Masterkey Blog

Masterkey connects agents to 60,000+ listings in open Multi-Listing System (MLS)

 

 

 

Masterkey users can connect their listings to appear in the UAE's first truly open Multi Listing System. Users can enjoy high visibility and a broad distribution of their listings. Connecting to the MLS gives users access to all of the listings in the market as well as advanced search features and powerful digital tools to keep them at the top of their game in an increasingly challenging market.


What is an “open MLS”?

  • Simply put, an “open MLS” is a centralised database of listings where agents and agencies of all sizes can easily advertise their property listings, regardless of which CRM they use.

  • Many real estate CRM providers in today’s market discriminate against competitors’ listings and only allow access to those who use their software, thus limiting potential sales opportunities for their users.

  • Masterkey’s MLS accepts listings from any CRM provider in the market (including Masterkey, Airlist and others) and has created a platform where agents can maximise and multiply their sales opportunities through connecting with other brokers, agencies and property developers.



Why should users connect to the MLS?

  • This centralised database was created in order to avoid duplicate listings, saving time and allowing agents to work together to find more buyers and make more sales.

  • Enjoy widespread distribution of your listings with connections to over 75+ property portals both locally and internationally.


Who uses the MLS?

  • Individual agents

  • Marketing administrators

  • Brokers and agencies of all shapes and sizes

  • Property Developers advertising large scale projects and stock inventory


Ready to start?

Check out the following articles to get your listings integrated into the MLS today:


How to Activate the MLS

How to add your units to the MLS

How to search for units in the MLS




Maximize Your Reach with the New Portal Zone

At Masterkey, we understand that your time is valuable and every second in the real estate industry counts.  That’s why we developed an in-depth control panel designed to give you a complete overview when it comes to where and how you list your properties online.

In the new Portal Zone, we’ve centralised access to over 50 web portals, all in one convenient location within Masterkey, allowing you to manage, monitor and market your properties, easily and efficiently.

Simply login to Masterkey, click on the “Marketing” module  and select “Portals”.

 

With the simplified Portal Zone, you can:

  • View and manage all of your listings, as well as your company’s totals

 

  • See the status of your listings and when the portal was last updated

 

  • Contact the portal directly through the Masterkey application

 

 

Ready to get listing?

Log in to Masterkey now.

 

 


Check out the new and improved email composer

We’ve completely revamped the email composer in Masterkey for a cleaner, more responsive design, added formatting and layout options, and created a bigger text box for your messages!


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With the new formatting and layout options, similar to what you would find in Microsoft Word, it is now much easier for you to highlight important text in your email, make bullet points and numbered lists, and change the text size. If you copy and paste emails into the composer, you can also strip old formatting using the ‘remove formatting’ button to ensure a consistently formatted email.  


The above is all fine and good, but we’ve saved the best for last...


You can now include links to your property unit cards when you send emails to your leads. With the new composer, you can simply search for units to include inside the body of the email directly. You’ll no longer have to go through the unit zone one by one to look for units, which will certainly save you a lot of time.


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We’re not done yet...


With our next release comes the ability to send emails to multiple leads in one go, unit cards, mail merge and all. It’ll be the same smooth experience as before but with a lot more options available. We’ll keep you posted on the progress through our blog or better yet, follow us on Facebook for all feature updates.  


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By Abbas Hayat, Director of R&D and Consulting



Power through your leads with a Power Hour

 

 

 

Have your clients ever said they feel neglected? That you never got back to them?


We fight with constant interruptions and lets face it, as much as we may want to, we don’t get back to our customers as often as we should.


So, why not try scheduling a power hour?


The objective of a power hour is to have a set time daily or weekly to focus on providing great service for your customers. This can be done through consistent communication where you stay informed with what they want, how they’re progressing and what they feel is next.


So let’s take a look at the tools you need to maintain contact with your leads - especially those with whom you haven’t talked to recently.

What does a Power Hour entail?

