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How Colorful Are You?

By
Services for Real Estate Pros with Holler Law Firm

 Have you ever completed a paint-by-numbers picture?  Until it is entirely filled in, it isn't complete.  It just doesn't look right until all the numbers with their corresponding colors are shaded.

What if your transaction were a paint-by-number picture?

 Realtors = 1-Blue

Escrow Officer = 2-Red

Lender = 3-Green

Buyer/Seller = 4-Yellow

                             Inspectors = 5-Purple

Each color is important to complete the picture.  Some may be used more than others, but the painting is not complete without each and every one. 

Now, here is where I'm going to get a little philosophical on you.  If all these pieces are the colors, what would the canvas be?  What can effectively bring all these colors together in the right place on same page?  An online transaction management system can be a highly effective tool to complete your picture.  If it is web based, all "colors" can participate.  This is so important.  The more information you have in this single place, the more colorful the picture will be.  What good would it be to have a picture with only the blue filled in on your desk, while your client is at home staring at a yellow page?  Meanwhile, the escrow officer is just seeing red - well, they usually see red, they are an angry bunch. (Just kidding, I only say that because I have paid my dues and served my time as an escrow officer.) 

Are you catching my drift here?  It is no secret, I am a huge advocate for using an online transaction  management system.   There are so many reasons for this that I hope I will never run out of blogging material.  The point I am trying to make tonight is that if used properly, an online transaction management system can be the ultimate connector for everyone in the transaction.  There are many effective platforms available.  It may take some time to investigate and find the right fit for you.  I won't kid you, implementation isn't a walk in the park, but if you find a qualified team to help you set your systems in place it is definitely worth the effort.  Being a leader in your transactions and your profession is always worth the time and energy.  In this age of "one stop shopping", don't you want to be the owner of the store?  The beautiful masterpiece that will be created at the closing can be treasured and admired by all!

Chuck Christensen
Your Financial Coach - Bellingham, WA
Loan Originators shoud be  #6 Black and Blue   that's they way they end up anyway after the realtors, clients, and lenders have all beaten them...and then the processors take a shot when their down...
Jul 18, 2007 05:24 PM
William Johnson
Retired - La Jolla, CA
Retired
I really appreciate your post, No really I do. I am a certified trainer for RELAY , the online transaction management system sponsored by CAR (Developed by California Association of REALTORS and NAR). It incorporates the contracts right inside the system. Makes it seamless. Great post and I'll check out your resource. The best one is always the one you use, right? Good post I loved the analogy.
Jul 18, 2007 05:26 PM
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
Clever post. thanks for sharing.
Jul 18, 2007 06:29 PM
Ken Spencer
Buckeye, AZ
for Verrado, Buckeye, Sundance
Excellent post on relating color coordination to processing to getting the job done.
Jul 18, 2007 06:31 PM
ARDELL DellaLoggia
Better Properties Seattle - Kirkland, WA
I wrote a color coded blog post on my blog showing all the steps in the process and color coding the steps to who exactly is doing the step.  It was long, but the color helped consumers know which ones they had to do and which they were waiting for others to do. 
Jul 18, 2007 06:50 PM
R. B. "Bob" Mitchell - Loan Officer Raleigh/Durham
Bank of England (NMLS#418481) - Raleigh, NC
Bob Mitchell (NMLS#1046286)

Beth:  Great post...Not tonight, but I'm going to check out your web site because this is the first that I"ve heard of these systems and don't quite know what it's all about right now.  

Chuck:  Tooo Funny!

 

Bob Mitchell

ValueList Real Estate Services, Inc. 

Jul 18, 2007 06:53 PM
Beth Young
Holler Law Firm - Milford, CT
Been there, Done that...

Chuck, my team tells me its ok to give loan originators black and blue but then transaction coordinators get brown because people think they can walk all over them. 

William, thank you.  I really wish I could adequately convey the importance of using a transaction management system.  I will continue to blog my best.  John Pinto and I have spoken a lot with Josh Scharfman, Howard Weinstein and the crew at RELAY.   They started late in the game and I would love to see them catch up.

Bob & Carolin, you are welcome.  Thanks for reading! 

Jul 19, 2007 02:42 PM
Beth Young
Holler Law Firm - Milford, CT
Been there, Done that...

Ken, thank you.  To me the most important part is bringing all the colors together in a common platform effectively.

Ardell, would it be too bold to say great minds think a like???  Thank you.

Bob, I would be happy to talk with you further if you would like.  If you'll keep reading, I'll keep blogging.

Jul 19, 2007 02:50 PM
Larry Wright
nwRealty.Com - Tacoma, WA
How is your system working when a loan officer, title or escrow officer don't want to cooperate?
Jul 24, 2007 01:17 PM
Beth Young
Holler Law Firm - Milford, CT
Been there, Done that...
Good question.  From a transaction management standpoint, we construct our work-flow on the system so that the transaction team maintains control.  We would love for all parties to participate, but we also deal in reality.  So, we set the work-flow so that if a third party does not cooperate on the system, the transaction team will continue to maintain the file and move things forward.  That being said, it certainly makes things a lot less efficient.  A transaction system is all about accountability.  If you put the work-flow out there for all to see, it becomes obvious very quickly which parties tune in and cooperate and which ones don't.  For example, if the lender isn't returning emails, phone calls, or checking in on the progress of the transaction, the consumer will see that and that usually will keep all parties in check.
Jul 24, 2007 06:05 PM
Anonymous
David Garske

Way to VAN GOGH...

 An online transaction management system IS the ideal canvas on which to paint the story of a real estate transaction in all its vividness! 

Aug 23, 2007 03:41 AM
#11
Beth Young
Holler Law Firm - Milford, CT
Been there, Done that...
David, you are too funny!!!!
Aug 28, 2007 07:01 AM