Are you concerned about storing your company’s transactions on a centralized and secure platform? Do you find complying with the latest regulations while digitizing your real estate organization’s transactions difficult? Well, real estate transaction management software is the answer to your problems!
Real estate transaction management software has become essential for professionals to manage their transactions efficiently. Things like property acquisition value, selling price, cess deductions, gain amounts, and stamping are some areas of real estate that require automation, and transaction management software for real estate does exactly that!
With the growing demand for such automated software, several businesses are looking for ways to create competitive and user-friendly real estate transaction management software.
If you are one of them and want to know how to develop transaction management software, this blog is for you.
This post will discuss everything related to real estate transaction management software development. Whether you seek the top features, technologies, or a step-by-step development process, you will get everything in our blog below!
Table of Contents
What Is Transaction Management Software?
Real estate transaction management software is a robust enterprise solution that helps you manage various transactions involved in the sale or lease of properties. The software simplifies your organization’s transaction management, document management, collaboration, and compliance management tasks.
Whether you want to simplify document management and task tracking operations or you want to monitor transactions and client communications, transaction management software streamlines everything.
Ultimately, you enjoy organized workflow, digital transactions, time and cost savings, paperless operations, reduced errors, etc. All that eventually leads to better growth and happy clients.
Why Is It Beneficial to Implement Real Estate Transaction Management Software?
With the advancements in digital transformation services, the need for advanced real estate solutions has become necessary, and transaction management software is one of them. According to a report by MarketsandMarkets, the global real estate transaction management software market size will surpass $1.5 billion by 2025, growing at a rate (CAGR) of 10.5%.
The increasing adoption of cloud-based solutions and the need for automation drive the growth of the real estate software development market. Additionally, the growing demand for better collaboration between real estate professionals and clients is boosting the demand for real estate transaction management software.
Hence, it is evident that companies worldwide are using or will invest in custom real estate solutions for better growth and competitive advantage. So, why should you lag?
Here are a few more strong reasons why you should invest in real estate transaction management software development for your business:
A Secure and Centralized Data Management
Real estate transaction management software provides a centralized place where all of a company’s real estate transactions can be managed, making tracking and managing every aspect of the deal easier.
You can employ multi-factor authentication, rights-based access, and more to secure critical data. Moreover, migration to the cloud can further enhance your data security and management while reducing your infrastructure cost.
You Can Close Deals Much Faster
In today’s competitive world, data is everything you need to run a successful business, and real estate transaction management software offers that data. With transaction management software, you get all the details related to multiple properties at your fingertips, including cess deductions, selling costs, property renovation prices, and gains.
So, it is easier to offer everything to the customers at a faster rate. All that enhances CX and increases your chances of conversions.
Reduction in Time and Errors
The transaction management software automates routine tasks, such as contract creation and tracking, which saves the company time and reduces the risk of errors. Since all the transactions are done digitally, there is no room for human errors.
Furthermore, real-time visibility into each transaction’s status allows companies to make better decisions and prioritize their resources more effectively.
Improved Collaboration Between Different Parties
The transaction management software for real estate facilitates communication and collaboration between team members, brokers, and other external parties involved in the transaction. That makes it easier to share documents and updates.
Also Read- Top Custom AI Real Estate Solutions that Every Business Must Have in 2023 and Beyond
Top Capabilities that Your Custom Transaction Management Software Must Have
Now that you have planned to proceed with transaction management software development, it is high time to focus on some crucial parameters, and features are one of them! The key to a perfect enterprise solution has the ideal features that can easily resolve your concerns while enhancing your business operations.
Hence, as a leading real estate software development company, we have listed the top features necessary for top-notch real estate transaction management software.
CRM Module
Your transaction management system must have an integrated CRM module. The customer Relationship Management (CRM) module tracks your interactions with leads and clients. That helps you to manage your leads and clients, making it easier to stay organized and ensure timely follow-up.
Custom Checklists
Custom checklists simplify keeping track of important dates, deadlines, and tasks that must be completed during a real estate transaction. That way, your team can easily prioritize tasks, focus on customer requirements, and eventually enhance CX and business revenues.
E-Signature and E-Filings
E-Signature and E-Filings eliminate the need for printing, signing, scanning, and emailing documents. With e-signature, clients can easily sign and save documents electronically to expedite the transaction process.
Online Audits and Compliance Checks
Audits and compliance checks ensure the accuracy and completeness of your transaction documents. With online auditing and compliance checks, you can ensure you meet all regulatory compliance requirements.
Buyer Offers
The buyer offers feature allows agents to create and submit offers on behalf of their clients, helping to streamline the buying process and reduce the amount of paperwork involved.
