are you using?
• Have you tried more than one online platform?
• was there a learning curve for you in getting started?

I have been using TransactionDesk for about a year. I served on our local asiciation of REALTORS task force to investigate which system would best fit our association, systemwide. We looked at every system available at the time and selected TransactionDesk with DocBox as a "best fit" for our association. Unfortunately, The board of directors didn't want to spend the money or, didn't see the value in DocBox because several already had some type of eFax solution already in place. I just added DocBox on to my account for $139 a year for unlimted fax to pdf. (I think). In my opinion, Transaction without DocBox is only an online forms program. DocBox is required in order to use the system for true transaction management. Here's what we liked about it:

Single sign on from our association, our MLS or our Association web site.

Unlimited fax to pdf. Unlimited Doc and Form storage (They have cheaper plans for less storage space) but we're sending about 600 pages a month.

Some clients still struggle with it but you usually know who they are before hand. We still use TD to process every transaction.

Archive each transaction to CD, or choose individual forms and store all transactions online for 10 years.

There is a learning curve thats not difficult but you just have to decide that your going to change and use it. After a month you'll have all the quick group forms, shares, schedules and folders set up the way you want them.

I'll be interested in hearing about others opinions and experience with other platforms.

Welcome to the group Amanda. Amanda and congratulations on making the decision to take the e-Pro course. I am sure it will be a tremendous benefit to you in taking your business to the next level. It has been many years since I took the course, and I am sure it is even more benficial than the the one I took.

Relay Transaction Management is a fine online transaction management platform. Who is sponsoring the Relay lab you will be attending?

[ 'll be interested in hearing about others opinions and experience with other platforms. " ]

In 2007 and into early 2008 I was utilizing two online platforms in the processing of my transactions online. I have been a current user of the SettlementRoom since 2003 and tI also decided to subscribe to Relay Transaction Management for a year, especially since it is a product offered through NAR, to get a good comparison of the platforms. No, I did not process each transaction on both platforms. I alternated platforms with each new transaction.

[ "I have been using TransactionDesk for about a year. I served on our local asiciation of REALTORS task force to investigate which system would best fit our association, systemwide.' ]

I am not familiar with Transaction Desk. I will spend some time looking into it though. It is common that State Associations, and or Local Associations of REALTORS, are exploring providing more services to their members. I compliment you on your participation in trying to find a platform that would please everyone in the Board.

What are your experiences with using Transaction Desk? Is it annual subsciption or per transaction cost?

David Fialk said,

[ 'll be interested in hearing about others opinions and experience with other platforms. " ]

In 2007 and into early 2008 I was utilizing two online platforms in the processing of my transactions online. I have been a current user of the SettlementRoom since 2003 and tI also decided to subscribe to Relay Transaction Management for a year, especially since it is a product offered through NAR, to get a good comparison of the platforms. No, I did not process each transaction on both platforms. I alternated platforms with each new transaction.

[ "I have been using TransactionDesk for about a year. I served on our local asiciation of REALTORS task force to investigate which system would best fit our association, systemwide.' ]

I am not familiar with Transaction Desk. I will spend some time looking into it though. It is common that State Associations, and or Local Associations of REALTORS, are exploring providing more services to their members. I compliment you on your participation in trying to find a platform that would please everyone in the Board.

What are your experiences with using Transaction Desk? Is it annual subsciption or per transaction cost?

David:

Thanks for the welcome! San Diego Association of Realtors is sponsoring the Relay training. I have played around with it a little on my own, but think the class will be extremely beneficial.

Thanks again!

Amanda

David:

What did you like/dislike about Relay?

Amanda

Thought I would chime in on Doug Garner's comments:

I have been using TransactionDesk for almost three years now. I just closed a transaction and the ONLY paper I have touched is an FHA addendum and a blue ink original of the purchase and sale agreement. Everything else was handled by my clients and myself electronically. Meanwhile, my counterpart in the transaction was driving all over town getting signatures on paper and getting very frustrated when his clients left town for a week and he had to go to a retreat another week. Tee-hee.

I would not even consider doing a transaction without a TMS system. The decision for me here in Georgia was pretty easy to make. It is offered free to members of Georgia MLS. Our version includes all state forms, the electronic signature package, document box and faxing. Did I mention free?

I have been able to do business from my laptop from 15 different states and no one ever knew that I wasn't in my office. I will be in California the next 2 weeks and will never miss a beat. Okay; maybe I won't be real responsive once my feet hit the surf.

what has been the reaction of your buyer and seller clients?

My clients have always appreciated it because I give them access to everything that is happening and they don't have to conform their lives around meeting me somewhere to get something signed. Some have been more aware of what I was doing than others but it has never been a negative. Interestingly, it is totally transparent to any other parties in the transaction that you are doing things electronically. They can do traditional paper and pen and never have a clue.

What platform are you using?

See above

Have you tried more than one online platform?

I did try Relay early on and while I liked what I saw, it didn't make sense for me financially.

was there a learning curve for you in getting started?

Oh yeah. The TMS platforms are very robust software packages. In addition to being feature rich, they often entail doing things a little differently that you might expect and that takes time to get the hang of. In TransactionDesk, for instance, we all use the same fax number (did that fry some neurons?) and the electronic signature feature is a pain in the patooty until you get the hang of it. Fortunately, with our current market, I have a little extra time to devote to learning new software. I hope I'm not the only one.