Introduction to Sales Transactions

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3 Introduction to Sales Transactions Introduction to Sales Transactions What is a Sales Transaction? A listing to be recorded in CREST EDG is called a sales transaction when the commercial property can be purchased rather than leased. Types of Commercial Sales Transactions Any commercial property can be listed for sale. Below are the typical for sale property type codes available in CREST EDG. Each group of codes requires that different data be recorded for that specific property type. This image is taken directly from the drop down list CREST EDG presents on the Property Information form. Based on the Property Code (or type) you select, CREST EDG selects a predefined template. Each template contains the CREST EDG forms, required for that property type, in order of completion. Overview Conditions of Sale There are three sell and buy conditions that can occur for a commercial sale transaction. Each condition is treated differently in CREST EDG because of the rules that apply and those that do not apply to each situation. A reporting company is one that uses CREST EDG to report listings and listings sales. In-House (IH) property listed and sold by same reporting company. You data enter both the property listing and all of the property purchase details into CREST EDG. Our Listing (OL) property listed by reporting company; sold by another, outside realtor. You have a property listing in CREST EDG and must record that the property is sold telling CREST EDG who found the buyer. In this case, no buyer details or selling sales associate information need be entered. Our Sale (OS) property listed by an outside company (e.g. Harris Commercial Real Estate) and the reporting company found the buyer Coldwell Banker Real Estate LLC. All Rights Reserved. 4-1

4 Introduction to Sales Transactions Introduction to Sales Transactions (Continue) Prepare to Record a Sale Listing Sales Transaction Life Cycle Overview Before you login to CREST EDG to record the details of a commercial listing for sale, you must prepare by collecting all of the information that must be recorded. Generally, you need to know: Whose side you re on: Listing side or Buyer s side. Internal listing catalog information for your office, (Listing number, agreement expiration date, etc.) Property details Sales Associate(s) assigned to the listing Seller information After a new listing (that does not yet have a buyer) is added to CREST EDG, it is given a status code of (AC) Active. From there, that listing follows what is called the transaction life cycle. Throughout the life of a CREST EDG transaction, events occur that effect the status of the listing: Active (AC) the seller of the property has asked you to list a property for sale. After data entry, CREST EDG puts the listing on the Brand website and national listings aggregators. Expired (AC EX) listing agreement passes its sell-by date. Listing removed from Brand website and national listings aggregators. Withdrawn (AC WD) the seller decides not to sell the property. Listing removed from Brand website and national listings aggregators. Open/Pending (AC OP) a buyer signs a contract of sale to purchase the property. Listing removed from Brand website and national listings aggregators. Canceled (OP CA AC) - Buyer not qualified or pulls the offer. The listing is canceled. The same listing automatically becomes active and goes back to market with a new transaction ID. Closed (AC CL, OP CL) titles and cash exchanged between seller and buyer. Affiliate owes royalty fees. 4-2 Property of Coldwell Banker Commercial

5 Introduction to Sales Transactions Introduction to Sales Transactions (Continue) Figure 4-1: The Transaction Life Cycle 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-3

6 Add a Sales Transaction Add a Sales Transaction Overview Take a look at the Appendix 4-A in this section starting on page It contains the Commercial Transaction Blank Form in its eight pages. This form contains all of the information that you are required to enter into the CREST EDG system and all of the optional information as well. Because CREST EDG is a secure transaction system (similar to online banking), your login terminates if the system remains idle for an extended time. Therefore, you eliminate the frustration of losing your work if you can complete the listing data entry quickly, in one login session. Add Property Information From the Main Menu, select: The COMMERCIAL TR ADD: PROPERTY IINFORMATION form appears. Figure 4-2: The COMMERCIAL TR ADD: PROPERTY INFORMATION Form COMMERCIAL TR ADD: PROPERTY INFORMATION Form You are required to complete the fields with a red checkmark. 1. Select the identification number for the office listing the property from the drop down list in the Office ID field. 2. Type the listing identification number Listing # / MLS ID field. This may be a number assigned internally that is unique to your office. 3. Type the escrow identification number in the Escrow # field, if one exists. 4. Broker Reference # This also may be a number assigned internally that is unique to your office. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

7 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: PROPERTY INFORMATION Form (Continue) 5. Type the property location number in the Street No. field. 6. Designation Choose the address direction from the Direction field drop down list, if applicable. (For example, North, South, East, West.) 7. Type the name of the address location in the Street Name field. 8. Type the street name label (Avenue, Boulevard, etc.) in the Designation field. 9. Choose the designation direction in the Suffix field. 10. Type the building name or floor number in the Building/Floor field. 11. Type the suite or apartment number in the Suite/ Apt field. 12. Type the identification number assigned by the municipality tax assessor in the APN (Assessor Property Number) field. 13. Type the address city in the City field. 14. Choose the state from the drop down list in the State field. 15. Type the 5-digit zip code in the Zip Code field. 16. Select the code that best describes the type of property from the drop down list in the Property Code field. (This example uses Industrial Building Warehouse property code. 17. Select the current/intended/ use for the listing from the drop down in the Property Use field. 18. Type another multiple service listing number in the Additional MLS # field, if one exists. 19. Type a plain language description in the Property Location field. 20. Check the box to chart the location of the property on a map that appears on the consumer website in the Allow Mapping? field. 21. Select Yes or No from the drop down list in the Is your office listing this property? field. Select Yes if your office has a signed contract to act for the seller. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-5

8 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: PROPERTY INFORMATION Form (Continue) 22. Select Yes or No from the drop down list in the Show Property on internet? field. Select No if the listing is confidential. Otherwise, select Yes. Select Yes to export the listing to the Central Data Exchange and share it with Listings Manager, epresentations and your other business tools. Check the box for the Show Address field if the location of the property can be shown on the consumer website. Leave box blank if the location of the property should not appear in the consumer website listing. 23. Select to continue. The COMMERCIAL TR ADD: LISTING CORE DATA Form appears. The COMMERCIAL TR ADD: LISTING CORE DATA Form The LISTING CORE DATA form has two sections to enter basic listing information and sales associate information. The first section appears below followed by the procedures for completing the sales associate(s) information. Figure 4-3: The COMMERCIAL TR ADD: LISTING CORE DATA Form COMMERCIAL TR ADD: LISTING CORE DATA Form 1. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Date Listed field. 2. Type the total number of days before the listing expires in the Term (days) field. 3. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Listing Expires field. CREST EDG automatically calculates the Term (days) field after you enter the Listing Expires date field. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

