How Transaction Management Helps Brokers Comply and Track

Millions of real estate agents have already gone paperless by using a transaction management solution; today, brokers also can streamline many of their most essential business management processes digitally as well, if they adopt the right transaction management program.

One of the key drivers for deciding on which transaction management program a brokerage or MLS should select for their agents is a deep dive into what that transaction management solution does for brokers, as well as what it costs. That's because there is a significant difference between offerings today in terms of the tools, costs, and benefits for brokers.

Built-in Broker Tools

Last year, Form Simplicity, one of the real estate industry's most popular and advanced paperless transaction solutions – and the only one created for Realtors by Realtors – added broker transaction management features. From a single place inside Form Simplicity, brokers can manage, review, approve, track and store every agent's transaction activity from beginning to end. While some transaction management solutions charge extra for these broker tools for the peace of mind they deliver, Form Simplicity integrates all these broker features at no extra cost.

For a broker, the benefits from these built-in features are big, especially when it comes to compliance. Form Simplicity broker tools helps brokers reduce risk through a customizable, automated, paperless review process to help brokerages remain compliant. Moreover, brokers are operating in a collaborative environment, working digitally with each agent throughout the transaction process to ensure accuracy across the streamlined workflow. At their fingertips, brokers can see email and text correspondence for every transaction; that transparency gives brokers visibility into each agent's transaction activity, and allows brokers to evaluate, comment on and approve all forms digitally submitted by their agents.

Let's take a look at a couple of examples of what a broker sees inside Form Simplicity.

Broker review and approval

Form Simplicity provides easy navigation for brokers to quickly find and approve a transaction submitted by an agent for approval. Using search or submitted status – Pending Review, Incomplete or Complete – to locate a transaction, brokers can swiftly review and/or approve each transaction, or instruct agents to finish certain tasks.

The review process, as shown below, is color coded so brokers can see what action needs their immediate attention. In a matter of clicks, this digitally driven process can both save a broker an enormous amount of time and protect a broker in terms of compliance requirements.

• Click the VIEW ALL button to review the submitted contracts as one file. Here, you will have the ability to review, print, or download the contracts as one file, and leave notes for the agent.
  

• Use the CHECKLIST to assist your review of the agent's transaction. Click either COMPLETE or INCOMPLETE for each checklist item. Then click the "ACCEPT AS COMPLETE" or "RETURN AS INCOMPLETE" button.
  

Making it easy for agents

Broker management tools only work if it is as easy for agents as it is for the broker. In just a few steps and clicks, agents can send their transaction for digital review and approval inside Form Simplicity.

The graphics below shows how easy it is for an agent to send a file for broker review:

• Agents click on the transaction name to open the folder.
  

• Then, click the Broker Review Tab. Note: If there is no tab, then the broker has not created the transaction checklist (Broker Review, Step 1).
  

• Click the ADD CHECKLIST button.
  

• Agents assign the checklist a name, then select the checklist type from the dropdown menu and click CREATE.
  

Offering such features as drag and drop reduces the amount of time an agent spends gathering all the documents for broker review:

• Agents can drag and drop each added file to the appropriate checklist item below. You may add only one file per checklist item with the exception of the Additional Files checklist item at the bottom of the checklist. This is for any additional transaction files that are not listed in the checklist.
  

Once the agent adds all the documents and the checklist created is complete, sending it on for broker review is completed in just one click:

• When agents are satisfied that their checklist is complete, they simply click on the SUBMIT button.
  

The bottom line

Compliance for brokers can be both time-consuming and daunting. Form Simplicity not only gives agents more time to do their real jobs – spend more time to help consumers and less time stuck at their desks – it also eliminates an enormous amount of paperwork for the broker. That's why when MLSs and brokerages look to select a transaction management solution, they need to make sure it addresses the broker's needs, as well as agent needs.