This video will discuss the two Transaction Stages RealtyBackOffice offers Pre-Offer and Pre-Listing Stages.
When creating a transaction, you will notice that we have a field called Transaction Stage or Agent Role.
Pre-Offer is especially useful when let us say, you submit an offer to the Listing Agent but they haven’t accepted it yet.
You can go into a Pre-Offer stage, meaning the transaction status is Open, and you can use the transaction file to upload all your documents.
You can also use the filters on the top right corner of the transactions module to filter all the transactions in the entire system that are in a Pre-Offer stage with the transaction status of Open.
Later, when your offer gets accepted, you can change it from Pre-Offer to Selling Agent because now you will be representing the buyer.
Pre-Listing works the same. If you submit a listing agreement to a seller, and they haven’t accepted it yet, you can create a transaction in Pre-Listing to upload all your documents to the transaction file.
You can also go to the transaction module and use the filters to sort the listing agreements that you physically have Open, and you can sort your transactions by Pre-Listing.
When your listing gets accepted, you can change your transaction from Pre-Listing to Listing Agent because now you will be representing the seller.
When you add a transaction in a Pre-Offer Stage, inside the transaction file, on the left panel under Transaction Details, the transaction status will be Open.
This status will allow you to distinguish which transactions are open, active listings, or pending contracts when you filter the transactions in the Transaction module.
Once your offer gets accepted, go back to the transaction file. On the left panel, under Transaction details, you can change the Transaction Status from Open to Pending and the Transaction Stage from Pre-Offer to Selling Agent, as you will be representing the buyer. You can also add the Contract Date.
Note that if you leave the Transaction Status Open and select the Agent Role as Selling Agent, the system will not allow you to save this information. It will display a message explaining that a Transaction Status Open is only available for Pre-Listing or Pre-Offer stages. Change the status to Pending to save the changes.
On the other hand, if you changed the Status to Pending but left the Stage as Pre-offer, the system will not allow you to save the information. The displayed message will explain that you can save Pre-Listing and Pre-Offered roles just for Open or Canceled transaction status.
After making all the changes, click Update at the top right corner of the section. As soon as you click that, the system will display a message asking you if you are sure about the changes you made in the Agent Role, as this information will affect the financials tab and the checklists. After you click Continue, the Financials tab will auto-populate based on the commission splits. And the transaction tasks on the right-hand side will display so that you can see a checklist that your broker would like you to complete to comply.
If you have any questions, please email us at support@realtybackoffice.com or call us at (305) 517-3836.