It’s faster than ever to user Masterkey to work through your list of leads. You’ll need:

  1. A dedicated hour to contact customers

  2. A computer and phone

  3. Masterkey open and ready to go

What part of Masterkey helps me with this?

The Masterkey sidebar allows you to quickly action leads such as:

  • Log a call

  • Send an SMS

  • Send an Email

  • Postpone a lead

  • View latest activities

  • Close the lead


For a group of leads you can:

  • Close all leads

  • Transfer all leads

  • Mark all as read

  • Mark all as unread

  • Send a mass email to all leads


See: how to power through leads

How do I get started?

  1. Use either the lead zone or sidebar to see a list of your leads.

    1. We recommend using a sidebar report, such as ‘Open Leads Buyers’

    2. You may want to spend the first day or two just closing leads that you’re not in touch with any more. It’s better to have a clean list to work with.

  2. Now sort the list by ‘My Last Activity’.

    1. This will allow you to show the oldest leads first.

  3. Go to each lead and call / email / SMS them.

    1. As you do this, you can use ‘Log a call’ or even ‘Send SMS’

    2. This also automatically logs an activity against the contact.

  4. Do this daily and within a week you’ll have a clean list of active leads to chase.

What is lead escalation?

Lead escalation helps by automatically marking leads in red after a set time period so you know which ones are being missed. Managers can also use this to help their teams to close leads and keep in touch.


You can set up lead escalation rules through our support team. It’s completely optional, but we do recommend it.


Based on user feedback, we’ve set some guidelines for how often you should be in touch with your clients. Masterkey can modify this based on your specific requirements if needed.


 

Residential

Commercial

Tenant

2 days

3 days

Buyer

3 days

3 days

Landlord

7 days

14 days

Seller

7 days

14 days

Learn more about the lead escalation feature.

 


FAQs for Masterkey Clients on Airlist

Airlist.com has just launched in Dubai. Here’s what you should know.


What is Airlist exactly?

It’s a lightweight listing tool designed to help agents who don’t already have a system to publish listings onto portals.


Should I give Airlist a try?

Absolutely! It’s good to know what options are available in the market and you can earn credits by recommending it to other agents.


Can I share my Masterkey listings on Airlist?

Yes, any Masterkey client can instantly publish listings on Airlist.


Can I use both, Masterkey and Airlist, at the same time?

Yes, but make sure to add new listings in Masterkey then share them to Airlist.


What benefit do I gain from using both?

Increased visibility for your listings. Airlist is a place where agents can share listings with each other for free regardless of which system they use in their office. You’ll be able to use the full CRM features of Masterkey with the wide exposure of Airlist.


Should I switch from Masterkey to Airlist?

No. Airlist only allows you to publish your property listings online whereas Masterkey offers the same listing power with full CRM features.


What are the features of Airlist that Masterkey doesn’t have?

All the features of Airlist are already available in Masterkey.


Is Airlist owned by Masterkey?

No, Airlist is a spinoff from Masterkey, founded by Daniel Hart, Masterkey’s CEO and built by the development wizards behind Masterkey. You can be assured of the same professionalism, security and innovation that have been evident over the last 10 years of Masterkey.



Empowering your agents through lead caps

 

Lead generation is essential in making money in a real estate role.  Having a constant stream of clients looking to buy or sell ensures a steady flow of commission for the agent.  In the company’s perspective, closed leads means increased revenues.


As a manager heading a group of real estate agents, what will you do to ensure that leads are being tracked, updated, and chased until closing? Do your agents have enough leads to work on? Are they bombarded with too many that they can hardly prioritize which one to act on first?


Working in a commission-based role is financially rewarding especially when the agent has a lot of properties to sell or lease.  The more time and effort an agent exerts into building leads, addressing prospects’ needs and promoting their listings through various channels, earning more is within reach.


Masterkey has developed a key feature that will allow you as a manager to place  limits--or caps--on the number of leads each agent is allowed to handle at one time.  


