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text 2020-12-16 08:00
How Does A Real Estate CRM Help In Transaction Management?

As we all know that the real estate transactions are very complex and it requires much effort to organize, account, and detailed attention. It becomes very strenuous to manage all of such things in a cabinet or in Excel spreadsheets, If you have ever tried it, you can understand how hard it is to maintain it regularly.


So, in order to manage and coordinate your real estate transactions, you need to go digital with some powerful software for your requirement. And the best digital solution as your real estate transactions coordinator is a “real estate CRM” that will help you by allowing performing a huge portion of the work automatically. Such software will do the below-mentioned tasks:


Works as a reminder for missing documents

Sends personalized emails on behalf of you

Updates automatically a contact’s tag from Lead to Client.

We have mentioned a few of the reasons which state and concludes that how a real estate CRM helps in real estate transaction management.


1. Workflows help you to stick to the process.


The best real estate CRMs let you stick to your process (each & every detail you manage for each step of the transaction) into workflows.


This will help you to use the workflow repeatedly and continue to improve it because once you have created the workflow for your transaction management system, you can use it over and over again. This is how you ensure that nothing falls through the cracks and that you follow the same proven process every time.


2. Dynamic workflows help to move on to an alternate plan

Basically, workflows are of two types:


a) Linear Workflows- Do task A, then task B, then task C….and so on

b) Dynamic Workflows- Do task A, if the required condition doesn’t meet out then automatically move on to an alternative task.

So, Dynamic workflows allow you to account for the many hiccups that will occur during the transaction. For example, what if the appraisal comes back low? You need to have a contingency plan set up, with a whole series of tasks that need to happen.


3. Automated email templates help to save time and let you stay on top of your communications


With the help of workflows, there are a lot of different automated tasks that can be set up at an ease. One of them is to set up automated emails. Setting up automated emails not only saves your time but also helps you to stay on top of your communications.

You can create an email template that uses merge fields to pull in info from your database (a contact's name, a listing address, important dates, etc.). Then you can schedule the email to send based on a specific date (October 1) or a conditional date (7 days before close).


There are millions of ways to use the automated email feature, but we have mentioned one of the examples below:


Create an introductory email from your assistant, and schedule it to send immediately after the buyer/listing agreement is signed—


"Hi, my name is Isabella and I am the administrative assistant for ((agent or company name))..."

It is an appropriate way to speak up with your customers in a pleasant manner even if they have missed some documents because the first voice of our assistant is pleasing them instead of yelling at them to send the missing documents!


4. Checklists help you in tracking all the documents


We all know that every real estate transaction requires Paperwork, and completion of such documents for each and every step becomes a little complex to remember all of the required paperwork. So, a real estate CRM helps in tracking all the documents whether completed or left to complete.


It basically maintains a checklist of the documents that need to be completed by the client. Once the document is completed, you can check it off by confirming the same.

Another feature of CRMs is to schedule a reminder for the missing documents or set up an automatic email for the documents which are not marked as completed yet in your checklist. Such reminder emails can be set up with a deadline for the required documents.


5. Groups helps you to quickly customize a transaction


Additionally, Creating Groups to categorize the different types of transactions is one of the key features in CRM. Groups basically categorize the activity. For example, some buyers will be using a Federal Housing Administration (FHA) loan and others will use a conventional loan. Some homes will have a septic tank, while others will be hooked up to the sewer. These different scenarios come with different tasks that need to be completed.


So, the Group feature categorizes the different types of activities accordingly.

As another example, you might have a Group called HOA, and it will include all activities required when a homeowner's association is involved.

While starting with your each new transaction workflow, you can select which task groups apply to such transaction, and your workflow will automatically be populated with relevant tasks.


6. Your Transaction Coordinator can stay stress-free and go on vacation without falling apart


As we have already stated that a real estate CRM with workflows spells out everything that needs to be completed. So, this will let your transaction coordinator be stress-free and if he goes on vacation or falls sick, his position can be replaced easily by someone else and can be taken care of easily.


