In southern California, a large real estate company handles client contracts 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 hindered productivity. Often, documents would get lost or buried under other paperwork, which caused delays and missed deadlines. Additionally, employees had to search through file cabinets if a contract needed to be located for reference purposes. 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 MFDConnect, Document Authority Control (DAC), and Tag Doc solutions were implemented, so 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 to be reviewed by a supervisor.
A salesperson walks up to the MFP and scans the proposal using MFDConnect. MFDConnect is a solution that allows users to configure document distribution directly from an MFP screen. The salesperson enters client details, which aids in tracking the document. The proposal is routed to Document Authority Control (DAC), a web interface that enables users to view, approve and edit documents on scanning.
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 SysConnect.
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 a document is 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 bar code.
The salesperson obtains a signature from the client on the contract. SysConnect recognizes the Tag Doc bar code on the cover page when the signed contract is scanned, 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, 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 their approval.
- Accessibility – Since Document Authority Control (DAC) is web-based, documents can be viewed and approved from any location.
- Reduction of Errors – SysConnect 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 in 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.