Newly Launched Rocket ProSM Insight to Provide Greater Visibility Into the Loan Process

Newly Launched Rocket ProSM Insight to Provide Greater Visibility

Into the Loan Process by Paige Tepping

Rob Costello On the heels of the successful launch of Rocket ProSM Insight last month, we had the opportunity to sit down with Rob Costello, Rocket Mortgage® director of Digital Product Management, for an in-depth look into the new tool.

Paige Tepping: Please provide a brief overview of your history in the industry and how you ended up where you are today at Rocket Mortgage®. Rob Costello: I’ve been with Rocket Mortgage® for seven and a half years. Most of my career has been focused on improving our internal loan process from end to end, beginning with how we originate the loan all the way through to how it’s serviced. We have also spent a lot of time looking at how we service clients and brainstorming ways to make the process more seamless for them. Before transitioning over to product strategy, I was heavily

involved with researching the internal process surrounding how we originate loans and the services we offer to support our clients.

PT: What is Rocket ProSM Insight? RC: Rocket ProSM Insight allows real estate agents 24/7 visibility into all of their clients’ loans with us, easing the process for everyone involved. With access to a host of functions, beginning with a seamless sign-on process once an account has been created, Rocket ProSM Insight provides full transparency into what is going on with a client’s mortgage transaction. Not only does this allow real estate professionals to stay in tune every step of the way, but it also cuts out the middleman as they no longer have to ask us where things stand at any given time.

PT: What was the ultimate motivation behind the creation of Rocket ProSM Insight? RC: The ultimate motivation behind the creation of Rocket ProSM Insight was our desire to constantly improve the client experience. We understand the different audiences we interact with—as well as their expected needs—and given that real estate agents are a critical piece of the mortgage process, we knew there was more we could do. To that end, we decided to extend our toolset to them. Not only has this made them feel like a firstclass part of the process, but it has also proven that we are committed to serving their needs just as much as we serve the needs of our clients. The research we conducted enabled us to prioritize the biggest value drivers that would satisfy the needs of agents by providing a realtime portal that gives complete visibility into how clients are progressing through the process. PT: Why is this an important product for real estate agents? RC: If there’s one thing we understand, it’s that real estate agents have a lot invested in the transaction—and they are an influential part of the process. More often than not, they are the ones speaking with the client more than the loan officer. They are also accompanying clients on showings and

“Rocket ProSM Insight allows real estate agents 24/7 visibility into all of their clients’ loans with us, easing the process for everyone involved.”

– ROB COSTELLO Director, Digital Product Management, Rocket Mortgage®

sharing information about different listings, so anything we can do to make the process better for them—and avoid any possible headaches—is beneficial. It’s all about making the process smoother for the agent so it’s smoother for the homebuyer. We want the home financing process to be seamless for buyers, and by providing full transparency and eliminating breakdowns in communication, we’re ensuring that everyone is always on the same page.

PT: What will Rocket ProSM Insight provide to real estate agents? RC: Rocket ProSM Insight provides agents up-to-the-minute details about the loan, its structure, anticipated closing dates and the status of any items that are still being worked on. Agents can also check the status of a client’s mortgage approval letter, modify the approval amount—within their approved range—and upload documentation they get from the client directly into the system. Additionally, agents can refer their clients to a specific mortgage banker they have a solid working relationship with.

PT: How does this functionality make their lives easier? RC: During our time spent researching, we went through the entire buying process and were reminded of the fact that the standard agent’s working hours don’t fit into a neat little box where all the stars align. Given the current market, agents and their clients are looking to move quickly, so Rocket ProSM Insight’s ease of use and constant availability is critical when it comes to making the lives of agents easier in today’s competitive environment.

PT: In what ways will Rocket ProSM Insight set Rocket Mortgage® apart from the competition? RC: The launch of Rocket ProSM Insight will show our commitment when we say that we care about the agent’s experience just as much as we care about the experience we’re providing to homebuyers. We’ve created a platform that will allow us to continue to add new features we might not have considered yet. As the future unfolds, we’ll be looking into other places where we can provide value so that agents have everything they could ever want. RE

The above article is sponsored content. For more information, please visit RocketPro.com/RealEstate.

Paige Tepping is RISMedia’s managing editor. Email her your real estate news ideas at paige@rismedia.com.

Conducting Real Estate in a Digital World by Jameson Doris

How ShelterZoom’s DocuWalk platform helps agents close deals without the need for in-person meetings

“When we started building DocuWalk two years ago, we had no idea a global pandemic would be our first test straight out of the market, but it has proven an invaluable way to learn exactly what agents need to succeed for alldigital transactions,” says Allen Alishahi, co-founder of DocuWalk, and 30-year real estate veteran as the founding broker of Cyrus Charter real estate brokerage.

DocuWalk is a blockchain-based platform that builds on the concept of any of the existing online document software options already out there, bringing several other crucial tools into the same system. Users can complete everything from creating documents, drafting contracts, virtually negotiating and discussing details, and messaging clients all the way to acknowledging or signing contracts with secure e-Signatures on this paper-free, fully digital platform. If there is ever a need to print out a paper copy, the option to download any part of a file is always available.

