How to choose the right Real Estate Closing Software?
Good real estate closing software can be incredibly valuable for a real estate attorney. Closing profitably is all about closing at scale, and maximizing the volume of closings you can process. Real estate closing software can make this possible, without consigning you to more hours in the office.
Here are three tips to help you select the right real estate closing software for your needs:
1. Consider the features you need
Are you looking to produce TRID compliant closing disclosure and HUD forms? Do you need to perform title searches or want to automatically file your 1099-S at the closing? For many real estate attorneys, these are essential aspects of their day to day work life. However, these tasks are often riddled with human errors.
Eliminating human error is one of the major advantages of using good real estate closing software. Correctly calculating the notoriously complex calculations required of real estate closings is a challenge for even the most mathematically astute, detail-oriented real estate attorney. Completing these calculations correctly through a high volume of transactions is incredibly demanding, and much better achieved by machine automation.
Prepare a clear checklist of what features you need from your real estate closing software, and cross-reference any software you are assessing against this list. This ensures you select software that specifically fits your needs, while not paying for features you don’t need.
2. Do you want to work from home or remotely?
Being freed to work remotely can allow you to spend more time marketing yourself and your services, building the referral relationships you need to ensure steady business flows in every day.
Working from home can mean you better balance your work/life commitments, so you make the most of your most productive and efficient time on your terms.
To make this possible, real estate closing software must be cloud-based and accessible from multiple devices. Not all software does this or does it well. Ask for a demonstration to test how the real estate closing software works off site on your smartphone, tablet or laptop. Is it user-friendly and easy to navigate without further technical training? This means your staff will be able to easily use the software without further training or investment.
3. What can you afford?
Clearly calculate your costs of doing business. This can involve your current staff and office overheads, and any marketing costs you may have. Divide this by your average number of closings per month, and you should have an idea of your breakeven point.
Keep in mind that good real estate closing software should have a positive impact on these costs, particularly one of your highest costs - staff wages.
With this in mind, check how the software is priced. Is the pricing structure transparent, or does it lure you in via multi-level ‘drip’ pricing, with additional fees that kick in after your initial subscription? This may range to IT server costs or other maintenance costs for software that is not based in the cloud.
Easysoft Legal Software is a simple solution designed to provide transparency in terms of pricing. Developed in close consultation with real estate attorneys, Easysoft Legal Software can manage all the complex calculations and real estate documentation needed to make closing easier, faster and more profitable.