Manage Multiple Offers with Software for Real Estate Contracts
How to Manage Real Estate Contracts Online Spark’s real estate contracts software is built into the main platform, and we’ve just released a major upgrade to help new home sales teams manage multiple offers on individual inventory units.
Contracts are a central part of the process of transacting real estate. At Spark, it’s also one of the most actively developed areas of the product. Our ability to help clients generate contracts online is in high demand, and rapidly evolving thanks to the guidance we receive from our amazing clients.
We’re excited to keep pushing it forward. Spark’s real estate contracts software is built into the main platform, and we’ve just released a major upgrade to help new home sales teams manage multiple offers on individual inventory units. We can’t wait for you to try it out!
How to Manage Real Estate Contracts Online
Up until now, in competing offer scenarios, you had only limited information which was manually distributed through the interested parties. With multiple contracts, you can build out full agreements with any number of interested buyers on a single unit before choosing which one to accept.
What happens to the other offers when a single contract is accepted? By default, all other offers will remain active while the contract is in rescission, and will be archived if or when the accepted contract goes firm. If the accepted contract is rescinded, you can fall back to any other active offer.
There is also an option to immediately archive all other contracts once one is accepted: you can toggle that setting under Settings → Contracts → General.
All contracts that are assigned, rescinded, or not accepted will be archived, which means that they will no longer be editable, but will remain viewable by users with the relevant permissions.
A Note to Clients Using Spark’s Real Estate Contracts Software
As a result of these improvements to the contracts section, we did need to make a few changes to the CRM’s existing logic which clients should be aware of.
Previously, where only a single contract was on a unit, the Spark CRM assumed that any lead added to a contract was considered a “Purchaser”. They were assigned the appropriate “Purchaser” tag. With multiple contracts, only leads that are on firm, completed, or assigned contracts are considered “Purchasers”. This affects the “Purchaser” tags that you see in contact lists, and may impact some aspects of legacy reports. Some exports that contain “Purchasers” or “Purchased Inventory” will also thus contain slightly different data than you may have collected previously.
Contact searches have been updated to include both the previous (with tags renamed to “Has Contract”) and current (with tags called “Purchaser”) logic. With campaign recipients, we have kept only the previous definition, so you can still include/exclude any leads on a contract in an active (non-archived) state. We will be adding a more fine-tuned approach to recipient selection in the future.
Continuing to Improve Real Estate Contract Software
At Spark, we’re looking for ways to digitize the new home sales processes for new developments, transforming the way that we sell and transact homes. Real estate contracts is a big piece of the puzzle. By developing an online, digital option for creating and managing real estate contracts, we‘re aiming to help the new development real estate industry work more efficiently, securely, and accurately.
What’s your biggest headache when it comes to writing real estate contracts? Let us know in the comments!
As always, feel free to reach out at info@spark.re with any questions, comments, or suggestions.
Curious how digital marketing and technology is impacting real estate developers and project marketers? We interviewed VP of Marketing at Builder Designs, Matt Riley, and discussed how developers can take advantage of a digital marketing landscape.
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