9 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: LISTING CORE DATA Form 4. Type a maximum of ten digits in the asking price in the Listed Price field. 5. Type the number of square feet of the building in the Building Square Footage field. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Date Listed field. 6. Type the total number of days before the listing expires in the Term (days) field. 7. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Listing Expires field. CREST EDG automatically calculates the Term (days) field after you enter the Listing Expires date field. 8. Type a maximum of ten digits in the asking price in the Listed Price field. 9. Type the number of square feet of the building in the Building Square Footage field. 10. Type the total number of floors in the building in the Levels field. 11. Type the year (YYYY) construction was completed in the Year Built field. 12. Type the date (MM / DD / YYYY) property changed hands in the Last Sold field. 13. Type the specific use area designated by ordinance in the Zoning field. 14. Type the name of the property (if applicable) in the Property Name field. 15. Type the dimensions of the lot in the Lot Size field and select the measurement used in the drop down list. 16. Select the check box if the property can be exchanged for another or equal or similar value in the Eligible for Exchange? Eligible field. 17. Type the following property tax information: Tax Year (MM / DD / YYYY), tax Roll Number and the Annual Taxes fields. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-7

10 Add a Sales Transaction Add a Sales Transaction (Continue) The COMMERCIAL TR ADD: SALES ASSOCIATE LISTING CORE DATA Form The SALES ASSOCIATE DATA form has two sections to enter basic listing information and sales associate information. The first section appears below followed by the procedures for completing the sales associate(s) information. Figure 4-4: The COMMERCIAL TR ADD: SALES ASSOCIATES DATA Form COMMERCIAL TR ADD: SALES ASSOCIATES DATA Form Use this part of the form to identify the sales associate(s) representing the property listing side and the commission percentage due to each upon closing. Do one of the following: 1. Type the ID number of a sales associate assigned the listing and select. If the number entered is assigned to an active sales associate, CREST EDG automatically populates the remaining fields with his information. If not, you must add that person. Refer to Add a Person in Section 3 on page 3-22 for more information. Continue COMMERCIAL TR ADD: SALES ASSOCIATES DATA Form (Continue) or 2. Select. The SALES ASSOCIATE SELECTION form appears Coldwell Banker Real Estate LLC. All Rights Reserved.

11 Add a Sales Transaction Add a Sales Transaction (Continue) Figure 4-5: The COMMERCIAL TR ADD: SALES ASSOCIATES SELECTION Form The SALES ASSOCIATE SELECTION form allows you to scroll to one or more sales associates from the Available Sales Associates list (left) and select them by moving each name to the Selected Sales Associates list (right) or moving names back until the selected list contains the sales associate names you want to add to the listing. Multiple records can be added or removed from either list at one time by holding the Ctrl key, choosing the records you want to move, and selecting the move buttons. Sequential records can be selected or made available in one action by holding the Shift key, highlighting records as shown and selecting the move buttons. 3. Select when each record you want to add is in the Selected Sales Associate list. End 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-9

12 Add a Sales Transaction Add a Sales Transaction (Continue) The First Name and Last Name fields default to those of the sales associate(s) selected and, if possible, the Percent of Side field defaults to an even distribution among the sales people. 4. Re-type the Percent of Side field to distribute the commission as agreed. View each sales associate to verify the Percent of Side field for each to make certain that the percent shown is the accurate entitlement for this listing. The Total % Assigned field must remain at 100% to update the form and continue. 5. Select after adding the last sales associate and verifying the commission for each. The COMMERCIAL TR ADD: SELLER INFORMATION form appears. Figure 4-6: The COMMERCIAL TR ADD: SELLER INFORMATION Form Coldwell Banker Real Estate LLC. All Rights Reserved.

13 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: SELLER INFORMATION The seller information form requires some basic information about each seller. The balance of fields may be blank. If there is more than one seller for the property, add each one separately. 1. Select a seller definition from the drop down list in the Type field. The Entity Name field is conditionally required when any Type other than Person / Individual(s) is selected. First Name 1 and Last Name 1 fields are conditionally required when Person / Individual(s) is selected. 2. Type the name for the seller type selected in the Type field for example, Type=Government / Entity Name=Department of Defense (DOD) or Type=Pension Fund / Entity Name=Iron Workers of America. 3. Select the best match from the drop down list in the Seller Lead field to indicate how the lead was generated. 4. Select the best match from the drop down list in the Seller Source field to indicate in which client pool the seller was found. 5. Optionally, type the Seller Address field. The following name fields are conditionally required when an individual seller type is selected. 6. Select the individual s title from the Salutation 1 field and type the First Name 1 and Last Name 1 fields if Type equals Person / Individual(s). 7. Select the individual s title from the Salutation 1 field and type the First Name 1 and Last Name 1 fields if Type equals Person / Individual(s). 8. Select the individual s title from the Salutation 2 field and type the First Name 2 and Last Name 2 fields if Type equals Person / Individual(s). Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-11

14 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: SELLER INFORMATION Current Address The address is separated into several parts like this: COMMERCIAL TR ADD: SELLER INFORMATION Future Address 1. Type the property location number in the Street No. field. 2. Choose the address direction from the Direction field drop down list, if applicable. (For example, North, South, East, West.) 3. Type the name of the address location in the Street Name field. 4. Type the street name label (Avenue, Boulevard, etc.) in the Designation field. 5. Choose the designation direction in the Suffix field. 6. Type the building name or floor number in the Building/Floor field. 7. Type the suite or apartment number in the Suite/ Apt field. 8. Type the address city in the City field. 9. Choose the state from the drop down list in the State field. 10. Type the 5-digit zip code in the Zip Code field. 11. Choose the type of phone (home, business, fax) from the drop down list in the Telephone Type field. 12. Type the area code (between the parentheses) and phone number in the other two fields of the Number field. 13. Type the extension (if applicable) in the Ext/ PIN# field. Refer to Address on page 4-12 and repeat Steps 1 through 13 to complete the seller s Future Address fields Coldwell Banker Real Estate LLC. All Rights Reserved.

15 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: SELLER INFORMATION Add Another Seller Use the toolbar below to add each person or entity who legally owns the property. After completing the Seller Information form for Seller 1 of 1: 1. Select in this toolbar. The COMMERCIAL TR ADD: SELLER INFORMATION form reappears with all fields erased except: the seller Type field (which defaults to the value selected for the first seller) and the toolbar counter (which displays Seller 2 of 2). COMMERCIAL TR ADD: SELLER INFORMATION Add Another Seller (Continue) 2. Complete the required and optional fields for the second seller. Refer to, COMMERCIAL TR ADD: SELLER INFORMATION on page 4-11 for step-by-step procedures. 3. Repeat Steps 1 and 2 for each seller to be entered. 4. Select after adding the last seller for the listing. The COMMERCIAL TR ADD: INVESTMENT/OPERATING SUMMARY form appears. Figure 4-7: The COMMERCIAL TR ADD: LESSEE INFORMATION Form 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-13