Third-party Integrations
Third-party integrations allow you to easily connect to other software solutions to your real estate transaction management software. That way, you will have a centralized system for managing every aspect of your business via ERP, CRM, virtual tour software, property management calculators, etc.
SMS Texting
SMS texting is a quick and convenient way to communicate with clients and prospects when you’re on the go, making it easier to stay in touch and answer questions quickly.
Online Transactions
Online transactions allow you to digitally complete real estate deals, from contract signing to payment processing. This streamlined approach saves time and reduces potential errors in the process.
Document Templates
Document templates make creating and customizing standardized real estate documents, including contracts, letters, and marketing materials, easy.
Charts and Reporting
Charts and reporting provide valuable insight into your business performance, helping you to make informed decisions and adjust your strategies based on trends and data.
How to Begin Real Estate Transaction Management Software Development?
So, we are at the most awaited section of our blog – developing custom transaction management software. Like other real estate software solutions, creating real estate transaction management software is also complex, especially if you are new to the software development field.
However, with the right approach, correct expertise, and access to the best resources, you can make transaction management software development a piece of the cake!
As a leading enterprise software development company, here’s our four-step approach that you can follow to build a real estate transaction management system.
You do not feel like reading the whole thing? Don’t worry, we have got you covered. Simply click here to discuss your requirements with our experts and get a free quote for your project!
Step 1 – Analyzing Your Business Needs
The first step to developing custom software is understanding your business needs and analyzing the market. Whether you are a startup or a leading enterprise, you must have complete knowledge of your business operations, concerns, and the trends that can resolve those concerns.
So, before beginning your real estate transaction management software development, you should do the same! Understand the areas that need optimization, and figure out how a custom solution or technology services can help you.
Once that is done, you must explore the trends that are currently happening in your niche. For instance, AI development services have become essential in every sector, and real estate is no exception.
Hence, you can integrate AI into your real estate transaction management software to make it more advanced and beneficial for your business. Similarly, you can implement cloud computing to secure your data and make your info exchange transparent.
The best way is to connect with experts who offer innovative digital transformation services to enterprises, SMEs, and startups. They can help you explore the robust benefits of various technologies and trends for your business.
Read More: RPA in Real Estate – Benefits, Use Cases, and Implementation Process
Step 2 – Exploring the Market Trends and Opting for Expert Consultation
The next big step in transaction management software development is expert consultation. Once you have identified your business needs and concerns, it is time to discuss them with experts. Opting for an expert consultation can help you identify the suitable technologies and services that can resolve your business concerns
You can analyze your competitor’s strategies to win the competition curve and discover the latest market trends that enhance your custom real estate solution.
Additionally, experts can also help you decide the best features, technologies, and resources required to develop your real estate transaction management software.
By the end of the consultation, you will have a perfect roadmap for your transaction management software development. You will have strategies for implementation, next-gen tech integration, cloud migration, and much more.
Hence, always choose a company that offers expert consultation services for your project. You can book a free 30-minute consultation with our experts by clicking the link below!
Step 3 The Development Part
The most crucial step in developing a real estate transaction management system is the development partner. By now, you will have a perfect development roadmap, the best technologies, and features. Overall, you will have the ideas, and you now need to transform those ideas into a reality!
For that, there are various factors that you must consider. To name the most important one, we have:
Tools and Technologies
Besides features, if anything affects the success of your real estate transaction management software, it is the technologies. In today’s digital world, many new technologies are introduced every day.
However, only a few survive this competitive market, and we are sure you only want the latest yet most reliable technologies for your custom solution.
Hence, we have curated a list of the essential technologies and tools you must leverage to create innovative transaction management software. To develop real estate transaction management software, some of the necessary technologies and APIs include:
- Front-end Development: React, Angular or Vue.js
- Back-end Development: Node.js, Ruby on Rails, Java, Python
- Database Management: MySQL, MongoDB or PostgreSQL
- Payment Gateway APIs: Stripe, Braintree or PayPal
- Electronic Signature APIs: DocuSign, PandaDoc or HelloSign
- Document Management APIs: Box.com, Dropbox or Google Drive
- Geolocation APIs: Google Maps or MapBox
- CRM APIs: Salesforce or HubSpot
- Email Notification APIs: SendGrid or MailChimp
- Security APIs: OAuth or JWT
- AI Technologies: PyTorch, TensorFlow, Keras, Caffe, and Theano
- Cloud Integration Platforms: AWS, Google Cloud Platform (GCP), and Microsoft Azure
Resources Required for Software Development
Once you finalize the technology, the next step is to hire dedicated developers for your project. You will need a team to convert your ideas into a reality using the chosen technologies, features, and designs.
That’s where an experienced real estate software development company comes into play!
