A recent study by WAV Group shows that brokerages that have adopted digital transaction management solutions saw their value increase and usage soar during the pandemic. The vast majority of the brokerages surveyed – 85% – said that their transaction management solution was very/extremely valuable. Seventy-seven percent said that at least 81% of their transactions are now processed through their digital transaction management tool.
The study, “2021 Transaction Management Interoperability Study,” reports that real estate transaction management software flourished during the outbreak of COVID-19.
Form Simplicity, a leading digital transaction management solution, which is owned and operated by Florida Realtors®, reports the same jump in popularity. Training alone for Form Simplicity more than doubled in 2020 and 2021 as Realtors clamored to go paperless.
As WAV Group noted, “Brokers are seeing strong benefits for Digital Transaction Management as well. Broker respondents appreciate the broker oversight, support for creating compliant transactions, and reducing the likelihood of legal challenges with a transaction.”
As reported here, brokers using Form Simplicity are protecting their business as the automated tracking tools built into Form Simplicity remove the worry about compliance issues. That key benefit – “Make it easier for broker oversight and management of transactions” – topped the list of the WAV Group study.
The survey found the top 10 benefits that digital transaction management solutions deliver include:
- 76% – Make it easier for broker oversight and management of transactions
- 71% – Better documentation of every step/conversion in the transaction process
- 64% – Most complete/compliant transaction closing documents
- 58% – Customer records and brokerage information added automatically to forms
- 58% – Simplifies transaction setup, adding listing information automatically to forms
- 47% – Notifications keep all involved parties up to speed on the progress of the transaction
- 42% – Build agent loyalty and satisfaction
- 36% – Reduced mediation/legal challenges with a transaction
- 29% – Faster closings
- 29% – Reduces insurance costs
Brokers and agents using Form Simplicity see all of these key benefits in action. In addition to the compliance benefits, Form Simplicity users also enjoy the auto-population of listing data into its smart, dynamic forms, ease of setup and controlled access for all involved parties, and a fully digital process that is easier to track and retrieve transaction information instantly. And access is available from just about anywhere with any device.
Most importantly, the WAV Group research showed nearly all brokerages – 92% – using digital transaction management, characterize its value to their agents as very/extremely valuable.
More than 80% of brokerages say they are interested in a data entry process that removes redundancy. That’s why Form Simplicity continues to work with its customers to find ways for deeper integration.