Real estate transactions often involve multiple stakeholders, such as attorneys, mortgage inspectors, and appraisers. When payments get delayed due to someone missing an approval deadline or a technical glitch, problems can arise.
If you're a broker or manage a team of real estate agents, you can prevent such incidents by opting for real estate transaction management software to make transactions more efficient and prevent any roadblocks in the payment process.
To help you make the right choice, we’ve compiled a list of the five top-rated real estate transaction software tools based on two parameters: user ratings and popularity score. Each parameter is weighed and scaled to a value between 1 and 50.
User ratings: This parameter considers the overall user ratings of each product based on reviews in the last 24 months. Users rate products on a scale of 1 (lowest) to 5 (highest).
Popularity: This parameter considers the average monthly search volume for a standardized set of keywords for each product, as derived by a proprietary search methodology, as well as the position of the vendor’s domain on the search engine results page (SERP) for each keyword. It’s a measure of user interest and relevance used as a proxy for popularity.
During our evaluation, we identified that the featured products are distributed across categories: transaction management solutions, digital closing solutions, brokerage platforms, all-in-one real estate suites, and auditing and reconciliation management solutions.
1. dotloop
User rating: 50/50
Popularity score: 50/50
dotloop is a real estate transaction management solution that helps oversee and track all business-related transactions for your real estate team. The software also helps maintain compliance by incorporating an automated document reviewing process in your team's workflow.
Additionally, the software offers purchasing transaction templates that include all the required payment forms, paperwork, and checklists your real estate agents need to process client payments. A document dashboard makes reviewing and approving deal-related documents easy to finalize transactions for new deals.
Product features of interestLive dashboards: Create dashboards to visualize your agents' pipeline, data on specific transactions, multi-office management, real estate agent performance, and deals that fell through.
Report exporting: Export your transaction data in CSV or XLSX format and understand the geographic location of your business inventory, property types, and deals per agent.
Customized notification center: Trigger notifications to specific team members for document compliance and approvals. When the document review is finished, the selected people get notified by email and push notifications on the dotloop mobile app.
Customer support options: Message, email, and help desk
Who should consider dotloop?
Suppose you monitor multiple properties on various multiple listing services (MLSs) and track transactions for them in batches. In that case, you can use dotloop, which offers integrations with 190+ MLS platforms to help your brokerage team quickly access required forms and autofill property details. Additionally, dotloop's mobile app makes it easy to sign e-documents, scan required forms, and submit approval documents for review remotely.
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
/ Pro tip
Assess whether your shortlisted real estate transaction management software can provide automated notifications and reminders for important dates and deadlines centered around transactions. Also, evaluate whether the transaction management system can auto-populate contracts you create with transaction management data in your system.
2. Qualia
User rating: 50/50
Popularity score: 44/50
You can also schedule video chats with teammates and facilitate an online closing review process.
Qualia also sends in-app notifications to clients and other stakeholders in your team once a deal goes through or when the final purchase transaction occurs.
Product features of interestE-signing: Lets you share digital documents with buyers and sellers before closing so they can review and electronically sign on time.
Video collaboration: Helps set up video calling among teammates and clients to facilitate deal progression and finalize real estate closing in real time.
Audit-readiness dashboard: Provides a dashboard for an overview of all closing requirements, such as missing documents or discrepancies in fund disbursements, uncleared coverage amounts, and non-zero orders for your bank account in real time.
Customer support options: Message, email, and help desk
Who should consider Qualia?
Real estate professionals who wish to digitally monitor their closing process and get real-time updates during the final closing process can benefit from Qualia. The software also provides video meetings between buyers and sellers to speed up the closing and lets you immediately notify stakeholders in case of any changes in the process.
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
3. RynohLive
User rating: 50/50
Popularity score: 21/50
In addition to such monitoring, the software performs daily bank reconciliation to match real estate transaction data with your bank account activity. It detects anomalies, such as missed wire transfers or fraudulent checks that don't get cleared.
Product features of interestEscheatment: Allows users to communicate outstanding funds by generating a due diligence letter that meets state requirements to notify owners of their unclaimed funds during auditing and avoid non-payment penalties.
Automated payment allocation: Provides automated group deposit matching to process, match, and allocate payments made by multiple individuals for a shared property. This ensures that each individual's contribution is accurately identified and credited to their respective portion of the shared expenses.
Automated bank reconciliation: Provides automated daily bank reconciliation by integrating with your accounting software and sends customizable account alerts when transactions get processed.
Customer support options: Message, email, and help desk
Who should consider RynohLive?
RynohLive's fraud detection capabilities and transaction verification processes make it an ideal tool for brokers who witness multiple fraudulent activities in their business line and wish to prevent such instances from hindering their work. Additionally, if you have numerous wire transfers happening throughout the year, the software helps track and reconcile accounts associated with such wires to maintain compliance.
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
/ Pro tip
Consider the scalability and flexibility of the software to ensure it can adapt and grow with your business needs. Choose software that can handle the increasing volume of transactions, diverse property types, and evolving regulatory requirements.
4. Top Producer
User rating: 36/50
Popularity score: 35/50
Top Producer is a real-estate management suite with capabilities such as lead management, property tracking and management, and transaction monitoring and management.
