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Sign into your accountRe-Inventing the Collection of Earnest Money: A Case Study
November 08 2016
John Mosey, CEO of NorthstarMLS, is known as one of those leaders that when he finds a business challenge his brokers face, will do his best to find a solution. He is not afraid to go first. As such, he has helped to bring to market many exciting new products that serve the greater good. I had the pleasure of interviewing him about the latest gem he has brought to the market for his subscribers.
It's a company called TrustFunds. TrustFunds, led by Lynn Leegard, was inspired by challenges she faced as was General Counsel for Edina Realty, based in Minneapolis. Many of you may know Edina Realty. They are the crown jewel of Home Services of America and they hire only the best and brightest.
This exciting new service has helped automate one of the last elements of transactions that are not handled online – the delivery and deposit of earnest money.
John told me that when he began to talk to his executive committee about how earnest money is handled, many became very sheepish. They readily admitted that earnest money is not handled as carefully or safely as it should be. Most transaction documents are processed, signed and distributed from secure online servers. Earnest money, on the other hand, is collected by hand.
Many times, earnest money checks end up in the front seat of an agent's car or in the bottom of their purses while waiting to be deposited. Earnest money is the last process in the real estate transaction that has not been brought online.