Part of the Sendside team spent most of the day down at Greenfolders HQ discussing how Greenfolders and Sendside provide absolutely jawdropping capabilities around what the real estate title and escrow community call Transaction Managment.
Greenfolders has this video overview that details how their system works.
In effect, Greenfolders provides a robust back end or internal system to manage content that's directly related to a transaction, especially those that are paper intensive like real estate title transactions or treasury managment. Greenfolders handles all of the content that used to be printed (and for a title transaction that can be 300 pages) electronically, but with exactly the same work flow that title companies currently use. The benefit to any title company is that they can manage everything electronically which makes every transaction and employee more efficient.
In the real estate title industry the main players also operatate some secured websites that they describe as 'transaction portals' or 'transaction managment' and are designed to allow authorized parties to the transaction (buyer, seller, agents, lenders, etc.) to access information and documents online. All of these systems are propriatary and closed of course.
This works poorly for a single transaction and even less well for a real estate agent, title officer or lender who has multiple transactions to manage or deal with. It forces them to have multiple accounts so they can access all of these systems, and there's no residual benefit at all. This may explain while adoption is abysmal. It's like building a telephone that only dials one number and only works for 30 days.
Since this is a space in which Greenfolders has real domain expertise, they're intimately familiar with all of the shortcomings of the current system and how little these transaction management portals benefit anyone who works in title managment or needs access to multiple title transactions.
So, you can imagine Greenfolders excitement when they discovered Sendside a few months ago and realized that we had this entire 'external communication' platform that Greenfolders could tie into to communicate with all of the transactions parties outside of any company firewall securely and easily.
The Greenfolders/Sendside combo is absolutely awe-inspiring for those who understand the needs that paper-intensive, transaction focused organizations have to work efficiently inside the organization, and communicate externally at the same time.
Sendside eliminates all of these propriatary 'transaction portals' and replaces it with an easy-to-use communication platform that aggregates all of this information in one place. Now, a real estate agent who used to have to log in to 15 different sites, can manage all of this information in one inbox. The same goes for lenders, buyers, sellers, home inspectors, lawyers, and whoever else needs access to the information. And, it's always available to everyone who needs it. It's simply a much better way.
Transaction management is in for a re-do.
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