In this video, we are discussing a new enhancement that we added inside the transaction file called Transaction Stage.
When you are adding a transaction, you will notice that on the Transaction Stage or Agent Role dropdown menu, we have split up the Transaction Stage and Agent Role. What that basically means is that, for example, you sent an offer out to the Listing Agent but the offer has not been accepted by the Seller, with this enhancement, you will be able to go into a Pre-Offer stage which basically means that your transaction status is Open and you will be able to use the transaction filters on the top right corner to filter all the transactions in the entire system down to the ones that are in a Pre-Offer stage with the transaction status of Open. Later, when your offer gets accepted, you will be able to change to Selling Agent because now your Agent role will be representing the Buyer as a Selling Agent.
Pre-Listing works exactly the same. If you sent three listing agreements to three different sellers and they have not accepted your listing agreement yet, you can narrow down the listing agreements that you physically have Open down to the Transaction Stage and also down to the Transaction Status being Open. When your listing gets accepted, you will now be able to switch over to an Agent Role of Listing Agent.
Before this enhancement was introduced, when you added a transaction, it marked the transaction immediately as Pending. Now, we have added the transaction status “Open” so you can distinguish which transactions are open, which ones are active listings, and which ones are pending contracts. When your offer gets accepted, you will be able to go into Pending status, you will be able to change your transaction stage from Pre-Offer over to a Selling Agent if you are representing the buyer and you will be able to add the contract dates. As soon as you enter all the information on the left-hand side and update the transaction status as well as the Agent Role, you can go ahead and click Update on the top, and then now the Financials tab will get completely filled in with the commission splits and the transaction tasks on the right-hand side will be generated and your broker will provide you a list of all the documents that are needed from you.
There are a few things to remember with this enhancement:
For example, if you leave the transaction status as Open and change the role to Selling Agent and click Update, you are going to get a message that states Transaction cannot be saved. Transaction status “Open” is only available for Agent Roles: Pre-Listing and Pre-Offer. This message is informing you that you have to change the status over to Pending in order for you to be able to save it. If you change the status to Pending and leave the Transaction Stage and Agent Role as Pre-Offer and click Update, you are going to get a message that says Transaction cannot be saved. Pre-Listing or Pre-Offer Agent Roles can only be saved with the transaction status “Open” or “Canceled.” This message is basically telling you that because you have the Transaction Stage as Pre-Offer, you can only be in an Open transaction status or a Canceled status.
If you ever see the messages above, make sure that if you are going from an Open status and your contract got accepted, change the status to Pending because now the contract has been fully ratified and the transaction is now on a Pending stage. Also, you always want to make sure that you change your Transaction Stage over to Selling Agent because you now physically represent the Buyer. As soon as you make the changes and add the dates on the left-hand side, go ahead and click Update. Then, you are going to get a message that says Are you sure you want to update the transaction? Please note that the transaction finances and required tasks checklist will also be updated as well. When you see this, click on Continue because that is exactly what you need to do. As you will notice, on the right-hand side, the tasks checklist of everything that needs to be done in a particular Transaction Stage or Agent Role will get generated and the Financials tab will get updated as well.
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