All of this takes place on a blockchain platform, which is quickly becoming the new standard for security in the online world. Users of the platform don’t need to know anything about blockchain; they can just be assured it is quietly working away, keeping everything safe and secure.

Steve Caro, broker/owner at Exit Realty Liberty Homes, has been using DocuWalk for several months across numerous transactions and is transitioning his agents to use it with their buyers and sellers as well. Based on Staten Island, N.Y., his team had to adapt quickly after the state’s shelter-in-place orders were announced early in the pandemic. DocuWalk allowed them to carry out real estate transactions in a completely virtual manner with extra layers of security to protect everyone’s private information.

“I love that if there’s a contract with a mistake or change needed, you can do it right there in DocuWalk,” says Caro. “Then I send it to the client, they sign whatever they need to sign, and then we submit it to the attorneys instantly. There’s no reason to scan physical documents anymore. Then the attorneys go into the document and they see that everything is there. It saves so much time. Everything happens instantly.”

Caro adds that DocuWalk also saves money since New York is a state where all the paperwork is required to go through attorneys, so the ones that bill by the hour are no longer spending time organizing paperwork. In addition to accessing all the documents directly in DocuWalk, attorneys and real estate agents don’t need to spend extra time combing through the contracts to make sure nothing has been changed on the sly. “I even showed a couple of attorneys,” says Caro. “‘Look at this,’ I told them. We can have this all done before you even sit down with the buyers.

“It works really well when you’re filling out binders,” continues Caro. “When we fill out our binders, you may not have one with you, but if you have your phone or your laptop, you can use DocuWalk right there with the client, which is awesome.”

Specifically, Caro cites the Templates option as his most frequently used feature within the DocuWalk system. This option lets the creator of a document create a standardized form with only selected fields available for changes so that the recipient can easily see where they need to provide information. Since the technology makes it so that no other part of the text is able to be changed, besides the fillable fields determined by the agent or broker, Templates prevents anyone from being able to sneak in clauses or deletions in the hopes that the other parties involved in the transaction won’t notice. If needed, the fillable fields in Templates can be turned into dropdown choices so the contract recipient can only choose from predetermined options to complete the text.

Bidding Wars We are facing some of the tightest inventory of the modern real estate era. According to realtor.com®, nearly 400,000 fewer homes were listed during the peak pandemic months in the U.S. compared to the same timeframe one year earlier. Combine this with the announcement from the Federal Reserve that interest rates will stay at their historic lows at least through 2023, and we can see how demand for homebuying is going to stay strong for the foreseeable future. As a result, most markets will see bidding wars becoming even more common than they have been the past few years.

Broker Makrm Holmes of M. Holmes Realty, who manages a team of about half a dozen real estate agents, points out the value of DocuWalk when it comes to winning bidding wars. Using the example of buyers putting in an offer on a property with a short deadline, Holmes explains that with DocuWalk, you can get your offer submitted much more quickly than competing buyers. You can also be sure the listing agent has received it with confirmation and time stamp.

“I think it helps the real estate industry tremendously by doing things in real time. If you make a mistake on a document, you can just fix it within five seconds,” says Holmes, leading to an almost instant turnaround if your clients are rushing to finalize an offer for the seller. The buyer’s agent can send the offer to the listing agent from DocuWalk (even if the listing agent doesn’t have a DocuWalk account) so that it shows up within seconds of being completed.

Holmes adds, “It also reduces a lot of platforms out there into one,” referring to the messaging and e-Signature features within the platform. Any back and forth negotiations between the agents can take place in the Virtual Negotiation Room, which becomes saved as a message history inside the agent’s private DocuWalk account. The next time the agent needs to refer to the documents relating to the sale, they can also look through the messages without having to navigate back and forth between an email account and the files for the documents or contracts.

Agent Recruiting and Retention The pandemic has made many agents consider leaving the profession, putting pressure on brokers to focus more efforts on keeping their current agents as well as actively recruiting more.

While real estate professionals have at times been slow to embrace technology, the pandemic made it clear that as soon as it became necessary to help serve clients, real estate agents were ready to adapt practically overnight. Both Caro and Holmes agree that DocuWalk is one of the tools they will use to recruit and retain agents so they can reduce the amount of administrative tasks that take up so much time.

“It fits into the new technology nowadays, where everyone’s gone paperless,” says Caro. “It is one of the things that helped me recruit and make life easier for agents.” For those considering using DocuWalk, but are hesitant to learn another type of software, Caro adds: “I’m not a tech geek at all. It’s not that hard to learn. Just play with it a few times and you’ll pick it up.” RE

For more information, please visit www.docuwalk.com.

Many Sellers Favor ‘Buyer Match’ to iBuyers

Commentary by Charles J. Williams IV

Homeowners are pretty one-track minded when it comes to discussing listing their home for sale. The seller has probably gone to Zillow® and learned about the Zestimate®, but they want the REALTOR® to provide advice on what their home is worth.