16 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: INVESTMENT/OPERAT- ING SUMMARY Form The data on the INVESTMENT/OPERATING SUMMARY form provides information about the credits and debits associated with owning and maintaining the listed property. These fields are not required. If the data is entered here however, it appears on the consumer website. The values in the Currency Type, Price, and the Building Square Footage fields are protected and cannot be changed. Currency defaults to US Dollars. Price defaults to the value entered in the Listed Price field and the Building Square Footage field also defaults from the value entered on the COMMERCIAL TR ADD: LISTING CORE DATA form. 1. Type the dollar amount of income collected prior to expenses in the Gross Income field. 2. Type the total cost to operate and maintain the property in the Expenses field. The value in the Net Operating Income field is the automatically calculated difference between the amounts in the Gross Income and Expenses fields. 3. Type the ratio percentage of protection from increases in operating costs in the CAP Rate field. CAP Rate is expressed as a percentage and typically equals the Net Operating Income Price. Select a letter (A, B, or C) from the drop down list for the Building Class field. 4. Optionally, enter the following fields: Price Per Square Feet Cash Flow Before Taxes Down Payment 5. Select. The COMMERCIAL TR ADD: LESSEE INFORMATION form appears. End Coldwell Banker Real Estate LLC. All Rights Reserved.

17 Add a Sales Transaction Add a Sales Transaction (Continue) Figure 4-8: The COMMERCIAL TR ADD: LESSEE INFORMATION Form COMMERCIAL TR ADD: LESSEE INFORMATION Form COMMERCIAL TR ADD: LESSEE INFORMATION Form (continue) The data on the LESSEE INFORMATION form provides information about the people or entities currently leasing space in the listed building. This information is optional. Multiple lessees may be entered for one property listing; however the lessee cumulative total square feet cannot exceed the Building Square Footage field on the COMMERCIAL TR ADD: LISTING CORE DATA form. 1. Name the first entity or person in the Lessee field. 2. Type the area leased in the Square Feet field. A warning dialogue appears if the square footage exceeds the Building Square Footage field on the COMMERCIAL TR ADD: LISTING CORE DATA form and you must change the Square Feet field for this lessee Coldwell Banker Real Estate LLC. All Rights Reserved. 4-15

18 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: LESSEE INFORMATION Form (continue) Do one of the following to correct this: 3. Select OK to close the dialogue. 4. View each lessee record and verify the square footage and correct any typing errors. Add the square footage for each to get the total. or 5. If no errors exist, select to return to the COMMERCIAL TR ADD: INVEST/OPERATING SUMMARY form. 6. Select LISTING DATA button in the horizontal navigation menu and verify and note the number in the Building Square Footage field. 7. Select INVEST DATA button to return to the COMMERCIAL TR ADD: INVEST/OPERATING SUMMARY form. Then select LESSEE INFO button and change the square footage for each lessee not to exceed the total. 8. Type the date (MM /DD/ YYYY) in the Lease Expires field. 9. Enter the total years and months the lessee has occupied the space in the Years At Address and Months At Address fields. After completing the Lessee Information form for Lessee 1 of 1: 10. Select in this toolbar. The COMMERCIAL TR ADD: LESSEE INFORMATION form re-appears with all fields erased and the toolbar record counter increased to Lessee 2 of 2). 1. Complete the required and optional fields for the second lessee. Refer to, COMMERCIAL TR ADD: LESSEE INFORMATION Form on page 4-15 for step-by-step procedures. 2. Repeat Step 1 for each lessee to be entered. 3. Select after adding the last lessee for the building. The COMMERCIAL TR ADD: INVESTMENT/OPERATING SUMMARY form re-appears for you to enter building information. End Coldwell Banker Real Estate LLC. All Rights Reserved.

19 Add a Sales Transaction Add a Sales Transaction (Continue) Figure 4-9: The COMMERCIAL TR ADD: BUILDING INFORMATION Form COMMERCIAL TR ADD: BUILDING INFORMATION Form The data on the COMMERCIAL TR ADD: BUILDING INFORMATION form provides detailed statistics about the functionality of the building. This form is generated based on the property code selected on the COMMERCIAL TR ADD: PROPERTY INFORMATION form. 1. Type the number of feet for the following fields: Clearance - Bay Depth - Column Spacing - Ceiling height Dock Height 2. Complete these fields with similar content as suggested below: Sprinkler - Ground Level - Rail - Power - 3. Type the total number of docks for loading/unloading goods in the Number of Docks field. 4. Select Yes or No from the drop down list in the Cross Docks? Field. Select Yes if goods may be unloaded and loaded to other transport. Otherwise select No. 5. Type the number of miles from the property to a major highway in the Distance to Major Interstate field. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-17

20 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: BUILDING INFORMATION Form 6. Select when data entry is complete. The COMMERCIAL TR ADD: INVESTMENT/OPERATING SUMMARY form re-appears. Figure 4-10: The COMMERCIAL TR ADD: REMARKS Form 7. Select to enter the required remarks. The COMMERCIAL TR ADD: REMARKS form appears. COMMERCIAL TR ADD: REMARKS Form Specific types of remarks are required for certain property types. A warning notice appears on the REMARKS form alerting you to the remarks that are required for this transaction. This form has no spell checker. We strongly suggest that you type your remark in MSWord (or other word processor) first, check the spelling there and then copy and paste the text into the Remarks text entry field. 1. Select the required type from the drop down list in the Remark Type field. 2. Type the remark text in the Remarks (Text entry limited to 1200 characters) field. 3. Choose the Character Count button to avoid exceeding the 1200 character limit. This dialogue appears with the total count. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

21 Add a Sales Transaction Add a Sales Transaction (Continue) COMMERCIAL TR ADD: REMARKS Form (Continue) 4. Select OK to continue entering the remark. 5. Repeat Steps 1 through 4 to enter the next required remark. 6. Use the remarks toolbar to view the saved remarks: 7. Select to complete the transaction. The COMMERCIAL TRANSACTION page appears showing the content of the transaction on one page. CREST EDG assigns a unique transaction identification number to the listing. 8. Right-click mouse and select Print to print this summary page and highlight the Transaction ID. You need it to quickly retrieve this record from CREST EDG in the future for communications with corporate. Figure 4-11: The COMMERCIAL TR ADD: SUMMARY Page End 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-19

22 Add Media to a Sales Transaction Add Media to a Sales Transaction Overview Add Media to a Sales Listing CREST EDG generates a report that lists each listing added without at least one photograph of the property. Therefore, you should add at least one image to each sales listing in CREST EDG. Most buyers looking for commercial property bypass listings that have no images attached in preference for those that do. Images can be attached as soon as the listing is added or, if necessary, you may wait to add media (images) to an existing listing. Do one of the following: 1. From the COMMERCIAL INFORMATION page generated after sales transaction has been added, select. or 2. Locate the Transaction ID for the listing before you begin this procedure if you are adding the media later. From the Main Menu, select: The LISTING MEDIA SEARCH CRITERIA form appears. 3. Type the Transaction ID for the listing to withdraw and select. The LISTING MEDIA ADD (PHOTOS) form appears Coldwell Banker Real Estate LLC. All Rights Reserved.

