Improving Transactions in CRM and Tying them to agent accountability

It’s time to talk about transactions! (Specifically logging them in REW CRM)


Because now that we have the Agency Accountability tool, we can now use this data to create full cycle reporting on agents…

From lead follow-up to closing.

And… (if we build this right)

We can report (by source) the ROI (on a per agent basis) on specific marketing activities such as SEO, Facebook, PPC etc. This is HUGE!

But first we need to make sure we have a good way to log the transactions :slight_smile:

Now, luckily for us, we’ve always had transaction logging, so we have a base.

I’ll be working with @Aayaam @Rebecca @FernandoOrtiz and @Phil to map this out better though and improve the UI.

So where do we start?

The first change that needs to happen - REW Transactions are all in one modal right now (below)

We need to separate these into 3 separate transaction types “Buy” “Sell” and “Lease” (note customers should be able to change these labels which will help us in international where they call it “letting” instead of lease for example.

The reason you need to start with the transaction type is the 2nd part that matters here… and that is, each of these major types is quite different and unique. So they need their “own” set if fields.

Some might be similar (price, address etc) whereas others might be very different (listings require a listing agent, buyers a buyers agent, leases potentially a deposit and landlord name) etc.

So step 1: Make it so you have 3 separate transaction types (not just one all jumbled together)

Step 2: Stages! (custom stages)

For each of these types (only AFTER you select them) we need stages. We’ll have default stages, but customers should be able to customize the name of each stage, or add their own additional stages. They will also need to drag and drop (or set the order of these stages)

This will be helpful for roll up reporting later on.

Again, there is no “shared” anything here (each must be unique even if a duplicate) so that we don’t have any conflict or overlap.

Stages for buying for instance might be:

Apt set > Apt Met > Buyer Contract > Offers Made > Pending > Closed

And sellers might be:

Apt set > Apt Met > Seller Contract > Listed > Offers > Pending > Closed

And so on!

The next part of this is answering the question, for “each” type what fields do we create by default?

Let’s start with the buy side:

What do we need to know?

Well who are they? We will need to select 1 (or more) buyers from the REW CRM. Therefore buyers (as they should be) would need to be in the CRM before you start a transaction. A simple click to add another buyer button which ads another row, or perhaps using REW’s mutli select option within the field would work here.

What’s the offer price (if it’s an actual transaction) but we’d need to think about what to put here before they make offers (since if we know their budget, we can impune a value once they do transact, and then update it once we know exactly the offer they are making.

What’s the closing date? (Should we also look at adding subject removal date?)

How much are we going to make on this deal. Is it is a % of the deal, or is it a fixed amount (we’ll need to support both). And that’s gross commission (a number we need) but then from either the agents point of view or the brokers point of view, how much is each side getting? Again is it a % of the total deal amount or a fixed price. So an agent portion, team leader portion and broker portion (both a dollar amount or a % of gross)

Who are the buyer agents involved? Is it one buy side agent, or multiple (need multi select from agent roster)

Do we know who the listing agent is? Is it one of our agents? (if it is, we should be able to select that too) Are other agents or admins from the company involved? What about staff?

What is the address and other details of the the property?

We’ll want a spot for description (WYSIWYG please) so that we can do a writeup for the deal.

We’ll need to be able to upload attachments

And we should be able to fill out other pertinent details about the property (address, beds, baths, sq ft… maybe make this a custom list so each customer can address what matters to them including whether a custom field is mandatory or not (set at the admin level).

Oh and don’t forget about SOURCE! This matters since you could then search it over a period of time (or all time) and then you would know the total GCI, company portion, agent portion etc for each source.

Later on, we could add tagging of budget to source (within a specified date range) and you could calculate dynamic source ROI :slight_smile:

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@Morgan I was just about to post about this in a separate post and I think I still will. I’ve been using follow up boss for about 2 years now. Love their platform but it comes with it’s own challenges(which I’ll highlight in the other post). I use the deal tracking in Follow Up Boss almost religiously. I’m trying to get better at tracking my KPI’s from time to first call, length of time they are a lead before being converted, etc. but the value of the deals is also important. I read it over a few times but missed if there would be some reporting for this module?

They also provide full deal reporting. I think that this add on plus the action plans, texting and a few other things would get REW CRM out in front.

Also, this is big for solo agent and small teams that want to have a high level view of their revenue on each transaction but coupling it with a reporting tool allows for revenue to be viewed by month, quarter, yearly, previous years, etc. Very helpful and not really many platforms do it that well without getting into actual transaction management platforms. I love the direction you are going with this and excited to see this piece take off.

Hey Matt, absolutely! Reporting is critical, and we’ll be implementing over time graphs and all that as well.

Not sure if you’re on the latest REW CRM or not, but we’ll also have a completely configurable “view” module for it (the same way we have for leads today, and agents as of the 30th of Dec)

I love the “time before converted” concept (had not added that), any other nuggets you want to share (since we’re building it, might as well get those requests in! :slight_smile: )

@Morgan, never had my notifications turned on so I never saw this reply…rookie mistake.

From a deal reporting perspective, FUB provides a few metrics. These things implemented into REW CRM would make it a powerhouse application for a lot of people.

  1. Stages - FUB allows for customizing the stages of the deal lifecycle. This is a kanban view. Deals can be dragged to next stage when it’s time to move or just simply change the stage field. There is back end reporting that goes with this to see when a deal entered the stage and how long a deal has been in the current stage.
  2. Another nice metric is the time to close metric. Since the deal is tagged to a lead(active client) it will track how long they have been in FUB and then how long it has taken to close based on the projected close date of the deal. Very nice to see how long can take or how quickly some clients convert.
  3. Gross commission, agent split, and team split - There are fields for the total gross commission of the deal as well as fields for the split with brokerage, and team split if applicable. Great way to get a high level view of the upcoming closing commission.
  4. Graph view of deals to see the stage value and an option to export to excel

All in all there are some great features of deal tracking and reporting. I’m a big fan of it and I think implementing features like this would be a huge value add for REW CRM.