18 Benefits of using an Online Transaction Management System:
Posted on October 13, 2011 by Carolyn

 

1.      Connects to your Office. You can connect virtually with your office so you can spend less time at your desk. You will have 24/7 access to all of your files.

2.      Document Tracking. Allows the Broker and Agent better document tracking methods. With the increasing requirements established by regulatory agencies, brokers and agents must constantly prepare to have all documents available if an audit is required.

3.      Efficiency. The integrated nature of OTMS eliminates paperwork. Brokers and Agents can now burn each transaction to CD. Most OTMS will allow the Broker or Agent the opportunity to select individual documents, messages, emails, and other items to include in the archiving processed.

4.      Lower Costs. Even though the cost of each OTMS varies, the automation of an OTMS eliminates many of the administrative costs associated with a transaction. With the advent of Online Real Estate Assistants, brokers and agents can pay one fee to have a transaction process.

5.      Competitive Edge. Providing OTMS to sellers and buyers allows you to differentiate yourself from your competitors.

6.      Timely Data. The systems use timestamps when transaction steps are assigned, initiated, and completed, providing proof of deadlines. It also contains an electronic repository of the documents.

7.      Better Communication. TMS enables a better consumer experience by letting buyers and sellers know in advance when items or tasks are needed, so there no surprises. In addition, when a common TMS platform is implemented by the MLS, this allows MLS subscribers cooperating on the same transaction to share information and updates with one another more easily.

8.      Better Customer Service. TMS can provide the level of service and responsiveness your customers want.

9.      Security. With secure logins, authentication, and encryption, and by limiting access to only those parties involved with a particular aspect of a transaction, TMS protects the integrity of the transaction and the confidentiality of the parties

10.  Document Retention. The TMS allows you to retain all communication, contact information, documents, and agency requirements online to ensure that you are meeting the retention period.

11.  Document Archiving. Most TMS allows the account holder to archive closed files within the TMS and/or on CD/DVD for additional storage, client copies, office copy, and broker storage.

12. Integration with the MLS computer system. This functionality allows the user to pull property data from the MLS in order to populate the transaction in the TMS. Note: Not all MLS systems integrates with a OTMS.

13.  Integration.  Integration with online form systems such as MBA Forms and Win Forms.

14.  Templates/Task List. Templates containing typical steps and deadlines involved in a transaction in order to get to closing. These templates can be customized based on the steps and deadlines required by your Broker, Local Real Estate Board, or State Real Estate Commission.

15.  Calendar Features. Built-in Calendars that allows the user to schedule and manage unique activities that must occur or be completed during a transaction.

16.  Task Alerts. Alerts are used to notify participants if a task is behind schedule or has been completed. The alerts typically take the form of an e-mail message that it automatically sent at designated intervals.

17.  Touch Point/Drip System. A built-in system that allow documents and emails to be sent to the buyer, seller, and other invited parties throughout the entire transaction. It consists mainly of tips, general documents, reminders, and notifications.

18.  Document Visibility.  Document visibility is designed to allow the broker/agent and transaction coordinator to establish document access to the parties of the transaction

  • Site-wide – Everyone with a unique username and password can view a post, document, and function within the transaction.

Private – Limited viewing access granted only to specific individuals within the transaction.

Share
Posted in Uncategorized | Leave a comment
Forced Email Acknowledgement Receipt
Posted on August 29, 2011 by Carolyn

Forced Email Acknowledgement Receipt

One of main concerns I often read about or hear about from agents is the lack of an acknowledgement response from listing agents listing REO properties. I provide listing, marketing, and closing services on fair market, short sale, and bank-owned (REO) properties and have experienced a lack of acknowledgement from all property sales types and from both buyer and listing agents.

Some agents understand the professionalism behind acknowledging receipt of the offer or executed contract and other just don’t get it or care. One agent actually told me that it was our problem, not her. That came from the buyer agent. That was probably seven years ago.

There are several options available to everyone when you need a confirmation or acknowledgement of receipt.

  1. Add the following statement to all outgoing emails requiring acknowledgement. “PLEASE CONFIRM RECEIPT” in RED.
  2. Use a specific email with an auto responder. When the listing agent receives offers, the auto responder will automatically send the notification back to the buyer agent. Keep in mind that auto responders only acknowledge the email address received the email and does not acknowledge that the email was open/read.
  3. Website submission form. Listing agents can use a website submission form for the buyer agents to submit offers and receive a confirmation of new offer submission and receipt on both sides. This form can be created on personal website or the listing agent can use some of the other popular sites on the market that specifically offer submission services.
  4. Add the following image to all outgoing emails. Assuming that the recipient receives emails in html.


     

  5. Using the option available in MS Outlook to receive auto delivery and acknowledgement by the recipient. There is one catch, if the recipient does not use MS Outlook, this option will not work.


 

  1. You can create in MS Outlook a Signature line the will instruct the user to “Click Here to Confirm Receipt.” You will only use the signature line when offers are receive or counter addendums are sent to the buyer agent.
  2. Paid/Free email confirmation receipt services. There are several paid email confirmation services on the market. My favorite is GetNotify.com. If you can look past the ads, it is worth the free services offered to receive acknowledgement of documents that are very important. You can add multiple emails to Get Notify and the confirmation is sent to the email addressed used in the from feature of your webmail.

 


 

  1. Use a productivity program or list-to-close program that will allow you to keep track of all open and read emails and documents.
  2. Use EchoSign or DocuSign’s hidden feature. Upload your clean and completed package to the program with the required documents only to save space. Make sure your subject header is filled in correctly. Only use the following, “Property address – Buyer Offer to Purchase.” Example: 999 Mockingbird Lane, Durham – Don Johnson Offer to Purchase

  3. Hire an assistant to manage your offer submissions, acknowledgement receipts, closings, etc. I can think of many other things the busy broker and agent can be doing besides sitting in front of the computer submitting offers and waiting for offers to come in. Sure, the IPhone, Smart Phone, etc can handle all incoming and outgoing emails but does it really shows 100%? I’ve had several buyer agents tell me they can’t open PDFs on their phones. Some would even call me and ask me to explain the nature of the email because they don’t have time to read it. I have also had agents tell me that they didn’t receive the email, cc the buyer in the nasty email, and left only to eat crow because the agent forgot about the email, too unorganized, or plain and simple, dropped the ball.

 

There are choices to make your submissions and acknowledgement an easy process on both sides. Even though you represent different clients, we are all on the same team, the “Happy Buyer and Seller Team.”

Share
Posted in Bookkeeping, Closing, Foreclosure, Invoices, Listing & Marketing, QuickBooks, REO & BPO, Real Estate Assistant, Uncategorized | Leave a comment