Settlementroom.com
Purpose: Time-saving software for real estate professionals

Settlementroom.com, owned and operated by Settlement Room, Inc., a privately held technology company, offers real estate professionals a system of establishing communication between all parties involved in a real estate transaction without the need for personal contact via phone, fax or E-mail. Lenders, title and escrow companies, builders and realtors can converge at one web site to post messages, pick up documents, adjust information and check the status of different aspects of the transaction. Time spent traveling to and from appointments is eliminated, as is the frustration of phone tag and excessive faxing.

Once a user has created an account with settlementroom.com, he can input all relevant information for transactions in progress, and create a transaction page or a “custom report.” This page can be accessed at any time, from any computer, and is secure from third parties. Each transaction listed on the page is translated into its own web site. The details of the property, closing dates, E-mail and messaging information, document delivery and sharing, task tracking, ordering, contact lists, financial calculators and other resources are included on each transaction’s home page.

All parties involved in the transaction can view this information, once they are invited by the account holder, at any time, from any computer, and make active changes or post and receive documents. The creation of this virtual conference room eliminates the need for phone calls and messages, faxes and also expands the business day from the traditional nine to five time slot.

Once a transaction closes and has officially been retired by the account holder, the details are archived onto a CD. Completed transactions are mailed in this form to account holders at the end of every month. Not only does this technique save the time of sifting through files and paper records, it is also a tremendous space saver. The archive CD’s are included in the price of a year-long membership term. The pricing is determined per transaction, $29.95, a one-time paid fee good until the transaction closes. There is no temporal limit, and this price includes the archive CD. We contacted the customer support hotline, and actually received a real, live person. The representative was cheerful, and offered a ten-minute virtual tour, and password information to access a demo.

Settlementroom.com is organized, easily nagivable and an excellent solution for professionals who find that the eight hour work day is not long enough, simply because productivity is limited by today’s methods of communication. More time for making money and less ten hour work days.

The company recently signed new sales distribution and software integration agreements with Arizona-based Forbes Company the developer of Sales Simplicity, a sales software package for homeowners; DTC Software, the Wisconsin-based developer of Docprep, processing software for the title industry; and focus Land and Legal Technologies, Inc., of Pennsylvania, the developer of The Closer, title documentation preparation software.