This is the latest in a series of 'Buyer's Guides' that feature questions to ask and options to consider before making a new purchase. See our previous guides to purchasing a CMA and CRM.

What are document management and transaction management?

Document management and transaction management represent two distinctly different product categories. However, some companies have chosen to offer solutions that combine the two categories into a single solution. Thus, we are discussing them together here. Borrowing from our previous article on this very subject, here's a quick review of these product categories.

• Document management technology is intended to help real estate professionals manage documents with functions that support: digitally storing documents, sharing documents with other interested parties, organizing documents, tracking the status of documents, and (in some instances) electronically signing documents.
• Transaction management products are intended to help real estate professionals manage a transaction through functions such as: contact management, a calendar tool, some degree of document management, and a wide variety of other features. It provides a collaborative space for working with all the parties to a transaction through tasks (for instance ordering home inspection, coordinating mortgage, etc.).

Forms management is also often a component of products that fall into this category.