A large real estate company in southern California handles client contracts that are extremely essential to business processes. However, its method of managing these critical documents was extremely time consuming and inefficient. Throughout its contract process, multiple individuals from different departments needed to review and approve the document before it could move on to the next level.
This meant that time was spent hand delivering documents throughout the office, which hinders productivity. Often times documents would get lost or buried under other paperwork, which caused delays and missed deadlines. Additionally, if a contract needed to be located for reference purposes, employees had to search through file cabinets. This real estate company was in dire need of a solution that could turn its manual contract process into a streamlined electronic procedure.
Solutions Installed For The Client
FabSoft’s Reform, MOST, Document Authority Control (DAC), and Tag Doc solutions were implemented in order for the real estate company to manage their contract files with ease. First, the client and the salesperson work together to create a handwritten purchase proposal that is to be reviewed by a supervisor.
A salesperson walks up to the MFP and scans the proposal using MOST. MOST is a solution that allows users to configure document distribution directly from an MFP screen. The salesperson enters in client details, which aids in tracking the document. On scanning, the proposal is routed to Document Authority Control (DAC), which is a web interface that enables users to view, approve, and edit documents.
DAC sends an email notification to the supervisor to inform him/her that a new document has entered the queue and needs to be reviewed. The supervisor views the proposal and once approved, it is printed to the nearest printer so that a member of the contract team can enter it into his/her contract software. Once the contract information is entered, it is printed to Reform.
Then, DAC receives the typed contract so that it can be reviewed by the legal department or VLO. The associated VLO receives an email notification informing him/her that there is a document queued for review. When the VLO approves the contract, the salesperson prints the typed contract, the handwritten contract, and a cover page with FabSoft’s proprietary Tag Doc barcode printed to it.
The salesperson obtains a signature from the client on the contract. When the signed contract is scanned, Reform recognizes the Tag Doc barcode on the cover page which associates all contract details and necessary pages with the signature. If not, the administrator is informed via email that there was an error while scanning the document. If everything is fine, the contract team will automatically receive the documentation for review.
If the contract team does not approve the signed contract, the VLO will receive the contract for more processing. Once approved, the contract routes to the accounting team. If the accounting team does not approve the signed contract, then the contract team will get it back. Otherwise, the contract is automatically deposited into their archive system.
Overall Benefits For The Real Estate Company
- Efficiency - Contracts are automatically distributed to the necessary people for review and approval, so time is no longer wasted on hand delivering documents around the office. Also, the contracts are processed at a much faster rate.
- Reliability – When a document is ready for review and approval, an email is sent to alert the authorizing individual that there is a document pending for their approval.
- Accessibility - Since Document Authority Control (DAC) is web based, documents can be viewed and approved from any location.
- Reduction of Errors - Reform will verify if any documents contain signatures or if pages are missing. Administrators are then notified of any discrepancies.
- Document Retrieval – Documents are stored securely to a digital archive system. If a specific contract needs to be referenced in the future, employees can perform a keyword search to retrieve the contract.