With a reputed software development company accessing next-gen technology tools, you can easily create a custom solution tailored to your business needs. That’s because of three reasons:
- An experienced software development company has talented developers that have successfully delivered similar projects to various businesses worldwide. Hence, they will have better knowledge of all the hurdles that might come during the development process.
- A professional real estate software development company is well aware of the trends happening in the market. They can even help you analyze your competitors and suggest the best next-gen technologies to enhance your custom solution.
- You can easily find all the services required for real estate transaction software development under one roof, which saves you time and ensures you reliable support for your project.
- By partnering with a reputed software development company, you get many other perks like expert consultation, MVP development, and post-launch maintenance services.
We at Matellio offer much more than that to our clients. You can connect with us to learn more about our offerings.
Designing and MVP Development
After features and tech stack, your project’s design plays a crucial role in defining the scope of your custom solution. Even if you have the latest features, but they are not accessible by your users, they are useless.
Hence, you should strongly invest in hiring the best UI/UX designers that can assist you in creating aesthetic designs for your real estate transaction management software. You must focus on creating simple yet engaging designs for your end users.
For instance, the concept of gaming UI components is in trend. Hence, you can use that to enhance your project’s UI (user interface).
Also, you must always begin with an MVP to ensure your custom solution meets all your expectations and business requirements. MVP is created with the project manager and your designers before the development begins. That’s’ done to prevent surprises and reworks on your software product.
Hence, partner with a reputable MVP development company that can turn your ideas and concepts into a functional prototype. Later, the finalized MVP, which meets your business goals and expectations, can be converted into your fully-fledged real estate application.
Development Approach
Finally, you must focus on the development approach when developing your real estate transaction management software. Usually, a professional company always follows the Agile development methodology to help you get constant updates on your project after each development stage.
Your project is divided into various sprints, and each of them is released after your confirmation. You can implement new changes without affecting the previous sprint. That way, your development time is not extended, and the testing time is reduced.
Hence, ask your development partner whether they follow the Agile development methodology for creating your software product. Choose the one that does it!
Step 4 Testing and Deployment
The final step of transaction management software development is testing and deployment. Once your custom real estate solution is ready, you need to test it to ensure that it offers a glitch-free experience to your end users.
Many bugs are left unidentified during the development process. However, with testing services, you can locate those bugs and resolve them to enhance the security and performance of your solution.
Hence, always choose a development partner that offers testing as an integrated real estate software development service. Lastly, you need to deploy your custom transaction management software to your choice of platform. You can even consider the cloud as your deployment platform for added benefits.
Read More: How Can Enterprises Enhance Software Development by Test Automation Services
How Much Does It Cost to Develop Transaction Management Software for Real Estate?
Now that you know the excellent benefits of developing real estate transaction management software, you may be thinking about its development cost!
Well, developing a real estate transaction management system is no different than any other real estate software development! It involves many complex calculations, including the complexity of the features, the platform on which it is built, the development team’s pricing, and the timeline.
Besides that, the number of developers working on your project, the tech stack chosen by you, the place from which your selected company is located, and even your testing method affects your real estate software development cost. Hence, connecting with your development partner and discussing your requirements is always advisable over a consultation call.
Every reputed company offers expert consulting to help clients explore their project’s timelines, resources, and cost estimates. Hence, you should always partner with such real estate software development company that does so.
That’s Where Matellio Comes In!
At Matellio, we understand your unique business requirements and offer custom enterprise software development services that build comprehensive and efficient transaction management software. Whether you need market and competitor analysis assistance or a free 30-minute consulting, we offer everything per your business needs.
We can help you choose the right technology stack for your software, ensuring compatibility with your existing IT infrastructure and business processes.
Furthermore, as real estate transactions involve sensitive and confidential information, and so the security of the software is paramount. We can ensure the software is secure and protected against cyber threats.
You get a wide range of services under one roof, including (but not limited to) DevOps consulting, AI development services, IoT development services, cloud integration services, enterprise software development, software testing and migration, security testing services, etc.
Additionally, we also offer flexible engagement models and needs-based scaling services so that you can easily access the top talent for your project according to your needs.
So, why wait until tomorrow when you can start today? Click the link below to get started today!
Final Takeaway!
Creating custom real estate transaction management software can help streamline your business processes and enhance customer experience. However, developing real estate transaction management software requires a thorough understanding of the real estate industry and the needs of real estate professionals.
The software should provide features such as document management, task management, communication tools, and customizable workflows to streamline the transaction process. It is also important to prioritize security measures to protect sensitive client information.
Matellio’s outstanding software development services can help you achieve this goal. Get in touch with us today and see how we can help take your business to the next level.
