Do You Really Need HUD-1 Settlement Statement Software?
Technology allows us to do our jobs more quickly and easily but it’s also easy to end up buying software that ends up being a solution in search of a problem. You probably expect that we, as a software developer, are going say that you always need to use our products but in rare cases Easy HUD real estate title software isn’t the right answer for everyone.
Easy HUD puts a lot of tools at your fingertips. You can complete the HUD 1 statement much more quickly, and process closing on a fraction of the time of doing it by hand. Additional modules allow you to quickly file 1099-S forms electronically, prepare real estate ledgers or produce hundreds of real estate forms. Why would you not want to use such an effective tool?
Well, there is the cost. Easy HUD is a very affordable piece of software, but for small solo practices that still might be a lot of money. We offer a variety of license options, including a monthly fee rather than a single license purchase if you use the cloud version, but you still need to balance the money spent vs. your time saved.
You probably already have a system that you are used to. Easy HUD has an intuitive interface and is designed to be easy to use, but any HUD settlement statement software is going to have a bit of a learning curve. Filling out forms by hand is slower than doing it on the computer and more prone to errors, but sometimes a familiar method is faster than a “better” technology solution.
Or maybe rather than doing it by hand, you already use the computer. You fill out a PDF version of the HUD 1 and use spreadsheets or generic accounting software to handle the transactions. You have the benefit of using the computer to ensure calculations are correct without having to learn a new system.
In summary, there is a cost to using Easy HUD but it pays for itself in faster closings and more business. It may take you a little while to learn the software but in the long run you will save time by doing things more efficiently. At best a solo, part-time practice might not have enough sales to make it worth using Easy HUD but those practices are rare.
The vast majority of real estate firms will be better off with Easy HUD, but if you are in doubt contact us and let us help you decide if our real estate and legal practice management software is right for your business.