Our solution to Real Estate Management System Sales & Leasing industry
(Broker)
A White Paper
{date}
Centra Technologies DMCC
Contents
1. Introduction 2
2. Business Case 2
3. Problem Statement v/s Proposed solution 2
4. Product Overview 2
5. Results / Conclusion 9
11/8/2016 Page 11
1. Introduction
Centra REMS Sales and Leasing Module for Brokers simplifies the functions for the broker. It enables you to enjoy a thorough visibility of leads and opportunities for buyers and tenants and progress them through to legalization of documentation through a one-stop solution of all core modules of real estate sales and leasing management. The compatible workflow tool manages and keeps watch on various conditions and ensures a timely execution of tasks and deliverables.
2. Business Case
Centra REMS provide brokers of various properties with variety of information such as building/community financials, budgets, seller database, buyer database and sundry documents. It maintains real-time lists of available, reserved and leased units and proactively follows up leads and opportunities. It provides automated workflows to manage process from leasing to possession and automated sub-processes for Facilities Management Legal activities, cancellations & transfers. It can proactively manage collections of payments based on milestones and schedules and generates project-wise reports on lease performance
3. Problem Statement v/s Proposed solution
Problem / SolutionDifference in information entitled for the owner of the property when compared to a tenant / We have an owner and tenant management system which provides an option of restricting certain information and limiting the entitlement of information to be given.
Tedious process of issuing individual invoices / Auto-generation of bulk invoices for maintenance charges, reserve funds, and various other charges based on unit preferences and broadcast them to specific unit owners.
Inefficiency or lag in giving relevant billing information to the owner for their reference / Provide Owners with access to maintenance invoices, payment options through payment gateway integration and issue receipts as well.
Communication with the organizational users as well as clients on the same portal / Centra CRM can trigger emails, SMS messages or notifications and reminders within organizational users or external clients.
Limitation of certain functionalities / Centra CRM is well equipped to match all needs and it can also be easily integrated to a third party in case of additional services
4. Product Overview
The Real Estate Management System is divided into 4 major stages.
1. Pre-Sales
2. Sales
3. Services &
4. Optional Services
Presales:
The Pre-sales process involves Lead Management. Different campaign types like email, tele-campaign, fundraiser and roadshows can be mapped into the system along with their status as active, inactive or planned. All the details of the potential buyer, potential seller and the property they are interested in can be systematically defined in this module. Once a potential buyer or seller shows interest the broker starts following up. A Broker has all the same fields as owner with an additional tag which is a related master of owners. A broker can create an account with all his leads differentiating them in categories like Owner, Prospect and Landlord.
Sales:
The next stage would be Sales. Before the sales process begins the broker collects the buyer’s database and seller’s database to get all the required information. The database has to be captured and registered. The registration process has details of the property and an agreement or policy of terms of engagement made with the broker by the seller or buyer. Sales process involves site visits, property and unit specification, negotiation and sale finalization. Site visits are hosted by the broker. They show the variety of properties in detail. This takes them to the next stage which is unit and property specification. Under the Units option various fields like property type, area, floor, dimensions, status and budget can be defined. After the buyer has determined the property the negotiations begin where the type of payment and mode of payment is discussed.
The payment can be done by stage wise propagation. Our system can work in accordance with RERA’s conditions. RERA has issued 2 conditions when it comes to stage propagation. The first condition is that the seller is entitled to receive his payment based on the percentage of work completion and second condition is that bank finance can not be accessed until 50% of the job is completed. There are other methods of payments like cash payment and instalment payments that do not have regulations based on job completion. The milestones and stages of the construction are predefined in PMS systems.
Services:
This brings us to the next stage, that is, the Services. The Services process includes Reservation, Registration and Possession. Once the booking has been made the legal data has to be captured. A Reservation is the compiling of legal contract between the buyer and the seller which is facilitated by the broker. The contract legally obligates the buyer to buy the property and the seller to sell the property by means of a broker. The contract request can be raised through workflow notifications once the booking is closed. Apart from that contract there is another term of engagement contract with the broker that specifies details like exclusivity or non-exclusivity of the broker, minimum price, expected price, commitment to pay a certain % of brokerage via the buyer or seller or both. As an outcome of this the system will automatically compute the brokerage charges that is yet to be paid by either the tenant or the landlord or both or buyer or seller or both.
As soon as the booking is closed the legal details are sent to the officials who create a reservation approval for the sales executive to get approval from the buyer. The buyer is entitled to alterations until they approve it and end the reservation process. Our system provides the reservation stage wise propagation with workflow triggers of time limit definitions for every stage followed by escalations, alerts and reminders that will be triggered unless the reservation is closed.
Reservation is followed by Registration. Registration is the process of submitting the SPA (Sales Purchase Agreement) to the government for it to be official legally. Once the SPA is signed, executed, registered and the process of registration has been paid for by both the parties it implies that the deal has been officially sealed. After all this the seller hands over the keys to the buyer thus completing the Possession stage.
Additional Services:
The last stage of REMS Sales and Leasing module are the additional services. Additional processes include Customization for which the system can maintain snag lists for. Customization requests are sent by filling out an application form. The application form is reviewed by the seller to check if it is in line with his norms. If it got approved there is a requirement analysis by the customer followed by an estimation. The estimation will generate a quote and weather the quote is to be paid by the seller or the buyer.
Leasing:
These are the 4 stages of REMS Sales. The stages for REMS Leasing is similar to REMS Sales. There are only few differences. After the deal is closed for lease the customer has to fill out a KYC (Know Your Customer) which is facilitated by the broker. KYC is filled because the seller is entitled to have all the legal and personal information of the customer before leasing his property. Sales process involves Unit Bookings whereas Lease process involves Lease Contracts in the PMS schedule. All the information gets pre-populated from Opportunities. In a lease contract the start date and end date is mentioned along with other information like payment schedule, number of cheques in instalments and bank details if any. Another process in leasing is the Increment and Decrement rules that is a part of the workflow. A renewal policy is to be followed where any increments or decrements have to be notifies 6 months in prior or sooner. Termination of the contract requires 3 months notification. All these processes are triggered in the workflow. Alerts about increment, decrement, status quo and termination can be sent in the system on basis of the end of contract date. In case of no termination the contract can be auto renewed in the system.
5. Results / Conclusion
REMS Sales and Leasing Module for Brokers ensure selling or leasing real estate assets with ease through holistic management tools. It gives you the ability to enjoy 360 degree visibility of leads and opportunities for buyers and tenants and progress them through to legalization of documentation through a one-stop solution of all core modules of real estate sales and leasing management.
11/8/2016 Page 11
11/8/2016 Page 11