23 Add Media to a Sales Transaction Add Media to a Sales Transaction (Continue) Figure 4-12: The LISTING MEDIA ADD (PHOTOS) Form Add Media to a Sales Listing (Continue) 4. Add the photographs one at a time. 5. Type a brief 16-character description of the photo in the Short Description field. 6. Type a phrase to display under the photo on the consumer website. 7. Un-check Landscape to display the image in the portrait orientation or leave as is to display the default view. 8. Select. The Choose File window appears. 9. Navigate to the desired file and select Open. 10. Select. The image is added to the grid below in the next available row. 11. Repeat Steps 4 through 10 to add another image. 12. When done, select. The LISTING MEDIA MAINTENANCE form appears. You can reorder the images in this form. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-21

24 Add Media to a Sales Transaction Add Media to a Sales Transaction (Continue) Remove a Photo In the LISTING MEDIA ADD (PHOTOS) Form grid: 1. Check the box(es) before the image number(s) in the Seq No field. 2. Select to delete it from the listing. 3. Add new photos to replace the one(s) removed, if desired. Refer to, Add Media to a Sales Transaction on page Figure 4-13: The LISTING MEDIA MAINTENANCE Form LISTING MEDIA MAINTENANCE Form The LISTING MEDIA MAINTENANCE form shows you a thumbnail picture of each image attached to the sales listing. You can add photos using the fields on top. Refer to, Add Media to a Sales Transaction on page 4-22 to do this. You can re-sequence (re-order) or remove the current photos on file. You can also change the description and/or caption for one or more of the current photos Coldwell Banker Real Estate LLC. All Rights Reserved.

25 Add Media to a Sales Transaction Add Media to a Sales Transaction (Continue) Re-Order Photos The photos appear in the order in which they were added. To rearrange them in the Current Photos section: 1. Select the ReOrder drop down list. 2. Highlight the number for the new position of this image. The image changes places with the image in the selected position. Remove a Photo In the Current Photos section: 1. Check the box before the image number(s) (PHOTO 1, PHOTO 3) to be removed from the listing. 2. Select to delete them from the listing. 3. Add new photos to replace the one(s) removed, if desired. Refer to, Add Media to a Sales Transaction on page Coldwell Banker Real Estate LLC. All Rights Reserved. 4-23

26 View a Sales Transaction View a Sales Transaction View a Sales Transaction You may want to view the COMMERCIAL TRANSACTION just completed to verify its content in a one-page format. From the Main Menu, select: The COMPANAY TR VIEW: SEARCH CRITERIA form appears. Figure 4-14: The COMMERCIAL TR VIEW: SEARCH CRITERIA Form Do one of the following: 1. Locate the Transaction ID for the listing before you begin this procedure, type it in the Transaction # field select. or 2. Type search criteria on one or more of the other fields to narrow the search for the transaction you seek. The COMMERCIAL TR UPDATE: SEARCH RESULTS form appears Coldwell Banker Real Estate LLC. All Rights Reserved.

27 View a Sales Transaction View a Sales Transaction (Continue) Figure 4-15: The COMMERCIAL TR VIEW: SEARCH CRITERIA Form View a Sales Transaction (Continue) Do one of the following: 3. Use the pagination buttons to locate the Transaction ID for that listing. 4. Select the transaction ID number hypertext link to display the listing details starting with the COMMERCIAL TRANSACTION summary page Coldwell Banker Real Estate LLC. All Rights Reserved. 4-25

28 View a Sales Transaction View a Sales Transaction (Continue) Figure 4-16: The COMMERCIAL TRANSACTION Summary Page View a Sales Transaction (Continue) 5. Examine the listing details to be certain it is the one you want and select one of these horizontal navigation toolbar buttons to view another transaction, update this one, or return to the search results and select another Coldwell Banker Real Estate LLC. All Rights Reserved.

29 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction Overview Conditions of Sale There are three sell and buy conditions that can occur for a commercial sale transaction. Each condition is treated differently in CREST EDG because of the rules that apply and those that do not apply to each situation. A reporting company is one that uses CREST EDG to record listings and report sales. In-House (IH) property listed and sold by same reporting company. You data enter both the property listing and all of the property purchase details into CREST EDG. Our Listing (OL) property listed by reporting company; sold by another, outside realtor. You have a property listing in CREST EDG and must record that the property is sold telling CREST EDG who found the buyer. In this case, no buyer details or selling sales associate information need be entered. Our Sale (OS) property listed by an outside company (e.g. Harris Commercial Real Estate) and the reporting company found the buyer. Property Purchase Details When a contract for sale is signed by the buyer to express her intent to purchase the property, information about the sale may be data entered into CREST EDG on the PENDING INFORMATION, BUYER INFORMATION, and COMMISSION INFORMATION forms. The prospective sale details required are: When the sales contract is signed When the closing may occur Who represents the buyer (company and sales associate) Who is the buyer What is the sale price Gross commission (minus company split and/or referral fees) Adjusted Gross Commission and royalties due Some or all of the information above may be required by CREST EDG depending on the condition of sale Coldwell Banker Real Estate LLC. All Rights Reserved. 4-27

30 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction Complete the COMMERCIAL TR UPDATE: PENDING INFORMATION Form When a contract of sale is signed for a property, that listing must be updated in CREST EDG to remove it from the consumer website and the listings aggregators sites because it is now under contract. 1. From the Main Menu, select: The COMPANAY TR VIEW: SEARCH CRITERIA form appears. 2. Type the Transaction # with the listing transaction ID number. or 3. Select Active from the drop down list in the Status field and select. 4. Locate the transaction to work with and select the Transaction ID to display the COMMERCIAL UPDATE: LISTING CORE DATA form. 5. Select. The COMMERCIAL UPDATE: PENDING INFORMATION form appears. Figure 4-17: The COMMERCIAL TR ADD: PENDING INFORMATION Form 6. Type the date (MM / DD / YYYY) the contract of sale was signed in the Contract Date field. 7. The Estimated Close Date field (MM / DD / YYYY) defaults to a date 60 days from the contract date entered. Overtype the Estimated Close Date field with the actual closing date, if known. Otherwise, leave the default value. This field may be changed in future. 8. Enter the whole dollar amount of the agreed-on sales price in the Sales Price field. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