What is the importance of the lead cap feature?


The benefit of the new lead cap feature is twofold:


First, we’ve introduced a new rotation type called ‘My listings only’ which indicates that the agent would like to receive leads for those units which he/she has is the listing agent. This feature is excellent for large companies in which agents do not wish to receive unwanted leads and  would rather prefer to focus on their own units and areas.


Secondly,the lead caps feature can control the maximum number of leads an agent is allowed to manage at any point in time. This encourages agents to more efficiently manage their open leads, keeping only the active ones in their list. . This feature also notifies agents if he/she can still accept leads or not.  


How does it work?  

Masterkey’s lead rotation has 3 types:


On rotation means you are available to receive lead referrals  

Off rotation means you will not be able to accept leads (e.g.  if you are on vacation or otherwise unavailable).  

My listings only means that you will only receive leads related to listings for which you are the listing agent.   


Here are the different lead rotation statuses in Masterkey:


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As a manager, you will be able to see each agents’ status, whether they are ‘On rotation’, ‘Off rotation’, or ‘My listings only’ and all relevant information will become available to your call center agents and other staff.


As an agent, you can select your rotation status as ‘On’, ‘Off’, or ‘My listings only’. These statuses will be displayed to the coordinators or call center agents who can then assign leads accordingly to the team.


In addition, guidelines can be linked to a role to enforce certain rules for the maximum number of leads an agent is allowed to have. Different roles can then be assigned to different agents.



For example, if Lead Cap rule is:


‘Total number of open leads (all types of leads) should not be > 150’


Then the lead rotation status will automatically be switched to ‘OFF’ if the total number of open leads for that agent exceeds 150. Once the total number of open leads drops below 150, then the Lead Rotation status will revert to ‘ON’.



Want to start using Lead Caps? Check out the Knowledge Base articles below to get started.  

How to turn lead rotation On/Off/My Listings Only

How to control the maximum number of leads an agent can have at a time

Put agents on rotation as an admin/manager

 


Notifying clients on upcoming and overdue invoices just got easier

Automatic notifications for due invoices

 

 

A critical part of property management is monitoring overdue invoices.  Without a proper system and an effective policy in place, your company will be vulnerable to painstaking collections problems.  Accumulating late payments can affect your cash flow and harm your bottomline.   


Each company has its own approach to  informing tenants of upcoming payments that usually involves a series of letters and phone calls to encourage them to pay on time.  Communication normally starts on a friendly note, but the tone becomes more serious and insistent as payments become more and more overdue.  


With Masterkey, our tenants instantly receive automated reminders of upcoming and overdue invoices, keeping them informed and always up-to-date.


From a business standpoint, Masterkey also enables property managers to notify their accounts team about clients with overdue payments. This also gives the accounts team a head start in tracking overdue invoices and sending the necessary communication to tenants accordingly.


Keeping your receivables flowing smoothly and eliminating the chances of overlooking overdue accounts are just some of the benefits that Masterkey brings for property managers which greatly impacts your business.  



Find out how you can use our Automated SMS Messaging.


Introducing our brand new feature: Workflow

 

 

For almost as long as Masterkey has been around you’ve had the ability to manage “Activities”. This allowed you to create and manage tasks either for yourself or for your colleagues within your real estate business. Instead of using an external task management tool, activities could be assigned to your team as needed, directly from inside Masterkey.

 

Workflow is the ultimate refinement of activities within Masterkey. You can now map out your internal steps that are needed for different processes, for example for every time you're listing a unit or every time there’s a transaction.

 

Let’s assume a new listing comes to your agency. Next, a team needs to go onsite, inspect the unit and take pictures. Later, another team needs to double check and publish the listing online. Then another set of steps need to be taken when a tenant or a buyer comes. A number of documents need to be collected from the landlord/owner and from the tenant/buyer. Not to mention, the sequence of activities are as important as the actual transaction to make sure everything is done smoothly. (So many things to do and documents to submit by different people!)

