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Net gain First of all, congratulations on making the move to online transaction management (OTM). You and your staff will see immediate savings in the time and effort needed to manage the myriad details of each transaction. OTM also allows each party to the transaction (buyers, sellers, lender, title, attorney, etc.) to view (and in some cases add to) all relevant details in a secure environment using their Web browser This helps keep everyone on the same page, maintain the transaction on schedule, and the number of mistakes and miscommunications to a minimum. Keep in mind that while OTM is a great way to manage the transactions, most current OTM solutions still require parties to physically sign documents and meet to close the transaction. The industry is still not quite ready for a completely paperless transaction.
“As I watch some of the other associates in my office bogged down with endless paper work, I am elated that I'm freed up to go out with the next client and procure my next sale. The skepticism of my colleagues amazes me. They say they “do not want to give up control,” yet their clients are constantly calling and complaining about missed deadlines, etc. It is clear to me that I am the one in control while the other sales associates remain stuck in chaos.” Too Many Choices, Not Enough Time However, the key to successfully implementing an OTM system that works best for you is not necessarily picking the "right" vendor, it is choosing the right solution —one that doesn't involve an arduous learning curve on your part. The problem is that no matter how simple the vendors claim their products are, OTM typically involves a steep learning curve and a major investment of time to customize and use a program effectively. These issues often stop many otherwise willing real estate professionals from taking advantage of this much more efficient way of handling the transaction process. Fortunately, there is a way to implement a viable OTM solution almost overnight where you don't have to suffer through the trials and tribulations of mastering one of these systems yourself. Thanks to the emergence of highly specialized real estate virtual assistants, implementing an online transaction management solution customized to the exact way you work is just a phone call (or e-mail) away. Michelle Thornton of e-Closing Coordinator is one such VA. Located in northern California, Thornton’s primary focus is assisting agents with their transaction coordination regardless of where they are located. Thornton primarily uses Settlement Room, however, she can adapt to any of the other OTM packages if you prefer to use something else. Training. Once the customized system is set up, Thornton takes the time to show you (a.) how you, your clients and the other parties to the transaction access the system through a password-protected Web site, (b.)how each party should pass the transaction information to her for submission into the system, (c.) what procedures she will use to stay in touch with all the parties (often including time-consuming phone inquiries as well as e-mail updates), and (d.) how she will provide reporting so you can stay on top of the entire transactions and feel confident that everything is moving forward smoothly. Implementation. When you open an actual transaction with Thornton, she immediately inputs all data into the system, notifies all parties that the system is operational, keeps things on schedule, handles phone calls regarding transaction specifics, and generally rides shotgun all the way to close. All of which frees you up to bring in more transactions while having peace of mind that your current pipeline is being handled professionally. As of this writing, Thornton charges a one-time $250 fee to set up the system to reflect your way of doing transactions ( through Step 2). Her all-inclusive fee for managing transactions includes a $75 deposit upon opening a new transaction project and an additional $200 flat fee upon close of the transaction. If for some reason the transaction falls out, you are only out the $75 deposit. You can contact Thornton and other VAs with online transaction management and other real-estate specific skills through the Real Estate Virtual Assistants Network. In the December 2002, “Mr. Internet " column, I covered the details of creating your own HTML e-mail stationery for Outlook 2000 / XP. While I received a lot of favorable comments about those articles, achieving the desired look you want still is a bit of work. Since then I've come upon a nifty service that does the work for you. LetterClick Brand Mail will convert your current paper letterhead into HTML e-mail stationery that looks exactly like your paper version. Once your stationery is scanned, you set up your e-mail software so that all e-mails go through LetterClick’s FMTP server instead of your Internet Service Provider to get your messages to appear on your letterhead. If you use Outlook, LetterClick’s site can walk you through the process. The company will even include your scanned signature at the bottom of any message you send. Click here to see a screen shot of how this looks (make sure you view it full size for maximum clarity). This service is a reasonable $4.95 a month (plus a one-time $10.00 set-up fee). The only disadvantage I see is that all your messages will use this stationery unless you put "NOBRAND" in the subject line, which can be an easy thing to forget. However, for those who want a quick, easy, and professional look to your e-mails, this is the way to go! Mr. Internet is the alter-ego of Michael J. Russer, an Internet speaker, trainer, author, and consultant. Send your questions to: help@askmrinternet.com Ask Mr. Internet Main Page |
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