Brokerage Transactions Set up

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Setting Up yourTransaction Manager

1. To set up your Transaction manager for your Brokerage, begin by visiting your ”Brokerage Manager” located in your “Brokerage Office Broker” menu

In the “Basic Settings” area, you can edit the following Transaction Related options:

Your Brokerage Manager
  • Brokerage Transaction fee - If applicable, select the check box provided.
  • Brokerage Default Transaction Fee - Amount of default fee, only valid if enabled.
  • Notifications for signatures on transaction documents will be sent to - Click and select all the Members of your brokerage that you would like to receive notifications for signatures on transaction documents.
  • Request Broker Approval Notifications will be sent to - Click and select all the members of your brokerage that you would like Request Broker Approval Notifications to be sent to.
  • Enable Request Broker Approval Button - Displays a Enable Request Broker Approval Button for Transactions
  • Completed Signature Notification will be sent to - Choose the member of your Brokerage that you wish to receive Completed Signature Notifications.

2. In the “Permission and notifications” area you can edit the following Transaction Related options:

  • Enable E-sign - Electronic signature feature that allows you to Digitally sign documents
  • Allow office assistants to E-Sign as Broker - Allows office assistants to E-Sign as Broker
  • Allow office managers to E-sign as Broker - Allows office Managers to E-Sign as Broker
  • Allow agents to close transactions - Allows agents to close their own transactions.
  • Allow office assistants to close transactions - Allows office assistants to close brokerage transactions
  • Allow office managers to close transactions - Allows office managers to close brokerage transactions
  • Email Broker each time a new document is uploaded in a transaction - Emails the Broker each time a new document is uploaded in a transaction.
  • Send system notification to broker each time a new document is uploaded in a transaction - System notifies broker each time a new document is uploaded in a transaction
  • Auto-generate Get Paid Directly from Closing Form - Automatically creates “ Get Paid Directly from Closing Form” when all items have been met for completion on a given transaction.
  • Request testimonial at closing - Select one of the following permission levels. Do not allow, Allow agents to request testimonial at closing, Allow office assistants to request testimonial at closing, and Allow office managers to request testimonial at closing

3. Brokerage Referral Fee Defaults - Here you can add the Brokerage “Source” and “Fee Percentage” that will automatically be included in all brokerage transactions.

4. Transaction Referral Fee Defaults - Here you can add the Third Party Source” and “Fee Percentage” that will automatically be included in all brokerage transactions.

5. Transaction Documents - Here you can upload and organize brokerage wide documents by the priority level. Priority levels control what Documents are essential for a Transactions completion such as “Required prior to closing”, “Required to generate the commission disbursement / paid from closing sheet”, and “Preferred”.

  • You can also View your Documents details such as Property Type, Transaction Type, Priority Type, If a Signature is needed, and if it Needs Approval.
  • You can manage each document by Downloading, Previewing, editing or deleting it.
  • To Add a document, select ‘Add Document”. Enter in the Documents Name, “Document is?” priority level, Property type, Transaction type, Signature Required option and approval required option. Select the file form the “Choose File” link . Once finished, select “Save Document” to upload the document.

Managing your Transactions

1. Select the "Transaction Manager" menu link presented in your Administration Menu or select the "Transactions" Icon in your dashboard and select "View transactions"

Your Transaction Manager

2. On the Transactions List page you can Search through your Transactions using the Search dropdown and entry boxes, sort your Transactions via the column titles, Edit your Transactions, Add Transactions, and backup your Transactions to your "Dropbox" account.

3. To View/Edit an existing Transaction:

Select any Transaction of your choice from your Transaction list page. On the "Edit Transaction" page you can edit your Transaction by:

  • Editing the Basic & Property Information
  • Updating sales and commission information including the Commission breakdown
  • Adding Documents via the Document Upload area after adding a name and choosing a file.
  • Uploading all Required and Preferred Documents in the Required and Preferred Documents area by selecting" Upload"
  • Adding all contacts associated with the transaction via the Contact Information area
  • Reviewing, replying and adding Notes to the Transaction Notes area.

4. To Manage your transaction:

Your current Transactions status appears in the Transaction Status Section of your Action Icons. Your Transaction management Options are subject to the Settings chosen in the Brokerage Manager by your Broker or Equivalent access level. You can change the status of your transaction by selecting from the following once all conditions of the Transaction Review Checklist have been met:

  • Close will mark the Transaction to be closed - Closed Transactions can only be reopened by a Manager or Broker level User.
  • Pending will mark the transaction as Pending.
  • Cancel will mark the transaction to be canceled.
  • Withdraw will mark the transaction to be withdrawn.
  • Expire will mark the transaction as expired.
  • Cancel will mark the transaction to be canceled.
  • Delete will mark the transaction for deletion - This icon only appears for Manager and Broker level Users

