Real estate commission calculations require accuracy and efficiency; commission software provides an accounting solution that can streamline this process while improving back office processes, decreasing inefficiency, providing valuable sales analytics to inform decisions, and automating back office processes.
Commission software designed specifically to meet the needs of real estate agents is intuitively user-friendly and speaks the language of the industry. You can quickly calculate agent commissions and deduct fees from transactions while setting up automatic monthly billings so agents receive payment faster and more conveniently than paper checks.
Real estate commission software should be flexible enough to adapt to the unique compensation structure of each brokerage. You can personalize commission calculations to include automatic franchise or royalties payments, custom brokerage fees, client fees, home warranties and charitable donations as part of an agent’s commission payout calculation and more. Plus, tracking and reporting on these elements makes life much simpler!
To illustrate, if your flat fee model requires that the broker retain all listing fees, your commission calculation can be adjusted so as to exclude company net income and only calculate agent gross commission. This result of each deal is displayed as its “Company Net” field on all inside broker records related to it.
Once your commission calculations are in order, it’s time to pay your agents. Agents don’t like waiting around for their paycheck, so you need an efficient system for dispersing commission statements and deposits quickly and efficiently. With an accounting software solution with next-day ACH payments you can deposit agent payments quickly into their bank accounts – guaranteeing quick and accurate payment to ensure team member satisfaction and maximize agent satisfaction.
Propertybase (formerly Copper)’s commission management software can help your real estate brokerage streamline its back office. Featuring an intuitive CRM with G Suite integration to handle email conversations and track leads, Propertybase’s platform also creates profiles of contacts to stay organized as well as having tools for email campaigns management as well as real estate websites management – plus luxury IDX website templates, lead generation tools and transaction management features that may prove essential in today’s real estate marketplace.
Brokermint, CORE BackOffice and RealtyAPX may all offer options for commission management systems that provide customizable tracking, automation and next-day ACH payments to agents. Furthermore, each of these solutions includes transaction management, client management and reporting/analytics modules that may also come in handy in managing commissions effectively. To learn more about what each offers request a demo with them today!