It does not matter if that person has managed the transaction ever or not, because if the transactions are setup right, then it’s all detailed information is carried out by such transaction. For example, If you have setup Transaction XXXX, it’s each email that needs to be sent will be pre-written and schedule to send automatically, every person to whom a call to be done, will be listed. And any other task like Drop off lockbox, Order signs, etc. will be added to that day’s To-Do list.


So, briefly, you have all the transactions and their detailed information on activities listed in those transactions accordingly. (When you will click on the transaction ID, you will get all the details, like to whom to send an email, to whom to call, and any other task activities to be done).


The conclusion at a glance

As you can see that there are many benefits to using a real estate CRM for real estate transaction management.


Automation features:

Automation features like workflows, emails, checklists, etc. save time and ensure that nothing slips through the cracks.


Dynamic workflows:

Dynamic workflows allow you to set up contingency plans.


Group policy:

Group policy allows you to quickly customize each new transaction.


Detailed Information:

Each Transaction ID holds detailed information of the activities relating to such transaction ID, so, If your transaction coordinator goes on vacation or falls sick, any other compatible person can hop in and take the reins.


Your Accountability:

Your CRM will enable you to be accountable for every single task that must be completed, whether it is assigned to you or to another colleague.

So, Last but not least, when you use a real estate CRM for your real estate transactions management, your job will be easier, stress-free, and full of pleasure, your clients will be happier with regular updates, and you'll have more time and resources available to spend your precious time on other valuable things to enjoy your life & achieve your goal.


For more details, checkout the site: https://egent.pro/

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text 2020-09-22 11:35
Why Digital Transformation is Essential for Your Real Estate Business?
Real estate is a challenging landscape to navigate. Consumers are looking to trade assets, and they are working across a multitude of systems to keep transactions moving forward. Digital applications are highly coveted, and in today’s age, the only way forward is through automated workflows and easy to use software applications.
Many applications have been created to improve today’s transaction life cycle. Real estate professionals wear a lot of hats, so there are numerous areas for new digital services. Much of the focus has been set on marketing and lead generation, and a handful up-and-coming companies have taken notice of new opportunities.
Proptech companies from around the world have rode the first wave of digital transformation, but many say the coming decades of innovation will be led by companies that didn’t exist five years ago. With an underlying theme of complacency set by big players, the conditions are prime for innovative startups to disrupt the status quo. Some argue that real estate professionals are resistant to change; but in the end, the best will prevail, and it is them who decides who takes the cake.
Out of all the proptech categories, Contract Management in particular has been long overdue for optimization. Managing real estate contracts is crucial; with the stakes being so high, it’s clear that the paperwork is a fundamental pillar not to be overlooked. In Colorado specifically, antiquated contract software seems to have become the norm. In today’s age, there’s no reason why real estate professionals should be using antiquated contract software that adds administrative burden and increases exposure. This is where some software providers have fallen short.
eGent, a Colorado-based proptech startup, recognized this void in the industry and has built a unique solution in response. eGent is a single-solution eContract and Transaction Management software, built specifically for Colorado with plans for national expansion. This software is used by parties to a real estate transaction including: agents, managing brokers, transaction coordinators, buyers, sellers, tenants, and landlords. eGent has all of the general features you would come to expect in a transaction software, with access to: built-in commission-approved forms, productivity reports, messaging center, eCalendar, task list, and eSignature capabilities, all crafted carefully within a superior user interface. In addition to general features, eGent has pioneered a number of exclusive features such as the never-been-done Client Profile, document compliance software, customizable templates, and transaction coordinator profiles. Most notably, eGent has partnered with the Armbrust Real Estate Institute to create a one-of-a-kind feature called ‘Simple View’. eGent Simple View® breaks down commission-approved forms by converting them into an easy to understand, layman’s terms format. This intuitive feature helps agents and their clients better understand real estate forms and how they may affect the consumer during and after the transaction.
Digital transformation is the essence of the 21st century. We rely on great technologies to amplify our everyday lives so that we can reach our goals more efficiently, and the real estate industry is no different. No matter the size of your business, utilizing the right applications will set you apart from the competition and increase the overall efficiency of your organization.
Learn more about how eGent is transforming the proptech world by visiting their website at www.eGent.pro.
Source: egent.pro
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