Help Center : How to create a new Closed Deal: Part 20 - Other Starting Points

This tutorial will go over the various ways you can start creating a new Closed Deal.

Instructions

At the beginning of this tutorial series, we demonstrated how to create a new Closed Deal from scratch via the Deals menu on the Home page.

However, there are several more ways to create a Closed Deal.

From the Home page (create a new record)

The Deals menu on the Home page is only one of the starting points for a new Closed Deal. If you run a search for Closed Deals, the list of results will include a green plus button at the top left of the list. Click on that button to open the New Closed Deal modal.

Similarly, you can use the Closed Deals search widget on the Home page – not only to search for Closed Deals, but also to create a new Closed Deal without having to run a search first. Click the New Closed Deal button to start the process.

If you don’t see the Closed Deals widget on your Home page, scroll to the bottom of the dashboard and click on the option to Add Widgets. This will open the widget library.

Go to the Deals category. Find the Closed Deals widget in the list on the right and click on Add it Now.

Contact your System Administrator if you don’t see the widget listed, as they may need to give you permission to use it. Use the Return to Dashboard link at the top to go back to the Home page. The Closed Deals widget will now be in the top left corner of your dashboard.

From an Assignment

If you are working with an existing Assignment or are starting the data entry process by creating the Assignment first, you can initiate a new Closed Deal directly from that Assignment record. Open the Deals menu at the top of the Assignment record and click on the green plus button next to Closed Deals.

Or, click on Closed Deals to open that list and use the same green plus button in the top left corner.

Close an existing Deal

All of the options so far assume that your Deal wasn’t already being tracked in CoStar Brokerage Applications. Here are a few examples to show you how to transition an existing active Deal to a Closed Deal.

We’ll get into different examples for why you might have an existing record that you can convert. But the simplest solution for finding that existing Deal is the Global Search at the top of the Home page.

Select Deals from the dropdown menu next to the search field and type in the Deal name, Property name, Property address or record ID. Your Deal should be included in the results, whether it’s Available, Unavailable, Withdrawn, Leased, or Sold, or a Need or other type of Project.

From an Availability

Let’s start with a common scenario for listings. If you already have an Availability in the system for your lease or sale listing, you can convert that Availability to a Closed Deal. Click on the Close This Deal option at the top of the Availability record.

Fill out the New Closed Deal modal and click Submit.

Notice how the Property and Space are already selected, and you are taken straight to the Contacts tab. Any information that had already been entered on the Availability will be retained once it becomes a Closed Deal.

A quick note here about Availabilities that download from CoStar or LoopNet. Your firm has the option to allow your listings to download automatically from CoStar to Brokerage Apps. Even if you convert an Availability to a Closed Deal in Brokerage Apps, you still need to take that listing off the market in CoStar. In other words, the information only flows one way - from CoStar to Brokerage Apps.

As for searching for your listing via the Availabilities Search: Depending on your firm’s internal workflow, you may be closing an Availability in Brokerage Apps before it’s taken off the market in CoStar, in which case you want to search for it as an Available Property or Space.

However, if the listing was removed from CoStar first and that update has already downloaded to Brokerage Apps, you may need to search for an Unavailable Property or Space. You’re still searching the Availabilities database, just for a different Listing Status.

This is why the Global Search option on the Home page is so handy – it will find your listing whether it’s still available or has already been changed to unavailable.

So how should you handle an Availability for divisible space that is only partially leased while the remaining Space is still on the market?

Generally speaking, and especially if your CoStar or LoopNet listings download to Brokerage Apps, we recommend creating a new Closed Deal for the leased Space, and updating the available square footage in the existing listing in CoStar, LoopNet or Brokerage Apps. Just remember that if you update CoStar or LoopNet, you don’t need to make the same update in Brokerage Apps – the automatic download will do that for you.

From a Comp

Alternatively, the Availability may have already been converted to a Lease or Sale comp by someone else. In that case, you’ll want to search the Comps database instead of the Availabilities database.

Click on Leased or Sold to open the Comp record.

At the top of the record is the same Close This Deal option as on Availabilities.

From a Project or Need

Other types of Deals can also be tracked in Brokerage Apps while they are still active. Needs or general Projects are commonly used to track Tenant or Buyer Rep deals.

Some firms use Projects for tracking Property Management, Construction Management, Consulting, Referral or any other kind of deal. Regardless of the type of record, most transactional records can be converted to Closed Deals via the Close This Deal option at the top of the record.

If you don’t see the option to Close This Deal, it’s either because the record you have open is a type that can’t be converted directly into a Closed Deal (such as Assignments), or it already is a Closed Deal.

At the end of the day, any type of internal Deal which directly results in revenue to the firm can become a Closed Deal, since the purpose of Closed Deals is to calculate, bill and distribute commissions and other fees.

Support Resources

If you have any questions about any part of this tutorial series, you can contact our support team for more information. We also have a Help Center that’s always available online, with user guides, troubleshooting tips, training videos, and more. Links to these resources are in the Profile menu at the top of your Home page.