Today, the answer to that question has become a lengthier discussion. First, the agent needs to unpack the Zestimate, explain what an AVM (automated valuation model) is and how it works. Our customers show consumers three AVMs: the Zestimate, the RVM from Realtors Property Resource® and other options like CoreLogic, etc. The presentation of three AVMs is a great way to explain that AVMs don’t buy homes. They are estimates that can vary widely and are determined by factors like the inventory in the area at that price point. The home value is only exactly determined when a willing seller accepts the offer of a willing buyer.

Over the past few years, consumers have been reading headlines about iBuyers, investors or home flippers that offer a convenient way to sell your home without the headache of listing and then negotiating for the highest possible sale price. If the seller is working with a REALTOR®, they have probably learned that there is a convenience discount associated with selling their home to an iBuyer. Articles suggest that iBuyers try to buy about 6 percent below market value. Moreover, the agent explains that iBuyers are a small fraction of the buyer pool in the limited number of markets where they operate—and that they tend to stick to something they call a “buy box.” iBuyers try to buy homes that have the least amount of risk. Because iBuyers avoid risk at all costs, they minimize their exposure by making significantly lower offers in exchange for the quick purchase.

Sellers who want to transact immediately with an iBuyer are those willing to sell low, and whose homes fit into the buy box. But a new theme is emerging with Buyer Match. In September, Buyside’s broker clients launched a national advertising campaign to celebrate National Home Valuation week. It was an incredible success that generated hundreds of listing conversations with potential home sellers. Agents report that because they had registered buyers for the home, sellers were more likely to list traditionally rather than take the iBuyer route.

A product feature in Buyside, many REALTORS® think of Buyer Match as reverse prospecting. By looking at saved searches on agent websites, broker websites and portal websites, Buyside collects the criteria about what homeowners are looking for. With the Buyer Match tool, the agent can show how many buyers they have for the seller’s home.

Buyer matching is a key trend delivering an excellent solution in a low-inventory market. Right now, many brokers and agents consider it the best listing technology in the market. Sellers prefer to list with a company that already has buyers for their home, getting the most out of the sale by avoiding iBuyers altogether. Visit GetBuyside.com and learn how we turn data into business for our customers. RE

Charles Williams is the founder and CEO of Buyside™, the real estate industry’s first buyer marketplace to collect and analyze real-time demand for any home. For more information, please visit getbuyside.com.

Strategies for a Successful 2021

Commentary by Travis J. Bailey

After a tumultuous start to the 2020 real estate market, homebuying and -selling prospects have improved dramatically in Q3 and continue to surge as we approach the end of the year. While the housing market continues to face significant hurdles, including an uncertain economy and presidential election, it remains a seller’s market, with a shortage of inventory and strong buyer demand.

According to the Washington Post, record-low mortgage rates have dramatically increased buying pressure even as we enter a traditionally slower buying season. As houses fly off the market due to heavy competition, many brokerages and real estate professionals haven’t had to engage in traditional marketing and sales tactics to achieve their goals. As we enter Q4 and start planning for Q1 of 2021, it is vital to start thinking about how to incorporate some of the basics back into your company’s prospecting and marketing strategy.

Understand your market

While COIVD-19 wreaked havoc on the real estate market earlier in the year, leading to a substantial decrease in housing demand, there has been a sharp rebound in the market. These types of major reverses often cloud reality as well as future market trends. This is why as we look towards 2021, it is crucial to evaluate and analyze your company’s market, strategy and goals.

Continue to Prospect

As history has shown, housing markets will normalize, and your company needs to be ahead of the curve when they do. Bidding wars eventually fade, and savvy marketing plans will replace “coming soon” listing strategies. When there is heavy buyer competition and low inventory, it is more important than ever to not fall into the “it’s a hot market” routine. Define your market with your company, develop a multi-faceted marketing plan and dedicate time to prospecting. Strengthen your short and long-term sales funnel, while continuing to update current clients and ask for referrals.

More than 60 percent of home sellers use the first agent that takes the initiative and contacts them, according to Zillow research. The market your company serves has a massive number of potential clients, each in a different stage of their life. By utilizing Cole Information, you can connect with them, offer assistance, develop a relationship and potentially earn new business.

Hyperlocal marketing has always been a concept we have encouraged, and it is even more relevant in the current landscape. Marketing to a specific demographic or localized area based on trigger events, such as new and sold listings or open houses, is an ideal way to become a recognized name in your community. Creating multiple touchpoints in a neighborhood—so when a client is ready to move, it’s your name they remember—should be a driving objective on how to not only document your goals but achieve them.

With Cole Information’s technology platform, brokers and sales professionals can access the data they need to grow their sphere of influence, deliver high-quality inhouse leads, close more transactions, generate additional commission revenue and increase company profitability. RE

Travis J. Bailey is the vice president of Enterprise Sales at Cole Information. For more information, contact him at 973.896.6134/travis.bailey@ coleinformation.com or visit info.coleinformation.com/ strategiesforsuccess