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.

Choosing the Right Tool

If you're in the market for a document or transaction management platform, there are questions you can ask to evaluate which option is right for you, like:

• What is offered by my broker, MLS or Association? Your broker may work with a Transaction Coordinator and you'll want to be using the same solution they're using – it will make things easier for you and for them. The more people that use the same solution, the more effective it can be.