Market Center Leadership Transition Guide

Transcription

1 Market Center Leadership Transition Guide Transistion Your Market Center in 8 Weeks Change is hard because people overestimate the value of what they have and underestimate the value of what they may gain by giving that up. - James Belasco

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3 Dear Leadership Team, Thank you for your commitment and ongoing effort to make the eedge MyTransactions platform, powered by DotLoop, successful in your Market Center. The goal of this booklet is to provide you (as leaders) with information that helps to shrink the change to a manageable size and to grow your KW teammates by making them experts on an innovative real estate technology platform mytransactions. This guide is designed to give you the tools and resources to make an easier transition to mytransactions in 8 weeks. As a wise person from Keller Williams once told me, we must remember Keller Williams (KW perspective) is: A training and consulting company that also provides the franchise systems, products, and services that lead to productivity and profitability. Keller Williams thinks like a top producer, acts like a trainer- consultant, and focuses all its activities on service, productivity, and profitability. With your help, we will change the game and make mytransactions a core piece of your competitive advantage! Sincerely, Cary Sylvester Executive Director of Technology

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5 Table of Contents Key Steps...7 Roles and Responsibilities:...8 What Is mytransactions?...9 The Sharing or Permissions Concept...9 What is the Broker Dashboard?...9 Definitions: DotLoop Difference Real Estate is Complicated It Doesn t Have to Be Simplicity Equals Efficiency Benefits What this will do for Market Center Leadership: What does MyTransactions do for Agents: Frequently Asked Questions Appendix A: Milestone Tracker Appendix B: Sample Workflows Appendix C: Sample communications: Introduction to MC Staff (Week 1): Introduction to agents (Week 4): Follow up to agents (Week 5): Follow Up to Agents: Uploading Documents (Week 6) Follow Up to Agents: Submitting Documents (Week 7)... 26

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7 Goal: Training your agents (Weeks 3-8) Goal: Prepare your office systems and procedures (Weeks 1 2) Key Steps Ready to implement mytransactions in your market center and not sure where to start? The key to this transition will be the buy-in and teamwork of the market center leadership. Those market centers that have complete commitment from the entire leadership see higher adoption and increased usage. We have broken the process down into 4 key steps to transition your market center. Steps 1 through 3 will address what needs to be done behind the scenes to prepare your office systems and procedures. Step 4 addresses agent training and useage. This plan is designed to get your market center transitioned in 8 efficient weeks. Step 1: Identify transition deadline and key roles and responsibilities Step 2: Office Leadership Training Broker Dashboard mytransactions Loop Process Step 3: Broker Dashboard Planning and Implementation 1) Develop statuses for use in the MC Broker Dashboard 2) Develop workflows for the statuses identified 3) Enter statuses into MC Broker Dashboard 4) Enter workflows for the statuses identified Step 4: Agent Training in the Market Center 1) Introduction to mytransactions (6 step introductory course) 2) Advanced Training Courses (time saving features) 1) Form Sets and Defaults 2) Attachments Library 3) Clause Library 4) Client Editable and Required Fields Appendix A has a milestone tracker to keep you on track with your target date.

8 Roles and Responsibilities: Forms Coordinator: The mytransactions system consists of interactive web-forms utilizing the forms from your State or Local board as a base and the programming them with interactivity and workflows. As the Market Center eedge Coordinator, your assistance will be needed in facilitating the gathering and submission of forms for your market center as well as submitting an updates to your forms. Each market center is responsible for uploading all the new and updated State and Local Board forms (and custom forms, for an additional fee) required for their real estate transactions. The documents will be submitted to DotLoop using the forms tool located at For any questions regarding forms please contact D. Jackson (Djackson@dotloop.com). Training Coordinator: This individual will be the front-line leader of the mytransactions rollout to the agents and responsible for driving the training in the market center an endeavor that will dramatically improve the careers of our associates, the profitability of our market center and the future of agents whose heads will surely turn toward Keller Williams Realty as a result. This individual will ensure that an adequate number of training sessions are being held by competent trainers. Compliance Systems Coordinator: This individual will be the behind the scenes leader in customizing the broker dashboard to fit the needs of the market center. They will drive the committee that defines the statuses to be used and the status workflows. This person should have complete knowledge of the current overall processes in the office (sample processes are included in appendix B).

