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Day-to-Day Deal Management

  • Updated

Summary: This guide covers the essential actions you will take daily to manage your business. Learn how to create deals manually (even without a property address), convert your existing contact records into active deals, and manage the entire negotiation process from offer to acceptance.

1. How to Create a New Deal Manually

Ideally, leads flow into your pipeline automatically from your website or marketing campaigns. However, real estate is messy, and sometimes you receive a call on your cell phone or a referral where you don't have all the details yet.

Steps to Create a "Phantom" Deal:

  1. Navigate to Deals or Pipelines in the main menu and click the New Deal button.
  2. Naming the Deal: If you do not have a property address yet, you can give the deal a descriptive name (e.g., "David's Red Door House").
  3. Assigning the Contact: Search for and select the contact (e.g., "Sally Seller"). You must assign a Role to this contact, such as "Seller".
  4. Selecting the Pipeline: Choose the appropriate deal type (e.g., "Seller Leads") and the starting status (e.g., "New Lead" or "Contact Made").
  5. Save: Click "Create Deal." You now have a deal card in your pipeline to track the relationship, even without a property address attached.

2. Converting Existing Properties to Deals

If you have been using REI BlackBook for a while, you likely have contacts with property addresses stored in their records that are not yet "Deals."

How to Convert:

  1. Open the Contact Record for the person you are working with.
  2. Look for the Properties section (above the Details tab / in the top right-half of the screen). You may see properties listed that are "Not converted to deal".
  3. Click the Convert to Deal beneath the property address.
  4. The system will create a deal record. You can then manually update the deal type (e.g., changing it from "Seller Lead" to "Wholesale") and status to match where the transaction currently stands.

3. Managing Offers and Negotiations

The new deal record allows you to track the granular details of your negotiations, keeping a history of every price discussed.

  • Making an Offer: Inside the deal record, you can log a new offer. You will enter the Offer Amount, Offer Date, and Expiration Date. You can also upload physical offer documents or generate them using the system.
  • Tracking Status: You can update the status of specific offers to "Pending," "Accepted," or "Rejected."
    • Pro Tip: If an offer is rejected, you can instantly trigger a "Rejection Recovery" Deal Flow. This automation can put the seller into a long-term nurture campaign to stay top-of-mind without you having to remember to follow up.
  • Accepted Offers: Once an offer is accepted, the system will prompt you for critical closing details, such as Expected Profit, Contingencies (inspection, financing), and Key Dates.

4. Running Comps & Estimates

Speed is critical when you have a seller on the phone. You can access property valuation tools directly from the deal record "drawer" or full view.

  • Integrated Comps: Click the "Comps" tab to open a map view of nearby sales.
  • Filters: You can filter comparables by Distance (down to 0.25 miles), Square Footage, Bedrooms, and Sold Date to find the most relevant matches.
  • Auto-Calculation: Select the valid comps, and the system will automatically calculate the average price per square foot and an estimated value for your subject property (e.g., "Estimated at $1.2M").

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