31 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) Complete the COMMERCIAL TR UPDATE: PENDING INFORMATION Form (Continue) Do one of the following: 9. Select the office of your company or the Outside Broker who represents the buyer from the drop down list in the Property Sold By field. How the Property Sold By field is completed controls fields and form behavior. If Outside Broker is selected, 1) the Buyer Rep Agreement field defaults to No and cannot be changed, 2) the BuyingSide Outside Broker and Brand fields are enabled for data entry, and 3) no sales associate information is recorded on the COMMISSION INFORMATION form. Go to Step 9. If one of your offices is selected, 1) the Buyer Rep Agreement field defaults to No but can be changed, 2) the BuyingSide Outside Broker and Brand fields are disabled for data entry, and 3) sales associate information is recorded on the COMMISSION INFORMATION form. Go to Step Select Yes from the drop down in the Buyer Rep Agreement field if your office has a signed agreement to represent the buyer s efforts to locate a property. Otherwise, leave the default of, No. Go to Step The Days On Market field is automatically computed (when this form appears) based on the Date Listed field on the LISTING CORE DATA form for this transaction. 12. Type the name of the Outside Broker who represents the buyer in the BuyingSide Outside Broker field. 13. Select the name of the realtor who represents the buyer from the drop down list in the Brand field. Select Other, if that realtor is not listed. 14. Type the anticipated date (MM / DD / YYYY) occupancy in the Possession Date field. 15. Select. The COMMERCIAL TR UPDATE: BUYER INFORMATION form appears Coldwell Banker Real Estate LLC. All Rights Reserved. 4-29

32 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) Figure 4-18: The COMMERCIAL TR ADD: BUYER INFORMATION Form COMMERCIAL TR UPDATE: BUYER INFORMATION If the buyer is an entity (e.g., corporation or trust), there is typically only one involved in the purchase. However, if the buyer is a person or individual, there may be more than one involved in the purchase and each one should be identified. The type of buyer selected determines what should be completed on this form which requires some basic information about each buyer. The balance of fields may be blank. If there is more than one buyer for the property, add each one separately. 1. Select a buyer definition from the drop down list in the Type field. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

33 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) COMMERCIAL TR UPDATE: BUYER INFORMATION (Continue The Entity Name field is conditionally required when any Type other than Person / Individual(s) is selected. First Name 1 and Last Name 1 fields are conditionally required when Person / Individual(s) is selected. 2. Type the name for the buyer type selected in the Type field for example, Type=Government / Entity Name=Department of Defense (DOD) or Type=Pension Fund / Entity Name=Iron Workers of America. 3. Select who to credit as originating the contact with the buyer from the drop down in the Buyer Lead field. 4. Select the means by which the buyer became known to you from the drop down list in the Buyer Source field. The following name fields are conditionally required when an individual seller type is selected. COMMERCIAL TR UPDATE: BUYER INFORMATION Current Address 5. Optionally, type the Buyer Address field. 6. Select the individual s title from the Salutation 1 field and type the First Name 1 and Last Name 1 fields if Type equals Person / Individual(s). 7. Select the individual s title from the Salutation 1 field and type the First Name 1 and Last Name 1 fields if Type equals Person / Individual(s). 8. Select the individual s title from the Salutation 2 field and type the First Name 2 and Last Name 2 fields if Type equals Person / Individual(s). The address is separated into several parts like this: 1. Type the property location number in the Street No. field. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-31

34 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) COMMERCIAL TR UPDATE: BUYER INFORMATION Current Address (Continue) COMMERCIAL TR UPDATE: BUYER INFORMATION Future Address 2. Choose the address direction from the Direction field drop down list, if applicable. (For example, North, South, East, West.) 3. Type the name of the address location in the Street Name field. 4. Type the street name label (Avenue, Boulevard, etc.) in the Designation field. 5. Choose the designation direction in the Suffix field. 6. Type the building name or floor number in the Building/Floor field. 7. Type the suite or apartment number in the Suite/ Apt field. 8. Type the address city in the City field. 9. Choose the state from the drop down list in the State field. 10. Type the 5-digit zip code in the Zip Code field. 11. Choose the type of phone (home, business, fax) from the drop down list in the Telephone Type field. 12. Type the area code (between the parentheses) and phone number in the other two fields of the Number field. 13. Type the extension (if applicable) in the Ext/ PIN# field. Refer to COMMERCIAL TR UPDATE: BUYER INFORMATION Current Address on page 4-31 and repeat Steps 1 through 13 to complete the buyer s Future Address fields. Use the toolbar below to add each person or entity who legally owns the property. After completing the Buyer Information form for Buyer 1 of 1: 1. Select in this toolbar. The COMMERCIAL TR ADD: BUYER INFORMATION form re-appears with all fields erased except: the buyer Type field (which defaults to the value selected for the first buyer) and the toolbar counter (which displays Buyer 2 of 2). 2. Complete the required and optional fields for the second buyer. Refer to, COMMERCIAL TR ADD: SELLER INFORMATION on page 4-11 for step-by-step procedures. 3. Repeat Step 1 for each buyer to be entered. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

35 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) COMMERCIAL TR UPDATE: BUYER INFORMATION Add Another Buyer 4. Select after adding the last buyer for the listing. The COMMERCIAL TR UPDATE: COMMISSION INFORMATION form appears. End Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-33

36 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form Overview The COMMERCIAL TR UPDATE: COMMISSION INFORMATION form is divided into three categories. Refer to Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form on page The Company Commission portion of this form describes the commission information for your company and is for your information only. The Listing Side and Selling Side fields show the calculations after a fifty-fifty split. The Royalty Fee Calculation portion of the form computes the amount of royalties due RFG based on the Adjusted Gross Commission. The Listing Side and Selling Side fields show the calculations after a fifty-fifty split. The Sales Associate portion of the form, visible only when one of your offices is selected in the Property Sold By field on the COMMERCIAL TR UPATE: PENDING INFORMATION form, identifies the sales associates representing the buyer. COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form - Company Dollar Calculation Fields showing positive amounts display in black font. Fields showing negative amounts display in red font. Sales Price - is the amount the seller agrees to accept from the buyer to purchase the property. Gross Commission - is either a flat fee (negotiated between the seller and buyer representatives) or an agreed-on percentage of the sales price. Other Company Split money the listing side agreed to pay another realtor who performed a reimbursable service in connection with the sale. For example, a realtor may have given you this listing because it is outside her market. In exchange, you pay her a flat rate or a percent of sale. Referrals - an amount paid to a customer or another realtor who suggested the seller or buyer use a certain broker. Gross Commission to Company the difference between the Gross Commission and the total of Other Company Split and Referrals amounts. Sales Associate Commission the amount payable to all sales associates working for your brokerage regardless of side. Royalty Fee Due the contracted amount due Realogy Franchise Group for the sale of this listing. Company Dollar - the difference between the Gross Commission to Company and the total of Sales Associate Commission and Royalty Fee Due amounts. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

37 Add a Buyer to a Sales Transaction (Continue) Add a Buyer to a Sales Transaction COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form - Company Dollar Calculation (Continue) Refer to, Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form on page The Listing Side and Selling Side fields: These fields represent the exact amounts that are to be paid to the listing side vs. the selling (buying) side of the transaction. CREST EDG assumes a fifty-fifty split of commission between both sides. If this transaction should be settled using different terms, manually calculate the Listing Side and Selling Side amounts. The Referrals amounts in the Listing Side and the Selling Side calculations are based on the distribution selection made on the COMMERCIAL TR UPDATE: REFERRAL INFORMATION form. COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form - Adjusted Gross Commission Calculation Refer to, Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form on page The Royalty Fee Calculation fields: Gross Commission - is either a flat fee (negotiated between the seller and buyer representatives) or an agreed-on percentage of the sales price. Other Company Split money the listing side agreed to pay another realtor who performed a reimbursable service in connection with the sale. For example, a realtor may have given you this listing because it is outside her market. In exchange, you pay her a flat rate or a percent of sale. Referrals - an amount paid to a customer or another realtor who suggested the seller or buyer use a certain broker. Adjusted Gross Commission the difference between the Gross Commission and the total of Other Company Split and Referrals amounts and the amount used to calculate the royalty fee due to the Realogy Franchise Group. Gross Commission Referrals Company Split Adjusted Gross Commission Royalty Fee Generated the computed amount payable to the Realogy Franchise Group for the sale of this listing Coldwell Banker Real Estate LLC. All Rights Reserved. 4-35

38 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form - Adjusted Gross Commission Calculation (Continue) Refer to, Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form on page The Listing Side and Selling Side fields: These fields represent the exact amounts that are to be paid to the listing side vs. the selling (buying) side of the transaction. CREST EDG assumes a fifty-fifty split of commission between both sides. If this transaction should be settled using different terms, manually calculate the Listing Side and Selling Side amounts. The Referrals amounts in the Listing Side and the Selling Side calculations are based on the distribution selection made on the COMMERCIAL TR UPDATE: REFERRAL INFORMATION form. COMMERCIAL TR UPDATE: COMMISSION INFORMATION In the COMMISSION INFORMATION Transaction column: 1. Verify the price displayed in the Sales Price field which defaults from the amount entered on the PENDING INFORMATION form. You can overtype it if it is incorrect. Do one of the following: 2. Enter the negotiated flat dollar amount in the Gross Commission field. or 3. Enter the percent of sale commission in the % of Sales field. These fields affect each other in that whichever field is entered, the other is automatically calculated based on new data CREST EDG received. In the COMMISSION INFORMATION Price column: 4. Enter the amount of money to be shared with another realtor in the Other Company Split field. This field is set to zero and disabled unless Outside Broker is selected in the Property Sold By field on the PENDING INFORMATION form. 5. Select next to the Referrals field to enter the amount you paid in referral fees and identify who received it. The COMMERCIAL TR UPDATE: REFERRAL INFORMATION form appears. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

39 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) Figure 4-20: The COMMERCIAL TR UPDATE: REFERRAL INFORMATION Form Continue REFERRAL INFORMATION Form 1. Type the name of the company to get the referral amount in the Company Name field. Recruiting Advantage: Add the sales associate name after the company name to create statistical information you can later use to recruit agents with whose track record you ve become familiar. 2. Select a realtor from the drop down list in the Brand field to indicate a brand association with the company. 3. Select a network from the drop down list in the Referral Network field. Currently, the two options are Not Applicable or Cartus. 4. Select a transaction side to from which to deduct the referral fee from the drop down list in the Side field. If the Property Sold By field on the PENDING INFORMATION form equals Outside Broker, the Side field defaults to Listing. If that field equals one of your offices, all three options are available: Listing, Selling, and Both. 5. Enter the amount of money, in whole dollars, to be paid as a referral fee to this company in the Amount field Coldwell Banker Real Estate LLC. All Rights Reserved. 4-37

40 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) 6. Optionally, type the Address, City State, Zip Code and Phone fields for this company. This is Enter the amount of money to be shared with another realtor in the Other Company Split field. Having this demographic information may be useful for recruiting purposes if you choose to pursue the agent. 7. Select. The referral record added appears at the top of the COMMERCIAL TR UPDATE: REFERRAL INFORMATION form and can be edited 8. Repeat Steps 1 12 to add another referral for this transaction. The top portion of the COMMERCIAL TR UPDATE: REFERRAL INFORMATION form shows a line for each referral saved for this transaction. Figure 4-21: The COMMERCIAL TR UPDATE: REFERRAL INFORMATION Form Continue Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

41 Add a Buyer to a Sales Transaction (Continue) Add a Buyer to a Sales Transaction REFERRAL INFORMATION Form (Continue) 9. Review the Existing Referral(s) for this Transaction fields to verify the content of each is correct. 10. Select next to any row to display the record content in the Referral Detail(s) below and change any of its fields. 11. Select when each referral is correct. The COMMERCIAL TR UPDATE: COMMISSION INFORMATION form appears with the referral calculations applied. Figure 4-22: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form with Referral Fees Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-39

42 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) REFERRAL INFORMATION Form (Continue) COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form - SALES ASSOCIATES DATA - Selling Sales Associate Data Refer to, Figure 4-22: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form with Referral Fees on page 4-38 and Figure 4-22: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form with Referral Fees on page The Listing Side referral fee totals $200 + $350 ($700 2) = $550. The Selling Side referral fee totals $300 + $350 ($700 2) = $650. Use this part of the form to identify the sales associate(s) representing the buying (selling) side and the commission percentage due to each upon closing. The sales associates identified here must work for your brokerage. Do one of the following: 1. Type the ID number of a sales associate assigned the listing and select. or 2. Select. The SALES ASSOCIATE SELECTION form appears. If the number entered is assigned to an active sales associate, CREST EDG automatically populates the remaining fields with her information. If not, you must ask your User Administrator to add that person. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

43 Add a Buyer to a Sales Transaction (Continue) Add a Buyer to a Sales Transaction Figure 4-23: The COMMERCIAL TR ADD: SALES ASSOCIATES SELECTION Form UPDATE: COMMISSION INFORMATION Form - SALES ASSOCIATES DATA - Selling Sales Associate Data (Continue) The SALES ASSOCIATE SELECTION form allows you to scroll to one or more sales associates from the Available Sales Associates list (left) and select them by moving each name to the Selected Sales Associates list (right) or moving names back until the selected list contains the sales associate names you want to add to the listing. Multiple records can be added or removed from either list at one time by holding the Ctrl key, choosing the records you want to move, and selecting the move buttons. Sequential records can be selected or made available in one action by holding the Shift key, highlighting records as shown and selecting the move buttons. 3. Select when each record you want to add is in the Selected Sales Associate list. End 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-41

44 Add a Buyer to a Sales Transaction Add a Buyer to a Sales Transaction (Continue) The First Name and Last Name fields default to those of the sales associates selected and, if possible, the Percent of Side field defaults to an even distribution among the sales people. View each sales associate to verify the Percent of Side field for each to make certain that the percent shown is the accurate entitlement to that associate for this listing. The individual percentages must equal 100%. The Total % Assigned field must remain at 100%. Do not change it. 1. Re-type the Percent of Side field to distribute the commission as agreed. 2. Select after adding the last sales associate and verifying the commission for each. The COMMERCIAL TRANSACTION summary page appears showing the new Open/Pending status of the transaction. Figure 4-24: The COMMERCIAL TRANSACTION (Summary) Page with Open/Pending Status End Coldwell Banker Real Estate LLC. All Rights Reserved.