9 What Is mytransactions? mytransactions, powered by DotLoop, is a revolutionary paperless transaction system. It is guaranteed to make you more efficient. o No more faxing papers back and forth, having to meet with clients in person, or driving across town for missed signatures or missing forms. With this system, the traditional paper trail is now online and parties can collaborate in one space. Enhanced security no more initialed changes to smudged contracts, illegible handwriting, overfaxed contracts, or lost documents. Every adjustment can be tracked and time stamped, creating one seamless document. o Each field has its own history attached to it, allowing users to see changes as well as who made the change. o The documents are stored for seven years, with all parties having access. Secure online access for both you and your clients. Each electronic signature account requires a unique address as part of the signature authentication process. Access to documents is available anywhere you have an internet connection. mytransactions is designed to be a completely paperless solution incorporating interactive forms, electronic signatures, transaction management, compliance and long term storage. The Broker Dashboard is the compliance portion of the system. A System Working WITH You! Many associates are familiar with online document signing. However, the DotLoop difference is that the forms are live and interactive. The document is shared online and the only thing sent is a link that invites others to view/sign the document. The Sharing or Permissions Concept: Loops can contain the interactive documents as well as Attached PDF documents. Permissions to view the individual forms is granted based on role, not by individual. For this reason, a new loop is required for each offer a selling client receives or a buying client makes. When a document is added no one other than you will have permissions to view that document until permission is granted. This enables you to have documents stored in the loop that are only visible to you (and your Broker). What is the Broker Dashboard? The Broker Dashboard is the compliance portion of the system. Unlike other compliance systems where documents are completed in a separate system then added to the compliance system, mytransactions combines both into one system. From the Broker Dashboard you view the same loop (transaction) as your agent views and manages. As a result, everyone is looking at the same group of documents. If it s in the agents file, it is in the Broker s file. The documents that are shared with the client from the loop (transaction) and become part of the client s file as well.

10 Definitions: To assist you with understanding the mytransactions environment we must start with 5 definitions: 1) A Loop A loop is a transaction, or your real estate file. It will contain all the agents, clients, and forms associated with a specific transaction. Loops can contain the interactive documents as well as Attached PDF documents. Permissions to view the individual forms is granted based on role, not by individual. For this reason, a new loop is required for each offer a selling client receives or a buying client makes. 2) Interactive Form A document that has been uploaded into mytransactions for the purpose of collaborating online. Once forms are created, the Version Now technology within mytransactions allows them to become "interactive" so that you can prepare documents online while allowing buyers and sellers to digitally sign when appropriate. Additionally, the mytransactions solution also provides configurable document workflow and realtime collaboration to ensure that the transaction process is seamless and trackable. 3) Status A title or attribute given to a specific file for the purposes of grouping transactions and alerting the user to what action needs to be taken. Statuses are used on the broker dashboard in order for users to filter and group transactions within their current viewing setup, as well as move the file through the office procedures for compliance and data entry. 4) Form Workflow The programming behind the interactive forms that will assist you in what to do next with the form. Within a transaction the forms will have individual Status and Action descriptions to assist in managing the transaction. These include: Agent to Client Make Available to Buyer Negotiating Form is for use only between and agent and client on one side of the transaction (used in listing or buying loops) Ex. Buyer Representation Agreement or Listing Agreement Once the form is completed (listing loop) it can then be made available to any buyer making an offer. In the case of multiple offers each buyer has their copy that they can sign, leaving the original form available to other buyers. Upon usage by a buyer the form will then use Negotiating style workflow. Ex. Seller s Property Disclosure This form is completed by the one side of the transaction and then revision permissions are passed to the other side. If changes are made, a new version is created and revision permissions passed back. This continues until both sides have signed the form at which time the form locks and no revisions can be made. Ex. Purchase Contract, Ammendments 5) Status Workflow A defined set of rules that allows the system to change the status of a loop when an agent submits a file to the office. These rules are defined and programmed by the Broker Dashboard users that tell they system if the current status of a submitted loop is A, then change the status to B. Agents cannot directly edit the status of a loop, the status is updated when they click submit.

