Apto has 3 primary user templates that are geared to specifically handle the day to day process of a broker tracking and closing deals in Apto. These templates are specific to 1) Tenant Representation 2) General Brokerage and 3) Investment Sales. The General Brokerage template (which can account for all common brokerage leasing and sales deal workflows) uses the “Pursuits”, “Listings & Assignments”, “In Contract” and “Closed Deals” tabs.
Working The Deal Through The 4 Stages:
The landlord representation workflow moves your deal from a pursuit to a closed deal in a 3 or 4 step process.
- “Pursuits” is the stage where you are seeking to represent a landlord
- “Listings” is the stage where you have won representation of a landlord and are looking to lease out available spaces in a property
- “In Contract” (optional) is the stage where you complete milestones necessary in order to close the deal
- “Closed Deals” is the stage where you have completed a sale/ lease
The deal workflow provides you with insight into your entire pipeline of deals and where you stand with each one. Below are some best practices you can follow so that your deals move through a streamlined process within the platform.
A pursuit record is utilized primarily to track within the system a potential business opportunity with a company and/or contact. When the user creates a new pursuit record, the Apto platform will ask you to enter data on the following points:
- Client Contact
- Commission Estimation
As a best practice the broker should be recording all the activities on this record with the aim of building a reputation with that client/company in order to gain the representation agreement to lease available spaces in their asset.
To track this information we use the activity pane to log important interactions with the prospect to finally either end up securing the agreement or closing out the pursuit record with a status that reflects the outcome of the conversation. (i.e. Dead = no longer an active pursuit etc)
Once the user has secured the representation or rights to represent the prospective client and this information has been recorded as past activity, the user can advance this record into an active “Listing” (See Figure 1)
Listings & Assignments
Here Apto uses listings to list the space/s within a property currently owned/ managed by the users landlord client. The aim of the listing is to find suitable tenants for all spaces contained on the listing.
Within the listing record there are spaces that are displayed as available.
From here the user can evaluate the status of each space and use the activity pane on the space record to track marketing activities, tours and potential offers pertinent to just that space. This activity will be displayed on the listing in the form of an activity report
Apto uses 2 prebuilt reports on the listing record. One to display what overall marketing activities and interactions with contacts they have had on the listing in its entirety (left report on the below Figure) and one that displays the activities specific to (an) available space/s (right).
Spaces on a Listing
One difference in comparison to the other workflows in Apto is that when you have finally found a tenant for a space attached to a listing you have two options to move the deal forward. On the space record you have the ability to close the lease out straight away and record your new tenant - landlord relationship as a Closed Deal. OR if it needs to be moved to more of a pending stage (i.e. additional steps need to be completed before the deal is done) you have the option to convert the Listing into an In Contract record. If you are advancing a deal to “In Contract” then please read on for next steps on how to continue the deal flow. If not head straight to “Closed Deals” for next steps.
Advancing from a Listing’s Space record to In Contract:
In an In Contract record the user can input “Milestones” (For example ESCROW, Due Diligence etc) and associate with those milestones a kick off date and deadline date. Once saved to the record these milestones will populate on the Project Milestones Gantt View Chart section, located at the bottom of the details portion on the record. Once populated on the chart they will displayed in a color coded fashion where BLACK = Completed, BLUE = pending, RED = Overdue, GRAY = Not yet started (Figure 3).
Before advancing to a close deal the user should enter in the Tenant Company and Contact associated with the deal. Once done, this will allow this information to be brought forward into the eventual closed deal. Also as a best practice the user should make sure that all necessary project steps have been completed. This is done by clicking into the individual milestone in question and clicking on the “Complete” checkbox. You can access the milestone record in question by either a) clicking the name of the milestone under the related tab on the In Contract record or by b) double clicking the time window in the Project Milestones chart.
* At this stage it is important to enter in the commissions and any associated splits that the agents will earn when their deal has closed. This extra step is important as each space may have a different deal team and percentage split compared to the overarching listing record. To edit your deal team follow the steps below.
- In the In Contract Record head to the “Related Tab”
- Click the “Edit” button in the Deal Team related object
- Enter in your team members and associated splits if they apply.
- Click “Save”
As seen above with converting from one phase of the deal cycle into another please click the “Advance to next stage” button in the In Contract record to progress to a Closed Deal.
The closed deals database allows you to store all of your closed deals in one convenient location. When the user generates a lease record in Apto the main data points that need to be enter will be, but not limited to:
- Fields in the Lease Summary section
- Any further Deal Party members (i.e. Landlord/Tenant Attorneys) located in the Related tab (Landlord information will pre populate based on who you have represented in the deal and the Tenant contact and company you add to the lease record)
- Ensure all deal team members are allocated the correct final commission splits from that deal
Once all relevant information has been entered in, the lease record is complete and the deal moves out of the organizations active pipeline. It is now stored as a reference point for the broker user to use later on when determining their opinion of value on other properties listed in the same / similar markets. One other aspect to note is that the spaces located on the property record in Apto will now show up as leased and the tenant company and contact will be listed accordingly.
** (See Notes)
Important notes that apply to this article:
* This step can also be performed in the closed deal. Follow the same set of instructions but substitute the “In Contract” record for the “Closed Deal” record.
** Once all available spaces have been leased on a listing, as a best practice you should return to the overarching Listing record and change the status of the listing from “On Market” to “Closed” so that the listing no longer shows up on active pipeline reports.