Statistics reveal consumers are ready, willing and able to use their computers to obtain information via the Internet when looking to buy or sell a home. They are searching the internet for homes for sale, seeking neighborhood and school information, obtaining mortgage and pre-qualification information, researching sale prices and even applying for a mortgage online. With so much information available on the internet, and more and more websites to find it on, many buyers and sellers desire to be more involved in their real estate purchase or sale transaction.

In addition to using the computer at work and at home, they are now using their cell phone (PDA) as a communication tool on the go, taking advantage of internet access, email and text messaging while they are away from a computer. Consumers have online access to their bank accounts and stock portfolios, and enjoy managing their finances on the Internet whenever they want, and wherever they are.

The real estate business is a service oriented business. Buyers and sellers expect communication and service when buying or selling a home. Why not get to the next level in real estate and offer more service by providing online access to buyers and sellers in their real estate transaction?

If the purchase or sale of real estate is considered one of the most emotional and largest financial decisions many people make, why is it that so few real estate agents take advantage of internet technology where buyers and sellers can be more involved with, and actively participate in, their real estate transaction online.

Online Transaction Management in the real estate business is not new. I started researching online transaction platforms as early as 2002 as I made a commitment to adopt Online Transaction Management early in 2003 in order to better position myself for the future, as a way to differentiate myself in the real estate market and to provide better service to those buyers and sellers eager to take advantage of technology and be more involved in their real estate purchase or sale transaction.

I selected SettlementRoom, one of the first internet based online transaction platforms which was both cost efficient and very easy to use. I closed my first transaction in August, 2003, where the buyer, seller and buyer’s attorney were active participants in the real estate transaction online. This is what each had to say about their experience in 2003:

• Buyer: "That SettlementRoom Website you're using was a great help. It allowed us to keep track of the transaction day by day, in spite of living in different States, without a lot of phone calls for stupid questions. It made things so much easier, especially for first time buyers like us. Finding out what was taken care of, what was still left to do and when we had to do it by, was a simple mouse click away. It made things so much easier! Thank you again."

• Seller: "We enjoyed using the SettlementRoom website during the process of selling our home. It was simply the best, and quickest way to keep all parties informed. It truly made the selling of a home less stressful and easier to deal with."

• Buyer’s attorney: "My experiences with the SettlementRoom have been very positive from the first transaction … the ability to ascertain whether deposits are in, mortgage commitments have been received, etc. ... with one click of the mouse it was very easy for me to keep current … it has worked particularly well where one client resides in a California, and due to the time difference, was able to check the SettlementRoom at his convenience, view documents and correspondence online without playing telephone tag or the need to use the fax or mail, and post a reply message for my review."

Fast forward to 2008 and consider the impact the Internet now has on the consumer, and the real estate professional. Whether it searching for information or marketing properties, the internet and Google is now where the search begins! If the consumer can find properties for sale, then set appointments to see those properties, why is that their real estate purchase or sale transaction details are not available to them online as well?

Think about all the documents that come across our desks, and the desks of all the other participants in a real estate transaction, which must be delivered via postal mail, fax, email and sometimes even hand delivered; such as the contract of sale, attorney review correspondence, various inspection reports and certifications, mortgage related documents, inspection repair issue correspondence, invoices, etc. These documents must be continually available for access and review.

Consider the follow up calls and information discussed which needs to be recorded and saved. Transaction folders are used to manage documents while at the office, but what about the times when information is needed, and we are not in the office? What about the buyer and seller, how organized are they in keeping their information and documents in one place and having that information available when they need it? Managing a real estate transaction online provides the buyer or seller with one access point to receive, send, view, save and print documents, as well as one place to go to where all the information for their real estate transaction is available.

Real Estate Transaction Management technology is readily available which provides buyers, sellers, attorneys and other professionals the ability to actively participate in the real estate transaction whenever they want, in real time, and at any computer with internet access. Commonly referred to as Online Transaction Management, these internet based platforms offer a secure, password protected web site where participants are provided a username and password. Being internet based, there is no software to purchase and install, no updates to purchase, no data to backup and no annual tech support fees.

Transactions are easy to create. Just log on to start a new transaction, and begin the process of filling in the transaction details; create or select an activity plan; invite participants; upload and post documents; create additional tasks, set timelines and reminders; post messages and add web site links. An e-mail is automatically sent to invited participants, which provides a user name and password. The logged on user controls access to each document, task or message they create, whether it is available and viewable by all, certain participants or simply a personal note or reminder to be kept private.

A real estate listing or sales transaction progresses in steps, and in time frames. There are benefits to this alternative method of providing real estate services. Just take a look at a listing or sales transaction, and decide if it makes sense. Ask yourself what types of information would benefit the client if it were online and available for immediate access, whether the client is at home, at work or away on business. Think about what you do now, and consider these alternatives.

Consider the benefit to the buyer or seller in having a summary page of their real estate transaction details, open tasks, completed tasks, messages and all documents in one place, with easy access at their convenience. A signed contract of sale is posted, providing immediate access for viewing and printing.

Want delivery and acceptance confirmation; ask for a confirmation reply for receipt and acceptance. Posting of attorney review letters and all correspondence enables the buyer or seller to receive, read, print and reply, more timely. Would it be time efficient to post the home inspection report, termite inspection reports and other inspection reports, for immediate review and action? Is there value in providing your clients with easy access to documents online?

When listing and marketing a home for sale, would it be beneficial having the listing agreement, and all other required forms, available online? Would it be useful to post the MLS printout, home feature flyer and various ad copies for the seller's review, and or printing? How about providing the links to the various internet web sites where the property is being marketed and showcased (company web site, personal web site, virtual tour, MLS web site, realtor.com, etc)? Would a seller take a moment to go to these web sites to look at how their property is being marketed if all the links were at their transaction web site to just click on? What about showing comments/feedback, all in on place?

I have subscribed to and used a few different companies which provide internet based Online Transaction Management, such as SettlementRoom, Relay Transaction Management and SureClose. And there are many others to choose from. While each is slightly different, all have been easy to use and do not require a large financial investment. Some charge an annual subscription fee per agent while others are per transaction fee based.

Another benefit is the ability to obtain all information on a CD after the transaction closes, and copy it to a computer for easy access after the transaction closes. This eliminates the need to go the storage room, basement or across town to the main office to obtain the folder when a client calls a year after the closing and needs information because they misplaced (threw away) their paperwork. The more information placed online, the more there is available to save after the closing.

Online transaction management is not much different than what is already being placed in a sale transaction folder or typed into a contact management software program. The difference is in the services online transaction management allows you to offer your clients. Think about the potential of Online Transaction Management. Try it. You might like it, and provide more services to your buyers and sellers.