The software helps you create transaction templates and timelines to show you essential document review dates and task deadlines for ongoing deals. Moreover, an in-depth commission tracking feature shows total commission amounts and projections for every transaction deal based on specific date ranges.
Product features of interestMLS integration: Integrates with third-party MLSs and generates insights about specific properties related to the number of views, inquiries, and current offers. You can then auto-create a list of such properties without manually entering their details through the MLS integration.
Social insights: Browse third-party websites and social media platforms to collect and generate buyer contact details, such as photos, location, job, interests, etc. This feature can provide a more personalized service during follow-up calls with potential clients.
Market-snapshot reports: Creates detailed reports on for-sale properties and adds real-time data on new listings, price changes, and neighborhood trends. You can use this data to keep homebuyers and sellers informed on the latest market trends in a specific geography.
Customer support options: Message, email, and help desk
Who should consider Top Producer?
If the geographies your business serves face a lot of volatility in price, property listings, credit terms, and loan demands, which can affect purchase transactions, you can take advantage of Top Producer and its real-time tracking and reporting of market trends. Such a tool can help you stay informed of such changes and revise payment terms for listed properties accordingly.
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
5. TotalBrokerage
User rating: 45/50
Popularity score: 39/50
As the name suggests, TotalBrokerage is a brokerage platform that also provides real estate transaction management functionality along with agent commission management, lead management, and CRM. The software also helps with agent onboarding and auditing.
You can use a built-in forms library to create, edit, and store all necessary forms and documents for an ongoing property transaction. You can also capture e-signatures by sending requests via email or SMS. All transactional information flows into a reporting tab in the software where brokers and owners can have top-level views of all transactions.
Product features of interestCustom forms library: Helps create customizable forms and documents to store essential property- and transaction-related information.
Smart form technology: Offers two-way synchronization between document and transaction data so that each time a document gets updated with new information, such as price changes, it also gets reflected in the transaction data.
Agent onboarding: Helps create a checklist of tasks for new agent onboarding and automates the process. You can also request custom information from agents by adding it to the checklist during onboarding.
Customer support options: Message, email, and help desk
Who should consider TotalBrokerage?
Suppose you're looking for a centralized solution to manage transactions, onboard new agents, and reach out to or verify new leads. In that case, TotalBrokerage can be an all-in-one solution. You can also set up individual 'permission levels' for team members to access sensitive transaction and property data.
To present the most up-to-date information, the product information below shows the latest real-time ratings, which may differ from the ratings values at the time this report's analysis was conducted, since new reviews may have been left in the meantime.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
How much does real estate transaction software cost?
Pricing for real estate transaction management software can be as low as $1.40 per month or increase to $109+ per month, depending on various factors—features, number of users, transaction volume, process automation, and more. Most real estate transaction management tools typically include these subscription plans:
Free trials: No-cost plans that range from 14 to 30 days and give users access to all or limited software features. These are ideal for businesses that wish to try out a tool before purchasing it.
Free versions: Free software plans offer access to a limited number of basic features, such as basic bookkeeping and transaction tracking. These are suitable for small businesses or individuals on a budget.
Entry-level plans: Start at $31.99 monthly and offer limited features. They suit small businesses or teams with slightly advanced transaction management requirements such as MLS feeds, audit trails, in-person signing, and customizable forms.
Mid-tier plans: Range from $32 to $90 per month and offer features such as unlimited transaction tracking, document editor, and document scanner. These are ideal for businesses that have outgrown basic real estate transaction management solutions but only require a part of the full functionality offered by enterprise-level tools.
High-end plans: Advanced real estate transaction management tools can cost more than $109 monthly and offer unlimited transaction tracking features, lead management, CRM, 24/7 customer support, agent social network, and automated commission tracking. These are ideal for cross-functional businesses with multiple teams and departments that need a customizable corporate real estate transaction management solution.
Hidden costs associated with real estate transaction management software
Besides the software license price, additional costs associated with real estate transaction management software include:
Integration fees: Some transaction management software may require integration with other tools or platforms you use, such as CRM systems, accounting software, or third-party document storage applications. Integration fees or additional costs for custom integration may arise.
Custom development: Additional fees may come with customizing the software to align with your specific workflow or business requirements. This includes setting up custom fields, forms, or automated workflows tailored to your needs.
Maintenance and updates: Ongoing charges for maintenance, updates, and technical assistance can rack up as additional expenses after you’ve already purchased the software.
Frequently asked questions when selecting real estate transaction management software
Does the tool offer workflow management capability?
To effectively manage workflows and individual tasks, an ideal solution should let you create team workflows to manage transactions across multiple properties. The software should help create, edit, assign, and track tasks such as listing properties on an MLS and creating transaction records. The software should also support future project planning by creating individual KPIs for teammates and distributing tasks accordingly.
What reporting and analytical features do you provide?
Brokers and real estate teams need reports around team performance and the ability to filter transactions by status, size, type, and assigned agents. Moreover, to track their online listings, real estate professionals must stay on top of the number of visitors, click-through rate, time spent on a listing, number of leads generated, and more. This data helps them access the most up-to-date information on any property.
What security features does the software have in place?
Security features such as encryption, user access controls, data backup and recovery, and authentication protect sensitive data for real estate businesses. The software should also ensure compliance with real estate industry standards and regulations, such as the General Data Protection Regulation (GDPR), consumer privacy laws, and The Fair Housing Act.