Being a real estate agent comes with many detailed tasks that have to be completed on time. Not doing so can affect other deadlines and will likely put the transaction’s closing at risk.
It can be helpful to have assistance managing all the moving pieces. Unfortunately, not everyone has the budget to bring on full or part-time support to help with these endeavors.
Thankfully, there are now real estate transaction management tools available to help real estate professionals stay organized and on top of all the necessary paperwork between the offer phase and closing. Two of these are ListedKit and Transactly.
How do you know if either is a good fit for you and your workflow? This guide outlines the many features that come with each program to help you decide.
At a Glance: ListedKit vs. Transactly
There are various features that both platforms have in common, and also a few that are specific to each solution. Here’s a table that outlines a couple of the top service functions of each.
|Third Party Transaction Coordinator Support||No||Yes|
|Price||Less than $30/month||Less than $100/year|
Similarities Between ListedKit and Transactly
When researching a transaction management tool for your real estate business, you may start to notice a few underlying similarities. Both ListedKit and Transactly share a few features, including:
- Free version or trial
- Live support available with specific plans
- DIY management platform
- Customizable templates
How They Are Different
- Third party transaction coordinator assistance
- Payment plans
- Text notifications regarding changes
- Client portal
- Task automation
Transaction Coordinator Assistance
As stated before, hiring full or part-time support to help you streamline administrative operations isn’t feasible for everyone. However, there are options available to retain the assistance of a transaction coordinator when your workload is large and time is limited.
When you pay annually for Transactly’s premium version, you can add on the service of a third party transaction coordinator. This option is also available with the free plan, but the rates for adding on an outsourced transaction coordinator are discounted with a premium subscription.
ListedKit, however, was designed to help busy real estate agents manage their own transactions more easily without needing a transaction coordinator. Its features allow agents to spend less time on administrative tasks and more time helping their clients close deals.
Subscription plans can impact an agent or brokerage’s decision when it comes to choosing the right software and tools. For some, a small monthly fee is more feasible, whereas others prefer a one and done annual payment.
Many appreciate that both ListedKit and Transactly have a free option for their services. With ListedKit, you can use the platform for free until your first financial transaction. You can add all of your client information, preferred vendors, custom templates, and other details before ever having to enter a payment method.
Once your first transaction goes under contract, you will be prompted to enter credit card information to begin a 14-day free trial. When the trial concludes, the monthly subscription gives you unlimited transactions and clients with additional fees.
With Transactly, you can use the free version for all features and transactions. However, you are limited to just one transaction. Therefore, you will need to upgrade to the paid option to manage additional transactions. Transactly’s payment model is an annual fee that renews each year until canceled.
Text Notifications Regarding Changes
Buying and selling a home can sometimes feel like a game of “hurry up and wait.” Because of this, you’ll want to be as up-to-date as possible. When something comes up that requires your attention, you’ll want to know immediately, so that you can keep things moving forward.
While ListedKit does not offer a text notification service through their management platform, you will find the option available through Transactly. However, ListedKit does include automated email reminders that directs agents and clients back to their respective portals to follow up on or complete tasks.
For those who don’t want to rely on emails, text notifications may be a desired feature.
You will notice that with both ListedKit and Transactly, there are options for connecting externally with clients and outside contractors. The difference lies in the dedicated portals available through each.
ListedKit offers a portal that is specifically designated for clients. This area allows clients to view all of their upcoming tasks and transaction requirements for moving forward in the sale or purchase of their home.
Transactly does not have a dedicated client portal. However, they offer agents opportunities to assign tasks and connect with sellers and buyers. These customized links will lead customers back to the principal agent portal but in a limited capacity.
Many prefer the ease of use of a dedicated portal for buyers and sellers. Instead of receiving an onslaught of notifications regarding tasks that need to be fulfilled, customers can log into one site at their leisure to fulfill any obligations that are waiting for them.
In addition to the streamlined benefit described above, there’s the added perk of being able to reference materials as needed.
Often a form or signature page can get lost in the process, causing delays and creating extra work to get sorted out. Having all of the completed materials stored in a central location accessible through the client portal allows them to review what has been done and relay that information back to those requesting it.
One of the most time-saving perks of a real estate transaction management platform is automating tasks.
For each sale or purchase there’s a stack of materials that needs to be distributed and completed immediately. Historically, this process has happened in person. In previous years, the agent would call a client into their office to walk through the documents and complete the required forms in person with step-by-step instructions.
Due to the time-consuming nature of this approach, many agents later went the route of digitizing this process.
This stage is where task automation becomes highly beneficial. With ListedKit, your customized transaction templates include automations that will immediately send the required information and instructions to clients on your behalf.
Once you and your client have agreed to work with one another, you can add their information into ListedKit and apply a previously customized template to automatically outline their transaction and begin the automations.
This “hands-off” method can save a lot of time that would be otherwise spent on organization and consultation and free up time for acquiring new clients and business.
Things to Consider
When you’re thinking about implementing a transaction management application or software, there are a few pertinent things to consider before you choose one.
- Budget – It’s vital to review the cost obligations of a new management service as well as what hidden fees there might be. You want to avoid having extra charges come about when trying to complete a sale.
- Ease of Use – Some applications are easier to manage than others. It’s best to review the design and functionality of the app before committing to its use.
- Priority Features – When starting your search for a new management tool, take the time to identify what’s most important to you and your business. While some features may be optimal for some, they aren’t as important for others.
- Amount of Users – Although you may be looking to implement a management application because you don’t currently have the budget for support staff, this could easily change in the future. Especially with the gift of extra time that apps of this type give you! Therefore, if you think you may have other staff members utilize the application in the future, or you want to share it with other agents in your organization, you need to look into how many users each membership allows.
- Customization – Both ListedKit and Transactly allow customization of the templates they provide. Therefore, you can tweak things like client thank-you letters to reflect your individual personality. However, not all applications allow this functionality to take place. It is essential to check for this option ahead of time.
- Setup Time – For things like process automation, there will be a period of time that needs to be dedicated for setup. Without this, the application won’t know what specificities to include or have any custom language included. Depending on which real estate transaction management application you choose, this could take a few minutes or a few hours to prepare.
In the end, agents should take the time to decide what’s most important to them and what would take the most off of their plate. The ultimate goal is to help agents succeed, so finding the appropriate features is critical. Once these are determined, selecting an application to perform those tasks will be easy.
With the explosion of mobile applications in recent years, many products are coming to market and are sophisticated in the features and functionalities they offer.
In a demanding field like real estate, finding ways to reduce the amount of office time and increase productivity is highly sought after. With all the options available, proper research and hands-on testing will bring to light the best tools for your needs.
If you’re considering taking a leap to a new real estate transaction management application, don’t be afraid to test them out. You can try most platforms for free first to see which one fits your needs best.
Get started with a free trial of ListedKit and see the difference it can make on your average workday.