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Document Management for Financial Services

Real Estate Agencies Face Unique Challenges with Data Security, File Organization and Data Management

Finding the right records management service provider for the real estate industry doesn't have to be so complicated.

September 16, 2019

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Real estate agencies face unique challenges when it comes to securing, managing and accessing data. Realtors deal with a wide variety of people on a day-to-day basis, handle information from many different sources and regularly have information that is private and sensitive.

When it comes to finding a document management solution that protects agencies against liability, keeps them within compliance guidelines and assists in running an efficient real estate operation, it can be a difficult task finding document management software up to the task.

The sheer volume of data, the variety of data sources and topics as well as the independent nature of the industry structure, make this a very difficult job if an agency does not collaborate with the right service provider. Before you even begin discussing key points of document security and necessary features, like integration with Microsoft Office and QuickBooks, consider the variety and volume of data realtors have come through their office.

Document Security and Types of Data Realtors Handle:

  • Clientele from a wide variety of locations
  • Different clientele price points and property types
  • Sensitive personal information
  • Private financial information
  • Property information
  • Loan information
  • In-house records that track client services
  • Compliance and licensing information
  • Marketing information
  • Maps, area data, and support information
  • Rental information
  • Tenant information

And the list goes on.

Choosing the Right Service Provider

Aside from determining if the features of a document management software product will do what an agency needs, the first goal of an agency looking to solve their data management issues should be to ensure they are working with a service provider that understands the demands of the real estate industry.

Despite the claims, document management software does not come out of the box, ready to solve every problem on autopilot. Document management solutions should be tailored specifically to your real estate firm. Every office has its own set of dynamics involved in daily operations and all of those need to blend together with the design and custom settings of the data solution.

Independent Agents, Independent Industry

In addition to the challenge of accounting for the massive volume and variety of data, it is important to understand the independent nature of the real estate industry. Most agents are independent contractors and most agencies themselves are independent even if they carry a franchise name.

What this means in relation to organizing, securing and storing data properly is everyone in real estate prefers to do their own thing. This is completely fine, however, the only issue is document management software relies on a set structure of coding in order to store and access documents. There is flexibility here, but once again, the service provider's ability to understand the situation and make the proper adjustments is critical.