Marking Transactions as "Lost" (vs. When To Delete Them)
Lost: Lost means your client decided not to work with your firm anymore and therefore should be marked as lost (i.e. the entire opportunity from this client was lost). Lost does not mean your buyer client or seller client simply fell out of contract (because your client could go back under contract at a later date). If they simply had a setback and fell out of contract, but are still going to be working with you, just remove the "Under Contract Date" from the transaction.
Marking a transaction as lost when you lose a client, rather than deleting the transaction, is important because these lost transactions (i.e. completely lost clients) play a crucial role in your reporting and conversion ratios—you need to be able to see how many clients you are losing, and where you are losing them in order to improve processes.
Note: Our platform today is more designed around tracking the overall opportunity with each of your clients -- i.e. what percentage of your buyers end up purchasing with you (even if they fall out of contract along the process) or the number of listings who end up selling with you (regardless if they had to contract with multiple buyers until the listing sold.)
If you want to compare your number of closings to the number of contracts you signed, we recommend you create an activity called “Agreements Signed” or "Contracts Signed" that you manually update. With that, you could track the number of agreements you sign each month and compare it to the number of closings, so that you can get an idea of “20 agreements signed = 10 closings”, etc.
(If you have duplicate/erroneous entries, scroll down where we will talk about how you can delete them completely)
Lost transactions no longer show up in your pipeline, but they can still be searched and called upon when necessary.
To Mark a Transaction as "Lost" (i.e. archive it):
To Activate a "Lost" Transaction (i.e. to bring it back):
Step 1: In Transactions, use the Filter drawer and search for "Lost" transactions:
Step 2: Activate the "Lost" transaction (bring it back):
Deleting Transactions from Desktop
Only delete a transaction if it is truly erroneous. Transactions can only be deleted from the desktop platform and only by an Admin.
In the Transactions screen, here is how to do it: