How Mortgage Software Can Make Transactions Easier – RISMedia |

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Propertybase levels the playing field in a competitive market

With a mission to break down barriers between real estate and mortgages, Real estate database– a global real estate and mortgage software company – is working to bridge the gap between the various players involved in a real estate transaction in order to provide all stakeholders, but especially consumers, a more sustainable experience.

At the helm is Chief Product Officer Tim Fessenden, who has been in the software business for the past 25 years.

Opening lines of communication
“From a technological point of view, real estate has always lagged behind,” says Fessenden. “But especially over the past year, we’ve seen how important technology is in this area – and how it will become even more important in the future.”

To this end, Fessenden and his team are focused on bringing together what historically has typically been disparate efforts and operations in a real estate transaction.

The work towards this goal begins by codifying the relationships within the transaction.

“This does not mean that real estate professionals, mortgages and other parties to the transaction are not talking to each other,” says Fessenden. “But their conversations take place outside the systems, and they don’t use software to do it.”

Building these relationships and finding ways for the participants in the transaction to connect to the Propertybase network of nearly 300,000 end-users across a variety of products lays the foundation for sharing opportunities that arise on both sides of the equation.

“We see that this applies to all individuals, from mortgages and insurance to all, without exception, additional services that arise in the future,” says Fessenden.

But how will the real estate professionals and brokerage firms they work for benefit from Propertybase’s drive to blur the lines between real estate and mortgages?

“Basically, it will provide more options and quality opportunities, which is, after all, exactly what real estate professionals are looking for,” says Fessenden.

Stand out from the competition
To level the playing field even further, Fessenden goes on to explain that Propertybase’s solution will give independent brokerages – or franchisees who don’t get the support they need – the opportunity to compete.

“We believe that the portfolio we bring to the market today and what we will continue to offer it will level the playing field,” says Fessenden.

In fact, since entering the mortgage market just six months ago (at time of publication) with the acquisition of Unify, there is huge demand from key players in the mortgage vertical who need help rebuilding their portfolio in order to gain a broader presence in their markets.

“We are constantly asked how we can help expand our product line to compete with the well-known Zillows global brands,” says Fessenden, who continues that the main takeaway is centered around the fact that they enable independent employees to provide the same level of service as the bigger guys.

This, in turn, will simplify the entire purchase journey.

“As technology advances, buyers and sellers will continue to view real estate professionals as their advocates,” Fessenden says. “A real estate professional who can provide this assistance throughout the life of the transaction will demonstrate their added value and stay with the client for a long time.”

Providing solutions for everyone involved in a real estate transaction so that they in turn can be offered to the consumer is the ultimate goal.

“For example, we provide process capabilities that enable key transaction participants to collaborate through a virtual roundtable. [available with Propertybase Back Office] so that we can freely ask each other questions and keep the client’s documentation clean and clear, ”says Fessenden.

“Consumers love this piece of the puzzle because we keep all of their records for seven years, which makes it easy for them to go back to where they want to go after completing a transaction.”

A look into the future
While real estate is still a relationship-based business, Fessenden notes that Propertybase remains committed to both technology and partnerships to help grow the business as the future evolves.

“First of all, we are a software company that not only provides software but also provides value-added services,” says Fessenden. “And we see ourselves as always having software as our primary customer in terms of the value we provide.”

As we move into the future, it looks brighter for the company than ever as its foray into mortgages continues to change the rules of the game.

With the resources and capabilities to carry out end-to-end real estate transactions, Fessenden explains that he and his team will focus their efforts on two specific areas in the coming weeks and months.

“We continue to view insurance as our next area of ​​investment, but at the same time, we are also focusing on implementing the consumer clearinghouse that we have built throughout the real estate lifecycle in a more meaningful way,” Fessenden concludes.

For more information please visit
www.propertybase.com

Paige Tapping is the editor-in-chief of RISMedia. Send her your real estate news ideas to paige@rismedia.com



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