Creating an Offer

Modified on Tue, 22 Oct at 1:15 PM

Summary

Agents should be creating EVERY offer in the system. Including offers received by phone call, SMS, Email, and signed Contract.

This is to ensure a compliant file.

When creating an Offer in the system, the head office team is able to receive the key details to track and manage the offer and hand the required accounting procedures.

How to Create an Offer

An Agent can create an Offer from multiple points in the system.

Create button in header:
Create button in a Listing Record:

Offer Wizard
The Offer Wizard is the step by step workflow that guides the agent through the necessary step to create an Offer Record.

Step 1 - Status

In this step the User will select the status of the Offer:

Accepted - Both parties have agreed to the offer
In Negotiation - Only one side has agreed to the offer. This status is also used for Auctions so that the Deposit Request can be sent out
Rejected - The offer has not been accepted

Only one ACCEPTED offer can be attached to a Listing Record, so if there is already an ACCEPTED offer for that Listing, the following message will display if the User selects ACCEPTED.

If the Agent is conjuncting with another agent, they will need to select Yes in the Conjunction field, then required fields will display.

Those fields are:

Who do you represent - The agent will select if they are representing the seller or buyer
Lead agent split - This is the split of the agent that is representing the seller. This will be used to adjust the commission for the Agent Commission Statement

If the Agent is acting as a Buyer’s Agent (the Buyer is paying the commission, not the seller), then they need to tick the box and the Gross Commission Statement will be sent to the Buyer and not the Seller.

Step 2 - Details

This step includes the following fields:

Name - This is the Offer ID that will be auto-populated
Offer/Contract Date - the date the Offer was made. If there is an ACCEPTED Contract, then this should be the Contract Date
Amount - the amount of the offer
Type - the type can be any of the following:
- Cash
- Finance
- Trade
- Other
Listing - This is the listing record that the offer is associated to. It will auto-populate when the Offer is created from a Listing Record. This is a lookup field where the User can select which listing to associate the offer to.

Buyers - This is a lookup field where the User can select which Contact Records to associate to the Offer as Buyers. If the buyer does not exist in the database, they can create a new Contact Record by clicking the + button.

If the User selects a Buyer that is already attached to another Offer with status of Accepted or In-Negotiation for the same Listing, then a warning will display and the User will be able select the Offer in the pop up to continue editing the existing Offer.

Attachments - These are the documents that can be uploaded to the Offer. The list of available documents can be found here.

Step 3 - Deposit Details

Information about sending Deposit Requests can be found here.

Step 4 - Conditions

This step will outline the conditions of the offer. This helps the settlements team track the key dates and coordinate with all parties to collect necessary documentation for compliance purposes.

The conditions are:

Finance - is the offer subject to a finance clause?
Valuation - is the offer subject to a valuation clause?
Building Inspection - is the offer subject to a building inspection clause?
Pest inspection - is the offer subject to a pest inspection clause?
Other conditions - if the offer is subject to any other conditions, the User can add those condition using the Add Another Condition button.
Other sale - is the offer subject to the sale of another property?
Anticipated Settlement Date - what is the expected settlement date of the offer?

If all Conditions are marked as NO, the Offer will be considered UNCONDITIONAL.

If any Conditions are marked as YES, the Offer will be considered CONDITIONAL. The User will also be required to add further information including:

Description/Comments - this is a further explanation of the clause that can assist the settlements team to understand the condition better
Date - this is the expected date the Condition will be due
Status - the options are:
- In Progress
- Met: If this is selected, the Choose Document will be required. An email or letter needs to uploaded confirming that the Condition has been met
Not Met: if this is selected, a pop up will display asking for a reason this was not met and an email or letter needs to uploaded confirming that the Condition has been NOT been met. This is for compliance purposes. This will also mark the status of the Offer to Fallen Over
Extended

Step 5 - Solicitors

In this step the User will be required to add the Contact record of the legal representative for both sides.

These are look up fields that will search all Contact Record with type = Legal Representative

Step 6 - Notifications

The User can send notification from the system which will include the attachments.

The recipients will need to be selected, and so will the attachments that the User wants to send.

The the SEND NOTIFICATIONS button will need to be clicked.

If the User wants to send different attachment to different recipients, the they will need to repeat the above process for each recipient.

Step 7 - Commission

If the Commission Rate has changed, then the User can tick Is there a change in commission?

Then they will enter the details of the new commission amount and an explanation of why the commission has changed. This new commission rate will be used for the Gross Commission Statement.

If the Agent is receiving a reimbursement from the Seller (or Buyer for Buyer’s Agencies) then they need to tick the Reimbursement section. Then they can enter the amount that will be reimbursed to them and a description for that reimbursement. This amount will be added to the Gross Commission Statement in addition to the Commission.

If the Agent is paying a referral fee to an external party (i.e. local agent finder, lead source) the can add this to the Referral Details section. Then they will need to add the Referral’s name and the amount they are paying.

@realty will not charge their fees on this amount.

If the Agent wants to access their Commission earlier, they can complete the Commission Advancement application and the Boost process will begin.