TRANSACTION & CLOSING PROCESS “BEST PRACTICES” PROCEDURE AGENT CHECKLIST
STEP 1: FOR LISTING UNDER PENDING SALE CONTRACT / FOR BUYER UNDER PENDING SALE CONTRACT: Submit Greensheet (required for Listing Sale and Buyer Sale), Purchase Agreement, required documents that have been signed, and Commission in Command within 48 hours of Purchase Agreement under contract.
STEP 2: Submit all other required documents (fully executed) within 72 hours prior to closing
STEP 3: If any required documents still need to be signed, ask the closer to get them signed at the closing table
STEP 4: After closing, request closer to email a copy of the commission check(s) and closing package to you, and verify the following:
1. Check(s) are written to one of the following: Keller Williams Rivertown, KW Rivertown, Keller Williams Realty, Keller Williams Realty Rivertown, KW Harbortown 2. Seller and Buyer Settlement Statements are in the closing package, and the amounts listed on each statement state our company name and the amount of the check matches. If we are holding the earnest money, the check will be less than the amount of the earnest money.
3. Warranty Deed is in the closing package
STEP 5: If everything is accurate, upload the check copy and closing package to your Closed Folder in the transaction management program and submit for review.
STEP 6: If anything is inaccurate, notify the closer immediately and ask for remedy, and then submit the correct documents for review.
HOW OUR TEAM WORKS INTERNALLY TO SUPPORT YOU IN GETTING PAID THE FASTEST:
When the office receives the commission check, our compliance coordinator will scan a copy to your Closed Folder and double verify that the file is complete. If any documents are missing or incomplete, the file will be returned with a note.
Our compliance coordinator has a designated timeblock where she works on closings only, Monday-Friday, 2-5pm, so that she can focus on files that are ready to be paid the next morning.
If funds and closing package documents are accurate AND transaction was submitted for review prior to closing and there are only 1-3 documents missing, agent has until 4:00 pm to submit remaining missing documents and if the missing submitted documents are accurate, agent will receive their commission disbursement the next business day.
If the transaction was not submitted for review prior to closing and full review is necessary during the closing file review timeblock, the file will be reviewed the following morning during our pre-closing file review timeblock, and the agent will have until 4:00pm to submit any missing documents to receive their commission disbursement the next business day.
Watch First
Connect Dotloop with KW Command is pretty straight forward. Once this is connected, everything else will fall into place.
Est. Time: 4 Min
DotLoop Basics
This tutorial is to show you the basics of a DotLoop transaction. This is a video by Scott LeRoy Marketing, they do an effective job at helping new agents understand how to navigate a deal.
Est. time: 17 Min
How to Create a Contact
You have to have a contact in command to start an Opportunity. This video will walk you through that process of creating the contact. If you already have the client in your database, feel free to skip this video.
Est. time: 3 Min
Step 1: How to Create an Opportunity
An Opportunity is put in when you know the client's desires. This video will walk you through how to properly set an opportunity up in Command.
Est. time: 7 Min
Step 2: Details, Seller Profile Notes and Timeline Tabs
Working with a Seller? This will help you define the items needed for the transaction to be a success.
Est. time: 4 Min
Step 3: Documents Tab (Part 1)
This video gets you started on adding documents to an Opportunity.
Est. time: 6 Min
Step 4: Documents Tab (Part 2)
Continued video about adding documents into an Opportunity, and how to work with them.
Est. time: 12 Min
Step 5: Offers Tab
This walk-though will help you determine offers and how to proceed.
Est. time: 6 Min
Step 6: Commission Tab
Everyone likes to get paid, let's make sure everyone gets paid fairly. This short video will help you determine what numbers need to be put in place.
Est. time: 10 Min
Step 7: Commission Splits
Learn how to put commission splits into Command.
Est. time: 4 Min
Step 8: Connecting Listings
Learn how to connect listings in Command.
Est. time: 3 Min
Step 9: Create Custom Tags
Tags in Command are awesome and will help you organize your database accordingly.
Est. Time: 3 Min
Phases, Stages, and Checklists
Everyone loves a clean checklist, right? How about one you can put on autopilot? Even better, right!?!?!
Est. time: 5 Min
What to do for a Mutual Release
Bah... we hate them, but sometimes they happen. Learn what to do about a mutual release in KW Command.
Est. time: 4 Min
Keller Williams RiverTown, Harbortown, Hoppough
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