This workflow will provide the step-by-step process of creating a new offering in RealPage IMS. This is an overview with links to deep dive into more information. This process will include the following:
- Final Offering Documents
- Build a Project
- Decide Accreditation Method
- Choose an Investor Experience
Detailed steps below:
1. Finalize Offering Documents
2. Build Project
The foundation of any offering is to first build the project.
- Create Project
- Create Classes -We recommend that any investors receiving payments in a similar manner via waterfall be grouped in a class (For example, a General Partner, a Limited Partner, or a Promote Partner). Each class may have its own individual sales offering.
3. Decide Accreditation Method
There are two workflow methods in RealPage IMS to verify an investor’s accreditation. This is set up in the Class Preferences
Self Accreditation: The most common option. If this is chosen, the investor will attest to their accreditation status if you choose the Investor Portal investment experience, however, it is up to the Sponsor to determine and verify an investor’s accreditation. To choose this workflow, select the ‘Self-Accreditation’ option in the drop-down within the Class Preferences Menu.
VerifyInvestor: This will route the investor to a 3rd party verification system, VerifyInvestor, that will require the investor to load supporting documentation to determine accreditation status. The investor will be sent a link in the confirmation summary email after they have completed the RealPage IMS investment process. Note that since this option requires supporting materials and review, results can take up to several weeks.
- After the investor has supplied the necessary documentation and VerifyInvestor has certified the accreditation RealPage IMS will receive notification from VerifyInvestor on if an investor was successfully accredited or not. RealPage IMS will forward the email with the certificates on Monday, Wednesday, and Friday of each week when received.
4. Choose an Investor Experience
- Publish A Project Tile: The investor experience will involve logging in to the platform, selecting and existing or adding a new investment vehicle (Individual,401k, Entity, etc.), entering the investment amount, and electronically signing documents. This puts the responsibility on the investor to manually input the investment amount and to fill out all required fields. To view the investor workflow, go to the following link: Investment Wizard.
Below is the overview of what steps will be taken to publish a project tile on the Investor Dashboard.
Publish a Project Tile for the class within the entity that is raising equity (Should this be a Private Raise? Private raises will display the Project Tile only to a select group of investors)
- Update Tile metrics and build out the deal room
- Offering Documents should be added to the Class-level document folder and marked to be displayed on the Acknowledgements Page and Show Page. Load your document into the Sales Offering.
- If your documents call for countersignatures, please be sure these are set up properly in your account.
- Set Minimum and Maximum Investment Amount and Increments within Class Preferences. In addition, set the desired accreditation method on the Class Preferences page.
- Choose Funding Preferences.
- Setup Confirmation E-mail. This is an optional, automated e-mail that sends wiring instructions to the investor after they complete the documents. This will need to be enabled in Offering Preferences if choosing to utilize the VerifyInvestor Workflow.
- If needed, add Check and/or Wiring instructions to the Escrow tab of the Sales Offering.
- Publish Offering and Project. Please ensure that both are published, or it will not display on the investor dashboard.
- Test the new offering as an investor
a. Create an individual investor profile for yourself to test.
b. Create an entity profile, a joint account, and a trust so that you can see how different investment vehicles will experience the document. Connect your individual profile to each as a Responsible Party and invite yourself to the investor portal.
c. Login to the investor portal (do not masquerade as you will not be able to go through the entire offering process if you are not properly logged in).
d. Navigate to the Offerings page and select the desired offering.
e. Follow the steps to make an investment and confirm the desired fields are populated and/or required in the electronic document.
f. Repeat as necessary with other profile types to confirm the proper setup.
2. Invite to Invest: With Invite to Invest, the investor will not need to login to the investor platform. Instead, the admin will enter the investment vehicle, the investment amount, and will manually send the email to electronically sign the investment documents. The admin sets the investment vehicle and specifies the investment amount, and this cannot be changed by the investor during the Electronic Signature process.
- Ensure all Investor CRM data is complete, especially any fields the document will be trying to pull from. Incomplete Investor Profiles will result in blank sections in the offering document. Investors will not be able to update their contact data directly on the document as this information auto-populates from the RealPage IMS CRM. Administrators will also need to be sure to select the correct investment vehicle as this will not be able to be updated as electronic documents are being signed.
- Populate committed amounts as 'Pending' investments within the respective class of your new deal.
- Offering Documents should be added to the Class-level document folder and marked to be displayed on the Acknowledgements Page and Show Page. Load your eSignature template into the Sales Offering. If your documents call for countersignatures, please be sure these are set up properly in your account.
- Setup Confirmation E-mail. This is an optional, automated e-mail that sends wiring instructions to an investor after they complete the offering documents via Electronic Signature. This will need to be enabled in Offering Preferences if choosing to utilize the VerifyInvestor Workflow.
- Add Check and/or Wiring instructions to the Escrow tab of the Sales Offering.
- Select the check box to the left of investors you would like to invite then click the Bulk Actions button at the top of the cap table and choose Invite to invest from the menu.
Walk through the Invite to Invest process by adding in an investment for testing purposes, and sending the document to test. Please note that the Confirmation E-mail may take up to two hours to send.
Before sending out invitations to invest, keep in mind:
1. Only click the "Invite to Invest" option in the Bulk Actions menu once.
2. Make sure to update the “support” phone number in RealPage IMS admin to the correct internal contact information. Located under the ‘Profile & Preferences’ menu, then select ‘Admin Settings’.