45 Close a Sales Transaction Close a Sales Transaction Overview Close an Active Status Transaction Close an Open/Pending Status Transaction Closing a sales transaction occurs after the buyer and the seller exchanged monies and deed(s). CREST EDG is flexible enough to allow you to close any transaction that has a status other than expired (EX), canceled (CA), or withdrawn (WD). To close an expired listing it must first be reinstated. Refer to Reinstate an Expired Sales Transaction on page To close a withdrawn listing, it must be reactivated. Refer to Reactivate a Withdrawn Sales Transaction on page To close a listing with an Active (AC) status, you must enter all of the pending information along with the buyer and commission details of sale before the transaction may be closed. Refer to Add a Buyer to a Sales Transaction on page You (or someone in your company) have already placed this listing in an open/pending status by entering the contract and sale price, the estimated close date, buyer information and the commission splits. All that remains is to enter the closing date. Before you close the transaction: You still need to verify any information that was entered on the COMMERCIAL TRANSACTION UPDATE: PENDING INFORMATION, BUYER INFORMATION, and COMMISSION INFORMATION forms before proceeding to the COMMERCIAL TRANSACTION UPDATE: CLOSING INFORMATION form. Closed Status Cannot be Changed Closed means the transaction details are frozen and cannot be changed. Once the closing date is entered and saved, IT CANNOT BE CHANGED! If any information about the sale is incorrect, you must contact the Real Estate Franchise Service (REFS) at to make the changes for you. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-43

46 Close a Sales Transaction Close a Sales Transaction (Continue) Close an Open/Pending Sales Transaction Locate the Transaction ID for the listing before you begin this procedure. From the Main Menu, select: The COMMERCIAL TR VIEW: SEARCH CRITERIA form appears. Do one of the following: 1. Type the Transaction ID for the listing to close. and/or 2. Optionally select Active or Open/Pending from the drop down list in the Status field to view only transactions with that status, and any other search criteria to help limit the search results. 3. Select. The COMMERCIAL TRANSACTION summary page appears showing the transaction status and details. Figure 4-25: The COMMERCIAL TRANSACTION Form (with Open/Pending Status) Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

47 Close a Sales Transaction Close a Sales Transaction (Continue) Close an Open/Pending Sales Transaction (Continue) 4. Select. The COMMERCIAL TR UPDATE: PENDING INFORMATION form appears. Figure 4-26: The COMMERCIAL TR UPDATE: PENDING INFORMATION Form Close an Open/Pending Sales Transaction (Continue) 5. Verify that the content of these fields have not changed since this record was first created following the contract of sale: Sales Price, Property Sold By, Buyer Rep Agreement. Also verify the BuyingSide Outside Broker, and Brand fields if the Property Sold By field is Outside Broker. 6. Select. The COMMERCIAL TR UPDATE: BUYER INFORMATION form appears (not shown). View the form in Figure 4-18: The COMMERCIAL TR ADD: BUYER INFORMATION Form on page 4-30 and get information about completing it. 7. Verify and update the buyer information and select. The COMMERCIAL TR UPDATE: COMMISSION INFORMATION form appears (not shown). View the forms in Figure 4-19: The COMMERCIAL TR UPDATE: COMMISSION INFORMATION Form on page 4-33 and Figure 4-20: The COMMERCIAL TR UPDATE: REFERRAL INFORMATION Form on page 4-37, respectively and get information about completing them. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-45

48 Close a Sales Transaction Close a Sales Transaction (Continue) Close an Open/Pending Sales Transaction (Continue) 8. Verify and update the commission and referral information and select. The COMMERCIAL TR UPDATE: CLOSING INFORMATION form appears. Figure 4-27: The COMMERCIAL TR UPDATE: CLOSING INFORMATION Form 9. Type the closing date (MM / DD / YYYY) in the Actual Closing Date (HUD Closing Date) field. 10. Select. The COMMERCIAL TR UPDATE: REMARKS form appears. 11. Use the remarks toolbar to view the saved remarks:. 12. Select to save all of your work. The COMMERCIAL TRANSACTION summary page appears showing the new status of Closed (CL) and the closing information you entered. Reminder: Once the closing date is entered and saved, IT CANNOT BE CHANGED! If any information about the sale is incorrect, you must contact the Real Estate Franchise Service (REFS) at to make the changes for you. Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

49 Close a Sales Transaction Close a Sales Transaction (Continue) Figure 4-28: The COMMERCIAL TRANSACTION Summary Page (with Closed Status) The summary page below is split to show you the information relevant to the closed transaction. Close an Open/Pending Sales Transaction (Continue) Now go to the epay section of this user guide to complete the transaction by electronically transferring royalties to Coldwell Banker Commercial Coldwell Banker Real Estate LLC. All Rights Reserved. 4-47

50 Close a Sales Transaction Close a Sales Transaction (Continue) Close an Active Sales Transaction To close a listing with an Active (AC) status, you must enter all of the pending information along with the buyer and commission details of sale before the transaction may be closed. Refer to Add a Buyer to a Sales Transaction on page 4-27 for more information about how to add a buyer to a sales transaction. Then, return to Steps 8 through 12 in this task, Close an Open/Pending Sales Transaction on page 4-44 to enter the closing date and finish the transaction. End Coldwell Banker Real Estate LLC. All Rights Reserved.

