Deals Customization

Transaction Management Process and Procedures

Purpose

The goal of this document is to clarify the requirements, processes, and roles involved in the Transaction Management system rollout.

The implementation process involves:

1. Office Discovery:

   1. Each office submits their Property Types / Checklist Types

   2. Gathering actual checklist items for each checklist, along with their priority and what is required, sample template here

2. Once all checklists are gathered then we can look for opportunities of unifying them as much as possible across regions and the company as a whole

Checklists

The Checklist is the core of a Rechat deal; it's what is used to make sure agents complete and submit all of the necessary documents for their deal. That's why it's important to make sure the office Checklists are kept up to date.

1. Property Types (Checklist Types): Each office is required to provide its Property types which are in fact going to be used as their Checklist Types in their transaction management system. Offices within the same city or under the same association and MLSs could have the same set of Checklist Types, and if not, this might be an opportunity to unify them. But Rechat is robust and can customize these per office as required to address any local requirements there might be. Some commonly seen property types include:

   • Resale

   • Residential Lease / Rental

   • Commercial

   • Commercial Lease / Rental

   • New Home

   • Lot / Land

2. Actual Checklists: For each Checklist Type as described above, there needs to be an actual list of Forms and Documents that are either required or could be needed in order to meet compliance and close that deal. Rechat makes it easy by providing the list to the agents once they create their deal, so they can be focused on completing that checklist, getting it approved by their office and closing the deal to get paid. Each office/region can also identify what is Required vs what is not always required but might be depending on the type of the deal. Depending on the city or region these lists might need to be customized in order to meet local association requirements, but again the goal should be to unify these to the extent possible.

Sample Template

Here is a sample template for capturing the Checklist Types and actual Checklists for each office.

Workflow Process

• Agent creates a deal on their app:

  • Press Create button on the main navigation

  • Choose Deal

  • Answer a few questions in a question and answer format to have their deal created:

    • They choose if they are representing the Buyer, the Seller or Both

    • They select their Property Type / Checklist Type

    • and answer a few other quick questions about property, agents and the clients involved to the extent they have the information available at the time

• Rechat will then create a virtual file for the deal that will be instantly available on their mobile and desktop app, where they can input other information about the deal and also have the specific checklist provided to them that they’d need to complete

• Each checklist item can be submitted for back-office review, where the admin will see the deal appearing on a specific dashboard related to that checklist.

• Admins can then leave comments for each checklist item, also approve or decline them.

Rechat admin view is broken down into specific focused "inboxes". Each inbox is essentially a tab that shows the list of all Deals that require the admin's attention, that belong to that tab. The goal of each office admin is to open up the inbox that is relevant to them and try to review any request on the deals that pop up on that view, and their goal should be to drive to get to "inbox zero".

We recommend the following inboxes which should work for any brokerage, but the inboxes are customizable, and depending on an office's need we could further customize them. Our recommendation is to have the entire organization have the same consistent inboxes. What we recommend is:

• Listing Inbox: this will include any listing deal and is focused on the work that needs to happen on the listing checklist of the deal

• Contract Inbox: This would be anything that needs attention in a Contract Checklist, i.e any deals that need attention in a Contract related manner. This could be contracts that are placed on the listings that belong to the brokerage or it could be contracts that agents are putting on other third-party listings.

• Possibly Marketing and Accounting Inboxes depending on the services provided by the office

Roles and Responsibilities

Rechat Deals, Transaction Management Platform, is robust and will work for any admin and back-office process the brokerage roles or each office might have in place. It essentially works on an inbox system explained above, and each specific work would appear in its own inbox, then each local or regional office could decide who should have access to what inbox. So the system would work if one person does everything or different groups of people are responsible for different parts of the process. Everyone can focus on the inbox that is relevant to them.

Below are the most common rolls we see that help manage the listing and contract process and service agents in brokerages.

Listing Coordinator

Usual responsibilities include:

• Review all paperwork for brokerages listings

• Gather information from Transaction Management and input the listing on MLS

• Sometimes this role is also responsible for managing Open House and Yard Sign requests if the office manages those. Their key focus is on listings and helps with listing-related issues.

Contract Coordinator

Usual responsibilities:

• This role is typically focused on processing all contracts either those placed by a third party agent on the brokerages listings or those from the brokerage itself

• They review all documents and help with closing

• They are typically the link between compliance admin and accounting and help with the handoff

• They might help with closing related communication such as producing CDAs but those initiatives are typically managed by accounting