The goal of this document is to clarify the requirements, process, and roles involved in the Transaction Management system roll out.
The implementation process involves:
Each office submitting their Property Types / Checklist Types
Gathering actual checklist items for each checklist, along with their priority and what is required, sample template here
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
The Checklist is the core of a Rechat deal; it's what 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.
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 MLS's 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:
Residential Lease / Rental
Commercial Lease / Rental
Lot / Land
Actual Checklists: For each Checklist Type as describe 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 extend possible.
Here is a sample template for capturing the Checklist Types and actual Checklists for each office.
Agent creates a deal on their app:
Press Create button on main navigation
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 extend 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 or 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.
Below are the most common rolls we see that help manage the listing and contract process and service agents in brokerages.
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 office manages those. Their key focus is on listings and help with listing related issues.
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 hand off
They might help with closing related communication such as producing CDAs but those initiatives are typically managed by accounting