11 DotLoop Difference Real Estate is Complicated It s not easy staying current with today s constantly evolving Real Estate industry. This challenge stems from the complexity of a real estate transaction, which involves multiple parties, multiple systems, and multiple personalities. Current (complex): Too many parties, processes, and platforms It Doesn t Have to Be DotLoop is the only offer-to-close solution to gain widespread agent adoption and to deliver lifechanging value for its users. Now (simple): Automates the transaction from offer to close

12 Simplicity Equals Efficiency PDF based solutions attempt to relieve the complications of a real estate transaction. However, they actually require a few extra steps in order to get the deal closed. DotLoop utilizes Version-NOW technology on a collaborative platform, which eliminates the need to fax, scan, , or hand-deliver contracts. *Note DotLoop does allow you to add documents to a Loop that are faxed, scanned, ed or hand-delivered to you. Our Attachments feature enables you to upload and sign documents within a Loop that are received outside of the system. The result is a more efficient, convenient and profitable process for all parties involved. DotLoop brings all parties together in one workspace

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14 Benefits What this will do for Market Center Leadership: Attract better, more effective agents with a solid back-office suite of tools Increased visibility to an agent s transaction Reduce transaction process time by 30% o allows agents, MCA s & brokers to interact with documents/files anywhere, anytime Boost the productivity of new agents by providing a consistent agent start-up process Shifting to Broker Dashboard = Cost Savings o Eliminates cost of 3 rd party compliance systems. The Broker Dashboard, the compliance portion of mytransactions, is included for every market center. 100% Compliance Accuracy o Notes & Tags capture history associated with each transaction Streamlined Office Communication o Compliance information is viewable to anyone on the broker dashboard. Activating the Broker Dashboard = Cost Savings (Eliminates cost for Sure Close) Reduces time spent on form maintenance by 20% Resources: What is a Loop?.PDF eedge 101 Guide (Lesson 8: mytransactions) - DotLoopTV (Go to YouTube and Search for DotLoopTV) o How to Create a Loop Video o How Do Clients Review & esign Documents Video o What to Invite the Agent Video eedge Leadership Collaborate Page o Go to the eedge Home Page, scroll over Technology and select eedge Leadership Broker Dashboard Archived Webinar Broker Dashboard Guide

15 What does MyTransactions do for Agents: Increases Flexibility & Mobility o Use your ipad, Laptop or other mobile device to review/sign anywhere, anytime. Reduces wasted travel time by 25% Ability to Sell and Live the Green story! Decreases the compliance review process time by 30% Provides secure storage for all documents associated with your transactions How To: 1) Attend training. 2) Read the attached mytransactions Overview document to get an overview of the system 3) Review educational videos on DotLoopTV 4) Familiarize yourself with DotLoop terminology by reading the attached What is a Loop?.PDF Resources: mytransactions Overview (see attached document) What is a Loop? (see attached.pdf) eedge 101 Guide (Lesson 8: mytransactions) - DotLoopTV (Go to YouTube and Search for DotLoopTV) o How to Create a Loop Video o How Do Clients Review & esign Documents Video o What to Invite the Agent Video

