One of the core tenets of running an effective real estate brokerage is commission management. This includes calculating agent commissions, automating payment processes, and providing detailed accounting reporting. Real estate commission software offers an effective solution that streamlines this process while improving accuracy, transparency, and efficiency for both brokers and agents alike.

Commission calculations and payments have traditionally been completed manually using spreadsheets, which is time-consuming and increases the chance of errors. A centralized commission management system pulls pertinent data from upstream systems in real time to instantly calculate agent commission payments – replacing manual processes with instantaneous calculations while decreasing risks and errors.

Real estate commission software should be tailored specifically to meet your business model, enabling you to develop and implement customized commission plans that match up with it; supporting various commission structures including flat fees, commission tiers and splits. Furthermore, this software should allow you to track agent production volume income performance year-to-date (YTD), while also having mobile accessibility so your agents can manage transactions and commissions while on the move.

With an automated real estate commission tracking system in place, your agents can enjoy instant commission statements and automated monthly production email reports that clearly outline monthly and annual production, transaction count and total dollar amount for each agent. Furthermore, these reports cover franchise fees or royalties, custom brokerage fees client fees as well as deductions such as home warranties or charitable donations.

Real estate commission software not only streamlines the commission payment process more effectively but it can also save both time and money on administrative expenses. A recent study discovered that businesses using commission software saved an average of $37 a month on administrative costs–money that can then be invested back into marketing, training, or other initiatives to expand your brokerage.

Real estate commission management systems save teams time by streamlining their back office. Without one unified commission and accounting software solution, your team would have to switch between various tools in order to gather data such as transactions, sales commissions and more – an unnecessary step that often results in mistakes due to misplaced numbers or forgotten transference of data between programs. Commission automation software eliminates this step allowing your team more time spent growing your business!

Claire from RE/MAX Success has used Loft47 for over a year and can vouch for its use as an indispensable asset to her brokerage. Thanks to its automation features and integrations with other programs, the platform’s automation has improved her commission management processes while making training simpler and giving agents greater freedom. Claire gives Loft47 10/10 stars out of 10, and encourages others to jump right on board to maximize its usefulness! She strongly suggests “getting it now!” to take full advantage of its advantages.