Transactions Settings

Transactions settings is where you set up the whole process of the Transactions aspect of the system. Build your exit strategies or Transaction Types and preset your calculations for your team.

Set up Details

Create a master list of fields for information that you want to track for any of your Transaction Types i.e Wholesale, Wholetail, Flip, etc. We will be able to use specific fields later when creating a Transaction type.

1. Select a team that you wish to view
2. Click ⚙️ the cogwheel icon
3. Select Transactions in the drop-down
4. Go to the Details tab
5. Click ✏️ the pencil icon to go into Edit mode
6. Type the name of the field that you want to add i.e Acquisition Notes, Closing Date, etc.
7. After the field has been created, click ✏️ the pencil icon next to it to edit the field type or rename the field
   • The field types available are:
     • Standard text input
     • Multi-line text input
     • Email Input
     • Telephone input
     • Date Selector
     • Time Selector
     • Web link
     • Select Control (drop-down)
     • Radio Group
     • Checkbox
     • Calc field (automatic calculations)
8. Click 💾 the save button at the bottom-right corner

Set up Pricing Inputs

Create a master list of fields for Pricing information that you want to track for any of your Transaction Types. We will be able to use certain Pricing fields later when creating a Transaction type.

1. In the Transactions setting, go to the Pricing Inputs tab
2. Click ✏️ the pencil icon to go into Edit mode
3. Add pricing fields that you want to track. These could be Contract Price, Estimated Repairs, Closing Costs, etc.
4. Click ✏️ the pencil icon next to the field if you want to change the field type or rename it

Set up Canceled Reasons

Create reasons that you can assign when a deal is canceled.

1. In the Transactions setting, go to the Canceled Reasons tab
2. Click +Add Reason and type the name of the reason
3. Inside of the reason, automatically assign a task, send an email notification, or a webhook

Transaction Routing

This feature allows opportunities that go into transactions to be immediately assigned to an individual user or to be assigned in a round-robin type setting in case more than one user manages transactions.

To access this feature within transactions settings

1. Click on Transaction Routing within transactions settings

2. In the case of a single user, click on Individual User

3. Select the user you want the transaction leads assigned to.

4. If users are multiple, click on Round Robin and select the users.

Create Transaction Types

Create your exit strategies as Types which your team will be able to run your under-contract opportunities through.

1. In the Transactions setting, go to the Types tab
2. Click +Add Type to add a new one. This could be Wholesale, Wholetail, Flip

Pipeline

1. Go to the Pipeline tab to build out the statuses
2. By default, you have Unassigned, Assigned, and Closed pipelines. Click on one and Click the Add Status button. These are the step-by-step statuses that you will run your under-contract opportunities through. For example, I have Untouched, No contact, Need pics & access, Marketing being created, etc., in the Unassigned Pipeline. 

You can also create a Workflow to automatically assign a task whenever a certain status is selected. For example, you can create a workflow for 'Marketing being created' where it would automatically assign a task to "Add all pictures to Dropbox folder"

Click here to learn how to set up Workflows

Detail Fields

1. Go to the Detail Fields of the Type you are editing
2. Select the fields from the master list that you want to use for this Transaction Type that you are creating

Pricing Fields

1. Go to the Pricing Fields tab
2. Select the Pricing fields from the master list that you want to use for this Transaction Type

Calculations

You can learn more about creating Calc fields here

1. Go to the Calculations tab to create the calculations for this Transaction type.
2. Click ✏️ the Pencil icon to enter edit mode
3. Click ✏️ the Pencil icon next to the calc field to input your formula. Enter the "#" symbol to show the master list of your Pricing fields. You can search for the field by typing the name after the "#" symbol.
   • Wholesale Marketing Price example: #A-B contract price*1.2
   • Projected Profit example: #marketing price-#ab contract price
   • Actual Profit example: #final B-C sales price-#A-B contract price-#closing costs-#partner commission-#admin fee-#misc expenses
4. Click 💾  the Save icon at the bottom-right corner

After creating a Transaction Type, you can duplicate it to create a different variation.

Create a Submission Form

This form will show up when an Acquisitions person is about to put an opportunity under contract.  They will fill out the fields in the form and the info will then be sent to your Transactions team.

1. In the Transactions setting, go to the Submission Form tab
2. Select a default Transaction Type to which under-contract Opportunities will be sent. Your Transaction team can easily change the Type later if needed.
3. Click the Add a field button to start adding fields. This will use your master list of Details and Pricing Input fields so make sure that you have them created first before creating a submission form.
4. Submission fields are required by default. Click the checkbox to not make the submission field required.
5. Click 💾 the save button at the bottom-right corner

Video Version