16 Frequently Asked Questions Question: What is DotLoop? Answer: DotLoop is a web-based transaction management tool (not a forms vendor), which allows real estate professionals to negotiate, manage and conclude real estate transactions in an efficient, cost-effective & environmentally-friendly (paperless) way. Question: Are my Boards or Association forms uploaded to MyTransactions, yet? If not, how can I add these forms to my Loops? Answer: Your forms may not be currently uploaded to MyTransactions, in some areas we have agreements with state associations to provide their forms via mytransactions. In other areas each individual broker is licensed to use the forms and must therefore provide them to DotLoop to be made available in mytransactions. Should you have any question as to where your market center falls in this category please contact D Jackson at Djackson@dotloop.com. While the office is getting the forms uploaded, the agents can still use the system by uploading completed forms using the Attachment feature. The system gives you the option to add signature/initial fields and notes to the attachment. Once you drop signature or initials fields, the system will ask you who needs to sign in that particular spot. All you need to do is to click Save & Continue and go through each page of the attachment and modify as necessary. Question: Are forms that have come from the various MLS s automatically updated? If not, what is the procedure for this update to ensure that all of the brokerages are using the most up-to-date versions? Answer: No. Forms from the MLS's, Boards or Associations are only updated when the MCA (or a "forms point person" from your market center) uploads the updated form(s) to the Form Spot. The procedure to upload to new forms that market centers would like to use in the Version NOW format, is to sign-in to the Form Spot and upload them to your forms library, so that our forms team can upload them to your forms library. However, in cases where DotLoop has an agreement with an MLS or an Association, we will automatically update the forms, if your market center would like us to do so. To learn more go to the Form Spot webinar:

17 Question: I see that when I esign a document, that it asks me for my password every time that I signing a document. Is this also the case for the brokers when they are reviewing files? Answer: No. When a compliance person is reviewing files on the Broker Dashboard they simply review files and when they are finished reviewing a transaction (or Loop) they update the status and move on to the next file. The only time they might "sign" when using the Broker Dashboard is if they need to sign a specific a document. In this situation, there is a Broker signing permission that can be activated for Brokers that need to sign a document. Question: How have you seen other brokerages using DotLoop to interact with outside vendors? For example with Sure Close, some of my brokers are inviting the title/escrow companies to the transaction so that they can add the pre-audit, preliminary title report, HUD, etc. Or, they are inviting the lender so that they can upload LSU directly. Thoughts? Answer: Yes, this can be done. If an outside partner (such as a title/escrow company) needs to review and sign a document, the form/document can be sent to third parties directly from the system. Question: By default, who has access to the Broker Dashboard? Answer: KWRI and/or DotLoop provision the MCA and Broker-In-Charge with Broker Dashboard access, provided they have activated their mytransactions account. Once these people understand how to use the Broker Dashboard, they can create their office Compliance workflow, and add other members of the office team to review files for compliance as appropriate. Question: I can t see any of my staff members that I would like to give permission to view, edit, and admin the documents. How do I overcome this? Answer: You can enable Broker Dashboard access for others in your market center by following these steps: 1) Go the "Settings" section in your Broker Dashboard, 2) Select "Edit" in the Dashboard Access box, 3) Search for the person you would like to give access to and 4) Right Click on the "Pen & Paper icon to select the type of access you would like to give them (Administrator, Compliance or Signer). We recommend "Compliance" access for most Broker Dashboard users, unless they are the Broker and they need to sign documents, then we would also enable "Signer" access. You can only grant access to someone that has an active mytransactions account. If you do not see your staff member in the list then most likely they have not activated their account. The list of agents on the Broker Dashboard is not a list of your roster, but rather agents that have a mytransactions account.

18 Question: What happens when an agent leaves the office. Do their transactions go with them? Answer: Yes and No. Since by rule the transactions are the Brokers, those transactions will stay in the brokers account. An agent that transfers market centers would end up with the different profiles under his/her account (one for each market center). They will be able to access their prior transactions under their old profile, and start new transactions under their new brokerage in their new profile. Question: I work as part of a Team. How do I add provide access, so that another agent can access my Loops? Answer: To add agents to your team click the "My Team" link located in the Additional Options section. Next, you will be able to search and add agents to your team, specifying which loop types they will have permission to view. By adding an agent to your team they will be added to every loop you start after that point. Question: Why did my signatures disappear? Answer: Signatures disappear when changes have been made to a signed contract during negotiation. This is due to the fact that our system authenticates only that information which the client has reviewed and signed off on.