The "Quick Links" displayed underneath your action Icons allows you to select any of the following areas, and jump to that area in your transaction:

  • Sales Commission
  • Document Upload
  • Required and Preferred Documents
  • Contact Information
  • Transaction Notes
  • Transaction Checklist

Creating your Transaction

Transaction

1. Select the "Transaction Manager" menu link presented in your Administration Menu or select the "Transactions" Icon in your dashboard and select "View transactions"

2. On the Transactions List page Select the "Add Transaction" icon

  • On the "Add new transaction" page, enter in your Transactions basic property information, such as Property type and Transaction type. Select Next when ready to continue.
  • Next enter in the Transactions “Contact Information” by selecting an existing contact or by selecting “Add New Contact”.
  • Enter in the Properties Listing information such as address, Listing MLS ID, and other Notes.
  • Lastly, enter in this transactions Sales price, Brokerage, Agent and Office Commissions.
  • When finished, select "Save Transaction"

3. On your newly created Transaction Detail page, in the “Commission Breakdown” ensure “The total of commission breakdown items is accurate and matched with the total brokerage commission” by making sure all Commission figures are equal. If Correct the text “The total of commission breakdown items is accurate and matched with the total brokerage commission.” will appear in the Commission Break Down area.

4. Document Upload - Here you can upload any pertinent additional documents to the Transaction. Click “Choose” and select your file. Once selected, it will begin uploading automatically.

5. Required and Preferred Documents -

In this area, you can upload and satisfy brokerage wide documents by their set priority level. Priority levels control what Documents are essential for a Transactions completion such as “Mandatory Documents, Preferred Documents, and Agent Uploaded Documents”

  • All Mandatory Documents must be completed and Uploaded in order for a transaction to close.

Documents Requiring Brokers Signature can be set up for E-Signature by selecting the E-Signature Link and Selecting on the Document the areas needed to be signed.

  • All Preferred Documents should be completed per Brokerages Procedures but is not required to close the transaction.
  • Agent Uploaded Documents are supplementary documents that have no bearing on the ability to close a transaction.

Contact Information

In the “Contact Information” area agents can add Required contacts to the transaction by selecting the “Add Contact” action icons for each Contact type.

You can add new contacts via the “New Contact” action icon. This action also creates an Account on your website for that Contact to access their part of the Transaction, and add, edit, or upload any pertinent documents via your website at anytime.

Each contact only has access to their portion of the transaction and can effect change there only.

Once Your contacts have been added, you can Edit, Add a note, Delete or Request a testimonial form the contact by selecting the corresponding action icon for the contact of your choice.


Transaction Notes

In the “Transaction Notes” area, all Updates, changes, and Requests are logged, organized and recorded.

“Add Note” - This Button when pressed, will allow you to manually add a note to the Transaction Notes log. Select the “Contact” and add your message in the “Note” area.

Color Categories

“Agent Notes” - Updates, Changes and Requests by agents are Colored Blue

“Contact Notes” - Notes made on Contacts will appear Colored Green

“Replied Notes” - Responses from contacts will appear Grey colored.

Note Types

All Notes - Displays all notes related to this transaction

Action Notes - Displays only Notes that describe actions taken place for the transaction.

On each Note, there are two action icons:

Reply - Allows you to enter and send a response to the note

Delete - Allows you to Delete a note from the “Transaction Notes” area.

Closing your Transaction

In The “Required and Preferred Documents” area the following Action Icons are available:

Archived Docs - Select to view all archived Documents pertaining to this transaction.

Replace all - Removes and archives all currently uploaded documents. This allows you to re-upload the transactions documents.

Download All - This link will allow you to download Completed documents only, or all documents within the transaction.

Request Broker Approval - Once all Mandatory Documents have been uploaded, You can select “Request Broker Approval” which will send an approval message to the broker or selected staff member, allowing the Transaction to automatically process a Commission Disbursement / Sales Sheet & Get Paid Directly from Closing Form once approved. This requires all agents to submit a completed Transaction in order to receive payment.

The Broker or staff member assigned to receive Broker Approval Notifications will then be able to review the transaction in its entirety, make notes for the Agent within the transaction, and E-sign Mandatory Documents as well as the Commission Disbursement / Sales Sheet & Get Paid Directly from Closing Form.

Once this is completed, the Transaction can always be be Closed by the Broker, or an Agent, Office Assistant or Manager if given permission to do so from the below described switches in your brokerage settings,

  • Allow agents to close transactions - Allows agents to close their own transactions.
  • Allow office assistants to close transactions - Allows office assistants to close brokerage transactions
  • Allow office managers to close transactions - Allows office managers to close brokerage transactions

Requesting a Testimonial

Once a Transaction is Closed, the Agent can request a testimonial from the customer by selecting the “Request Testimonial” action Icon within the Transaction. This will be sent to the Customer and once received will be placed in your “Testimonials” manager located on your Home page menu.