51 Cancel an Open/Pending Sales Transaction Cancel an Open/Pending Sales Transaction Overview How Does the Property Get Back on the Market? Cancel Active (AC) Status Transactions Many events occur between the signing of a sales contract and the actual closing on the property. One of those events is a cancellation of the sale by either party. CREST EDG treats a canceled sale as a dead deal. Once a sale is canceled, that original listing transaction can no longer be updated. It can only be viewed. CREST EDG automatically generates a new Transaction ID for the listing and copies all of the initial details into the new record which is then possible to share with the consumer website and listings aggregators to attract a new buyer. Events often happen faster than you can work. CREST EDG can only allow you to cancel a transaction that shows an open/pending status. If the transaction you want to cancel is still in an active status, you must first tell CREST EDG that it had been open and pending before CREST EDG allows you can cancel it. Refer to Add a Buyer to a Sales Transaction on page 4-27 to first place an active (AC) transaction into the open/pending (OP) status before canceling it. You need only enter the required fields during the open/pending status change in this case. However, entering all of the buyer and commission details provides CREST EDG with the most complete information about the previous deal. Then, using the original transaction ID, you can view those details to compare with a future one. Cancel an Expired Transaction with an Open/Pending Status CREST EDG allows you to add a buyer to a listing that has an expired (EX) status. A more likely scenario is that the listing expired after the contract of sale event was entered into CREST EDG. However it occurs, that means a listing with an open/pending status can be past its sell-by date. If a buyer is under contract of sale and the property is going to close, the expiration date has little consequence. However, if the contract of sale is canceled, and the listing is to go back to market, the expiration date must be changed for that to happen. CREST EDG allows a listing with an open/pending status that has past its sell by date to be canceled and it copies the expiration date and status to the new listing. Refer to Figure 4-33: The COMMERCIAL TRANSACTION Summary Page Copied Listing with Expiration Date on page To get that listing back on the virtual market, you must reinstate it. Refer to Reinstate an Expired Sales Transaction on page 4-58 for more information about how to do this. Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-49

52 Cancel an Open/Pending Sales Transaction Cancel an Open/Pending Sales Transaction (Continue) Cancel an Open/Pending Sales Transaction Locate the Transaction ID for the listing before you begin this procedure. From the Main Menu, select: The COMMERCIAL TR VIEW: SEARCH CRITERIA form appears. 1. Type the Transaction ID for the listing to cancel and optionally select Open/Pending from the drop down list in the Status field. 2. Select. The COMMERCIAL TRANSACTION summary page appears showing the transaction status and details. Figure 4-29: The COMMERCIAL TRANSACTION Form (with Open/Pending Status) Continue Coldwell Banker Real Estate LLC. All Rights Reserved.

53 Cancel an Open/Pending Sales Transaction Cancel an Open/Pending Sales Transaction (Continue) Cancel an Open/Pending Sales Transaction (Continue) Check the status of the listing and also that the Listing Expiration Date is a future date. Verify this is the transaction you want to cancel. If not, select until you find it. and type alternate search criteria 3. Select. The COMMERCIAL UPDATE: PENDING INFORMATION form appears. Figure 4-30: The COMMERCIAL UPDATE: PENDING INFORMATION Form (with Open/Pending Status) 4. Select. The COMMERCIAL TR UPDATE: CANCEL DATE form appears with the Cancel Date showing today s date. Figure 4-31: The COMMERCIAL UPDATE: CANCEL DATE Form Continue 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-51

54 Cancel an Open/Pending Sales Transaction Cancel an Open/Pending Sales Transaction (Continue) Cancel an Open/Pending Sales Transaction (Continue) 5. Overtype the date (MM / DD / YYYY) the sales contract was canceled in the Cancel Date field. 6. Choose a reason for the cancellation from the Cancel Reason Codes list and type that code in the Reason field. 7. Select. This warning dialogue COMMERCIAL TR UPDATE: CANCEL DATE form appears. 8. Select. The COMMERCIAL TRANSACTION summary page appears with the original transaction ID of 1318 and the new transaction ID 1746 with an active status. Figure 4-32: The COMMERCIAL TRANSACTION Summary Page with Canceled Status Coldwell Banker Real Estate LLC. All Rights Reserved.

55 Cancel an Open/Pending Sales Transaction Cancel an Open/Pending Sales Transaction (Continue) Cancel an Open/Pending Sales Transaction (Continue) If the canceled transaction s Listing Expiration Date is in the past, CREST EDG still cancels it and changes the status of the original transaction to cancel. The new transaction is created with the same status of EX as shown in the summary page below. Figure 4-33: The COMMERCIAL TRANSACTION Summary Page Copied Listing with Expiration Date 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-53

56 Withdraw a Sales Transaction Withdraw a Sales Transaction Overview Withdraw a Sales Transaction An active sales listing must be withdrawn when the seller decides not to sell after all. When an active listing is withdrawn because the seller decides not to sell, the transaction status changes from AC (active) to WD (withdrawn). Locate the Transaction ID for the listing before you begin this procedure. From the Main Menu, select: The COMMERCIAL TR UPDATE: SEARCH CRITERIA form appears. 1. Type the Transaction ID for the listing to withdraw and select. The COMMERCIAL TR UPDATE: LISTING CORE DATA form appears. Figure The COMMERCIAL TR UPDATE: LISTING CORE DATA Form Coldwell Banker Real Estate LLC. All Rights Reserved.

57 Withdraw a Sales Transaction (Continue) Withdraw a Sales Transaction Withdraw a Sales Transaction (Continue) 2. Select. This warning dialogue appears. Figure The COMMERCIAL TR ADD: SUMMARY Page 3. Select to withdraw the listing. The COMMERCIAL TRANSACTION (Summary) page appears with this confirmation message, Commercial Transaction Successfully Updated. End 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-55

58 Reactivate a Withdrawn Sales Transaction Reactivate a Withdrawn Sales Transaction Reactivate a Withdrawn Sales Transaction Locate the Transaction ID for the listing before you begin this procedure. From the Main Menu, select: The COMMERCIAL TR UPDATE: SEARCH CRITERIA form appears. 1. Type the Transaction ID for the listing to reactivate and select. The COMMERCIAL TRANSACTION (Summary) page appears. Figure The COMMERCIAL TRANSACTION (Summary) Page Coldwell Banker Real Estate LLC. All Rights Reserved.

59 Reactivate a Withdrawn Sales Transaction Reactivate a Withdrawn Sales Transaction (Continue) Reactivate a Withdrawn Sales Transaction (Continue) Figure COMMERCIAL TR UPDATE: CONFIRMATION Page 2. Select. The COMMERCIAL TR UPDATE: CONFIRMATION page appears. End 2008 Coldwell Banker Real Estate LLC. All Rights Reserved. 4-57

60 Reinstate an Expired Sales Transaction Reinstate an Expired Sales Transaction Overview When an active listing is past its sell-by date, CREST EDG automatically changes the transaction status from AC (active) to EX (expired). If this listing goes back on the market, you must reinstate it. Locate the Transaction ID for the listing before you begin this procedure. From the Main Menu, select:. The COMMERCIAL TR UPDATE: SEARCH CRITERIA form appears. 1. Type the Transaction ID for the listing to be reinstated and select. The COMMERCIAL TR UPDATE: LISITNG CORE DATA form for that listing appears. Reinstate an Expired Sales Listing 2. Overtype the Listing Expires date to reinstate the listing and select. The COMMERCIAL TR UPDATE: LISITNG CORE DATA form for that listing appears. If the original listing had no media associated, this message appears, The Transaction is shown on the internet but has no media item associated. Media items should be added to the transaction after it is saved. Refer to Add Media to a Sales Transaction on page 4-20 to do this Coldwell Banker Real Estate LLC. All Rights Reserved.