19 Appendix A: Milestone Tracker Our Transition Deadline: Identify Key Roles: Role Person(s) Fulfilling Role Forms Coordinator Training Coordinator Compliance Coordinator Trainers Identify Key Dates Target Date Date Completed Activity Person Responsible Wk 1 Wk 2 Office Leadership Training Office Broker Dashboard Training: mytransactions Loop process Broker Dashboard Planning Develop statuses for use in MC Broker Dashboard Develop workflows for the statuses identified Enter statuses into MC Broker Dashboard Enter workflows into MC Broker Dashboard All Staff All Staff and trainers Wk 3 Twice a week agent training in the market center (Basic 6 step session both sessions) Wk 4 Twice a week agent training in the market center (Basic 6 step session both sessions) Wk 5 Wk 6 Wk 7 Wk 8 Twice a week agent training in the market center (1 basic session, 1 advanced topics/hands on session) Twice a week agent training in the market center (1 basic session, 1 advanced topics/hands on session) Market Center decision on training based on agent feedback Market Center decision on training based on agent feedback

20 Appendix B: Sample Workflows

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22 Appendix C: Sample communications: Introduction to MC Staff (Week 1): Dear Leadership Team, Welcome to Week 2 of the MyTransactions Campaign. The Vision for the MyTransactions Campaign is simple: Vision - MyTransactions will streamline the transaction process so that our market centers operate more productively and profitably. Week 2 of the MyTransactions Campaign is focused on the Broker Dashboard. This is the Compliance piece of MyTransactions. You - especially, the Brokers and MCA's - will spend most of your time in this area of the MyTransactions platform. The agents will not see this piece of the platform unless you grant them access (This is not recommended ;)!) This week's "homework" is comprised of 3 parts: 1) First, please watch (& share) the following YouTube video about the Broker Dashboard portion of MyTransactions. This brief video will enable you to answer these frequently asked questions: Question: What is the Broker Dashboard? Answer: It is the Compliance portion of MyTransactions. 2) Second, log-in to your MyTransactions account and verify that you have access to the Broker Dashboard. How do I access the Broker Dashboard? From the eedge Home Page, click on the MyOffice tab. Then, click on the Broker Dashboard link under mytransactions. This will bring you the Broker Dashboard Transaction Home Page. Note: If you see a Blue Button that say "Start your MyTransactions Journey," this means you need to activate your MyTransactions account. What should I do if I do not have Broker Dashboard access? Ask your Broker or MCA to grant you access to the Broker Dashboard. If they are unsure, please call/ D. Jackson and ask him to activate your Broker Dashboard access (djackson@dotloop.com) 3) Third, please read and review the attached "Broker Dashboard Guide."

23 Introduction to agents (Week 4): Dear MC Team, What Is mytransactions? mytransactions, powered by DotLoop, is a revolutionary paperless transaction system. It is guaranteed to make you more efficient. o No more faxing papers back and forth, having to meet with clients in person, or driving across town for missed signatures or missing forms. With this system, the traditional paper trail is now online and parties can collaborate in one space. Enhanced security no more initialed changes to smudged contracts, illegible handwriting, overfaxed contracts, or lost documents. Every adjustment can be tracked and time stamped, creating one seamless document. o Each field has its own history attached to it, allowing users to see changes as well as who made the change. o The documents are stored for seven years, with all parties having access. Secure online access for both you and your clients. Each electronic signature account requires a unique address as part of the signature authentication process. Access to documents is available anywhere you have an internet connection. mytransactions is designed to be a completely paperless solution incorporating interactive forms, electronic signatures, transaction management, compliance and long term storage. The Broker Dashboard is the compliance portion of the system. A System Working WITH You! Many associates are familiar with online document signing. However, the DotLoop difference is that the forms are live and interactive. The document is shared online and the only thing sent is a link that invites others to view/sign the document. The Sharing or Permissions Concept: Loops can contain the interactive documents as well as Attached PDF documents. Permissions to view the individual forms is granted based on role, not by individual. For this reason, a new loop is required for each offer a selling client receives or a buying client makes. When a document is added no one other than you will have permissions to view that document until permission is granted. This enables you to have documents stored in the loop that are only visible to you (and your Broker).

