Professionals involved with the unfortunate task of handling distressed real estate must deal with hundreds of tasks associated with each property. The sheer volume of foreclosures and short sales combined with the “hurry up and close this deal” mentality of many lenders in a rush to get properties off their books, can lead to errors that hinder the entire process. Add in a variety of procedures that can vary greatly between companies and you’ve got a perfect mix for disaster, reports TMCnet.
Agents need a thorough and reliable workflow method to handle the myriad of information and tasks associated with each transaction. Not only do agents need a way to store all of the important contact and procedural information for each party involved in the transaction, they need a reliable way to stay on top of each deal, so that nothing gets missed.
There are several key factors to look for when searching for the right workflow software:
- Choose a user-friendly system which allows you to be up and running within a few hours, rather than days. Training should be quick and easy, so that every user can be up to speed quickly.
- Find software that will allow you to customize every task and procedure yourself, without calling on a technician.
- Remote access to the system is a definite must. Agents in the field should be able to upload reports, photos and other details through their mobile or laptops.
- The software should have the ability to provide for third party input into the system. For example, once a vendor has finished his report, he can upload the information into the system so that everyone can have access to it immediately, rather than waiting on someone inside the company to add it to the property record.
- Look for software that can connect with your company’s property website. When property offers come in, they can be mainlined into the system. This can reduce the time required for phone calls and email management while providing for faster response times.
- The software should provide for detailed reports and note taking to keep everyone in the loop, preventing miscommunication.
Setting up your software can take some time, however, once you’ve incorporated it into your system, you will find that you’ve more time to do what needs to be done and less time “putting out fires” that sprung up due to tasks that slipped through the cracks.