Between the Texas Real Estate Commission, also known as TREC, and the TEXAS ASSOCIATION OF REALTORS, also known as TAR, there are dozens of potential contracts, disclosure forms, addendums, and informational advisories. Even the most seasoned real estate agent could easily get confused about which forms to use and when. To provide the best service for their clients and to ensure they are compliant with state laws and regulations, agents should consider using a smart transaction management system (like Offer To Close).
A transaction management system, like Offer To Close, not only helps with broker compliance by allowing agents, transaction coordinators, and consumers to upload and retain documents but will also help to determine which contracts, documents, advisories, and disclosures are required based on the characteristics of a transaction. Having a list of required documents and a list of optional or potentially required documents takes most of the guesswork out of the very complicated home buying and sales processes.
A smart transaction management system will also create a timeline of important dates and deadlines so that nothing gets missed. This helps sellers stay on top of when the contingencies are due to be removed so they can make sure to request buyers successfully remove important inspection, loan, and appraisal contingencies. Being on top of key dates and deadlines ensures that a transaction runs smoothly and that finalizing the sale occurs as soon as conditions will permit.
Lastly, a smart transaction management solution will create, and enable users to add their own, tasks or to-do lists. Like a timeline, a list of to-do’s makes it easy to stay on top of the seemingly endless list of things that need to be done when buying or selling a home.
In the Real Estate in a Digital Age (2018 Report), the National Association of REALTORS’ Research Group asked home buyers what the most difficult steps in the home buying process were. The survey found that aside from finding the right home, understanding all of the paperwork and understand the process were the 2nd and 3rd most difficult steps of the home buying process. Both felt to be more difficult that getting a mortgage or saving for a down payment. Similarly, in a recent survey of homeowners performed by Home By Home and Offer To Close, 281 home owners were asked a series of questions to identify what the most valuable thing their real estate agent helped them with during the transaction. Over 60% of respondents said that managing the contracts, paperwork, and process was the most valuable contribution.
If you are buying or selling real estate in Texas as either an agent or a consumer you should make sure you include as part of that a transaction management solution. Both NAR and Offer To Close have shown that doing so will make a better experience for your buyers and will make them value even more the contribution you as an agent have made to their home buying experience.