In fact, there is a wide variety of models for these transaction platforms, each with different parties footing the bill, different ways of accessing the system, different features and accessories, and even differing definitions of an e-transaction. While none of the nine executive officers was yet sure what they wanted to offer their members, Unser says, they all agreed that e-transactions will become common practice within five to eight years. In theory, the process of buying or selling a home will become more streamlined and efficient. According to estimates, more than 25 companies currently offer or are developing platforms that will track the online transaction process. The questions of how to get these parties to cooperate, who will fund the system, and who will run it are central to the different types of e-transaction solutions offered by software companies across the country.
Some vendors market their products to associations and MLSs, while some go directly to brokers.
Some sell transaction management software, while others charge a subscription fee to access an online transaction platform. Some have title companies or advertisers pay to sponsor the platform, while others charge a per transaction fee to the broker. Who chooses the vendor is another gray area in the industry. According to Yanoviak, many of the more popular e-transaction companies market directly to brokerages, rather than MLSs or associations, because these vendors come from a contact management software background. These vendors see e-transaction management as a way for brokers to standardize their internal business process and create a competitive edge in their marketplace.