24 Follow up to agents (Week 5): Dear MC Team, The Vision for the MyTransactions Campaign is: Vision - MyTransactions will streamline the transaction process so that our market centers operate more productively and profitably. For the past 4 Weeks, the OP's/TL's/MCA's & Brokers have been learning about MyTransactions and setting-up their Compliance process to facilitate a smooth transition for you - the Agents - on to MyTransactions. This week we want to introduce the Agents to the MyTransactions platform. Last week you should have received an titled: What s MyTransactions? Many of you are familiar with tools like Zipforms, Docu-Sign and SureClose. MyTransactions (powered by DotLoop) incorporates ALL of these tools into a single platform - MyTransactions. Please watch this brief overview video from DotLoop to learn more: DotLoop Overview When you finish watching the Overview Video (see above), please go into your eedge Account today and make sure that you have activated your MyTransactions account. Why is it so important to activate your account? 2) In (YOUR MONTH OF CONVERSION HERE), the market center will be transitioning to MyTransactions for all Compliance Review activities. As of this date we will only be accepting files through mytransactions. Therefore, the sooner you get familiar with MyTransactions the sooner your transaction review process will be running smoothly. If you have any questions about how to activate your MyTransactions account, please ask your MCA, Broker or TL or call DotLoop Support at Lastly, several Keller Williams agents along with KWRI and DotLoop have created a Facebook page where you can share information and ask questions about MyTransactions. Please feel free to join this Facebook Group to learn more about MyTransactions! Have a Great Day!

25 Follow Up to Agents: Uploading Documents (Week 6) Dear MC Team, The Vision for the MyTransactions is: Vision - MyTransactions will streamline the transaction process so that our market centers operate more productively and profitably. This week, we will learn about the Attachments feature and how you can Accept Offers and add documents received from outside of MyTransactions! Please follow our 3-Step Process to become proficient using the Attachments features on MyTransactions. Initially, many of your deals will be done with agents that are not using MyTransactions (or the DotLoop platform). As such, it is likely that you will receive offers the "old way" via fax, ed.pdf's, or from a co-op dropping off the "wet signature" paperwork at your office. Fortunately, you have the ability to upload these documents via the Attachment feature in MyTransactions! STEP 1 - Please click on Attachment feature and watch a brief instructional video on how to Upload an Attachment to your Loops. STEP 2 - Please click on the Receiving Offers Outside of the System to watch a brief instructional video on How to Handle Offer Received Outside of MyTransactions. STEP 3 - Create a "test loop" and add an Attachment to the Loop. EXTRA CREDIT... watch this video to learn more about the recently released Attachments Library feature in MyTransactions. For those of you who still need to activate your MyTransactions account, please do it Today! If you have any questions about how to activate your MyTransactions account, please ask your MCA, Broker or TL or call DotLoop Support at Lastly, several Keller Williams agents along with KWRI and DotLoop have created a Facebook page where you can share information and ask questions about MyTransactions. Please feel free to join this Facebook Group to learn more about MyTransactions! Have a Great Week!

26 Follow Up to Agents: Submitting Documents (Week 7) Dear MC Team, The Vision for the MyTransactions is: Vision - MyTransactions will streamline the transaction process so that our market centers operate more productively and profitably. MyTransactions includes a compliance component that the office will be using. This week, you will learn How to Submit your Loops for Compliance Review by your Brokers. Please watch this short video on "How to Submit for Review." For those of you who still need to activate your MyTransactions account, please do it Today! If you have any questions about how to activate your MyTransactions account, please ask your MCA, Broker or TL or call DotLoop Support at Reminder - please join the eedge MyTransactions Facebook Group to learn more about MyTransactions! Have a Great Day!