The real estate industry in the United States is worth billions of dollars. The influx of immigrants, especially near business centers, is a major reason for the growth of the residential real estate in the U.S. Studies show that there were about 120 million occupied housing units in the U.S. Interestingly, about 37% of these units were on rent, which means that the rented housing business in the U.S. plays a vital role in increasing housing demand. Real estate agencies and brokerage firms are increasingly trying to close real estate deals at a faster rate. On an average, it takes about 50 days for the closure of a housing deal in the U.S. The use of technology for transaction management can play a key role in faster deal closures. Digitized documents and e-signature features in real estate transaction management software helps in easier verification of contract, and enables the stakeholders to make faster edits if required, which in turn helps in reducing deal closure time. SkySlope, Inc., for instance, provides a real estate transaction management solution that helps in reducing the contract review time by around 50%. Client signatures can also be easily fetched through SkySlope Forms and DigiSign features. Therefore, the higher demand amongst real estate agents and brokers for faster transactions with increased transparency in the real estate industry is leading to the growth of the U.S. real estate transaction management software market.
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The coronavirus pandemic has severely impacted the business operations and the real estate agents are increasingly using e-documents which can be shared with ease. This helps in avoiding contact during real estate transactions, which in turn helps in curbing the spread of the COVID-19 virus. Hence, the COVID-19 pandemic is expected to make the U.S. real estate transaction management software market an attractive investment option in the coming years.
The detailed research study provides qualitative and quantitative analysis of the real estate transaction management software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions. The supply side analysis covers the major market players and their regional and U.S. presence and strategies. The geographical analysis done emphasizes on each of the major regions across the U.S.
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Key Findings of the Report: .
- In terms of revenue, the U.S. real estate transaction management software market was estimated to be worth US$ 2,616.7 Mn in 2019, and is expected to grow at a CAGR of 8.4% during the forecast years (2020-2028).
- Real estate transaction management software is mostly being used by large organizations, and they accounted for the highest share in the U.S. real estate transaction management software market in 2019, with a total market revenue of US$ 1,671.2. The higher awareness regarding the use of real estate transaction management software, coupled with the increasing use of technology in large enterprises for higher transparency is a major reason for this market share. However, small enterprises are expected to show the highest growth rate in the forecast years due to the affordable solutions provided by the market participants using cloud-based subscription offers in the real estate transaction management software market.
- Integrated real estate transaction management software that have inbuilt features such as accounting, compliance management, payment tracking, broker details, etc., are expected to show the highest growth during the forecast years in the U.S. real estate transaction management software market. This is due to the rising demand for a one-stop solution related to real estate transaction management amongst the end-users. Integrated solutions are easier to use, and are expected to provide higher return on investment to the end-users.
- The Northeast region accounted for 32.83% of the market share in 2019. The higher demand for real estate transaction management software amongst large real estate agencies and brokerage firms in states like New York is a major reason for greater market share.
- Some of the players operating in the U.S. real estate transaction management software market are Brokermint LLC, BrokerSumo, dotloop, Inc., EZ Coordinator, Form Simplicity, GryphTech Inc., Lead2Deed, Lone Wolf Technologies, Nekst LLC, Netty, Paperless Pipeline, Propertybase, Propy, Inc. , RamQuest Software, Inc., RealtyBackOffice.com, SkySlope, Inc., SOFTPRO , WebAPX, amongst others.
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U.S. Real Estate Transaction Management Software Market:
- By Offering
- Solutions
- Cloud
- On Premise
- Services
- Solutions
- By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- By End-Users
- Brokerage Firms
- Real Estate Agencies
- Others
- By Type
- Standalone
- Integrated
- By Region:
- Northeast
- Midwest
- West
- South
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