Best Real Estate Transaction Management Software in 2024
“What’s the best CRM”? This is the question that is asked a million times in Realtor Facebook groups.
Much neglected, in my opinion, is the next question:
“What is the best transaction management software?”
Crushing the transaction is critical for happy buyers and sellers. A TMS can help deliver that experience.
Furthermore, many Realtors are not great at transactions. Real estate agents are “people people”. Most don’t want to sit behind a computer ordering pest inspections and writing repair amendments. A good transaction management software can make sure agents shepherd their clients to the finish line with competence and earn their referrals and repeat business.
The Contenders
DocuSign Transaction Rooms
$10+/mo. DocuSign isn’t just for e-signatures but has a feature called “Transaction Rooms”, designed as a transaction management platform. Transaction Rooms is closely integrated with DocuSign, making managing contracts a breeze. The user interface is not great, but worth considering if already have and love DocuSign as your e-signature tool.
DotLoop
$32+/mo. DotLoop is a ubiquitous Zillow owned transaction management software. It is a complete solution, including e-signature, brokerage tools, the forms library. DotLoop is a popular solution for brokerages.
Folio
FREE+. Folio is a product by Amitree, and is a bit different than the other transaction software. It is a Gmail or Outlook extension, meaning it works entirely within your email. It recognizes and groups emails by transaction automatically, and allows you to create checklists and coordinate a transaction right there and then. Consider Folio if you are a Outlook or Gmail user and want a lightweight and easy-to-use transaction tracker tool.
Trackxi
$39+/mo. Trackxi is a transaction management software oriented toward real estate agents and mortgage officers. It is designed to be more than just a TMS but a task management tool with customizable workflows. The tool features business dashboards, integration with other tools like Gmail and Skyslope, and email marketing functions.
TransactionDesk
$TBD. TransactionDesk is the transaction management piece of Instanet, a transaction and brokerage backend. Instanet includes AuthentiSign, forms, and brokerage tools. It is now owned by Lone Wolf Technologies (BrokerWolf). Often, Instanet sells directly to MLSs, who buy the package to provide for their members. So there is a chance you already have TransactionDesk and the Instanet suite of tools!
Other Transaction Management Options
Some other real estate transaction management software options include:
- EZ Coordinator
- Clozio
- Nekst
- Preclose
- Quigler
- Realty Commander
- Reeazily
- Skyslope
- TCWorkflow
- Transactly
Not Included Here
Platforms
All-in-one platforms are just that. All-in-one. In addition to lead generation, real estate websites, email marketing, and contact management, these platforms usually have tools to manage your real estate transactions. If you have a platform or considering one, it might have what you need already.
Brokerage Backends
There is a blurry line between transaction management tools and brokerage tools. On this list of TMSs, I’ve tried to limit it to tools whose primary focus is managing the contract-to-close.
Instead, brokerage backends often have an additional focus on the holistic view of your real estate business, including accounting tools, compliance monitoring, setting required documents, and more. Examples include:
CRMs
Some CRMs are equipped with transaction management functions and might suitably serve as both your real estate CRM and transaction management tool. Some CRMs with decent transaction tools include:
Transaction Assistants
If you are looking for virtual transaction coordinators or a service to do it for you, there are plenty of options there as well.
- MyOutDesk
- Offer to Close
- Summit VA Solutions
- Transactly
- Virtudesk
- Zirtual
State Association’s TMS Member Benefit
Many State associations partner up with one of these systems as a member benefit. For example, in my own glorious state of Texas, the Texas Association of Realtors provides zipForms (and zipTMS) for all Realtor members. TransactionDesk, zipForms, and dotLoop are the three main products often provided by state or local associations.
There is another consideration when choosing a TMS based on your state. If it is important to you that your TMS also be your form software, then that TMS needs to have a licensing agreement with your association. Only with that agreement will they be able to have the full range of your association forms available within the TMS software.
Or, you can do like I do, and have your form software (zipForms) and TMS software (Realvolve) separately.
Should you use your free, member benefit TMS? I certainly recommend trying it. In my experience, the TMSs with the best UI and usability (Folio, Skyslope) are not the ones partnering with associations. But if a free version provided meets your needs then there is no reason to spend money!
Conclusion
If you are a real estate industry professional, a smooth transaction is critical. That is where your reputation with your buyers and sellers is made or broken.
Fortunately, there are great tools out there to fit your needs and style. Whether a simple real estate transaction tracker or full-blown transaction management ecosystem, there is a technology to meet your needs.
And of course, always be mindful of chasing shiny objects. Don’t overspend on software. Do what works and upgrade only when the money is flowing and your processes are solid.