 

 

 

In summary, to list, inspect, publish and complete the transaction of a unit, there is a sequence of tasks that need to be done, requiring the collaboration of different departments and different persons along the way.

 

Workflows allow your team to automate the creation of these processes and activities, and you can manage the overall operation. You can now define different lists of activities for different types of jobs, where at each stage, one individual or group will be responsible for the completion of a specific task. Once a task is completed, Masterkey will notify the next responsible group or individual to execute their stage of the process.  The notifications for newly assigned tasks play the key role in the smooth running of the defined workflow.

 

It will save your team the headache of finding tasks amongst the hundreds of emails received a day, and you can stop noting down things you have to do on stickies and to-do lists! By automating your workflow, you have one streamlined mode of communication, and one common dashboard where all your incoming and outgoing requests are placed, along with details about which stage in the business process they are at.

 

Want to start using Workflows? Go the help section here to learn how:


Otherwise we’re always available to help you train and implement this inside your company!

 

Masterkey. A single point of truth.

 

As companies grow in scale and operations, the need for a central system connecting different teams, processes and software becomes more important. Large organizations need to run all operations in sync with each other, and to eliminate inefficiencies caused by transferring data between systems manually. 

 

At Masterkey, we’ve experienced this trend with a lot of our larger customers (and some smaller ones too) who operate multiple concurrent systems to manage their real estate business. 

 

A commonly seen example is a property manager using an accounting system to manage profit and loss reports for his numerous landlords. Masterkey handles the listing, marketing, lease and transaction processes seamlessly: a rent schedule is printed, the cheques are collected and stored, and an Ejari contract is printed and signed. All within the Masterkey system.

 

At this point, the cheques are physically handed over to the accounts team, which keys them one by one into their accounts software (so much data entry!). Not only that, when they are banked, the accounts team notifies (so many emails!) the front-office staff so that they can update the cheque status inside Masterkey (so much more data entry!). If a cheque bounces, accounts will notify front-office (who by this time are drowning in emails notifying them of each cheque and scurrying to update the individual status inside Masterkey!) and they will have to ask the tenant to deposit a new cheque, only for the cycle to repeat itself.

 

Imagine if you could eliminate all of the manual data entry and painfully large email exchange. Imagine if your accounting system and your CRM system could ‘speak’ and let each other know automatically when payments are due, when they clear out and when they bounce… Just imagine.

 

Masterkey is built to connect to a host of external systems. These can include everyday accounting systems for small companies (Xero, Sage, Peachtree, Tally and the like), all the way up to enterprise systems (Microsoft Dynamics Great Plains, Oracle Financials and the like), and most things in between (IP Phone and call center systems, Human Resource, Facility Management, custom websites, kiosks and self-serve portals).

 

We do this via an intricate and extensive api layer that helps Masterkey connect with external systems in a completely secure and robust way. Data flows are seamless, and you control how often you want updates, and in which direction.

 

Speak to one of our consultants today for a free evaluation of your internal systems and how we can make your processes happy and joyous!


Excuse me… Your cheque bounced!

 

Over the past few weeks, we’ve been busy making some improvements to our invoice and payment management features, making them more advanced. It is now easier to maintain a full audit and a reporting trail of all the changes in your invoices.

 

Earlier this year, we introduced a feature to mark payments as bounced, and replace bounced cheques with new ones. With this week’s release, you can now instantly send an email notification to tenants or buyers advising them that their cheque has been rejected by the bank.

 

As soon as you mark a cheque as bounced, inform the concerned party immediately by sending them an email notification that the cheque didn’t clear. In addition to the text email sent, a notice letter will be attached as a PDF file. These notice letters can be customized from the Communication Templates Parameter inside System Admin. We’ve added a few default templates for you so you can start using the feature immediately.

 

Check out our knowledge base articles here to learn how to send notifications for bounced cheques, and here to learn how to setup Communication Templates.