We hear from many growing brokerages that one of the toughest parts of managing the business is tracking real estate commission. The faster you grow, the more properties you’ll help people to buy and sell – and that’s great! That also means you’ll be paying agents more commissions – which is a good challenge to have!
As your business expands, part of scaling in a sustainable way is properly managing commissions. That means getting out of spreadsheets and piles of paperwork and automating tasks where you can.
Even if you’re happy with your spreadsheet screens and can tackle the automation of commission management currently… consider the future. In order for your brokerage to grow and continue to scale while getting the best talent on board, you need to implement a system now rather than waiting until commission management becomes too large and confusing to deal with accurately and precisely.
That’s why you need more than just a tracker or even an advanced real estate commission calculation for your spreadsheet. You need a system that’s smart enough to be able to handle custom commission calculations as well as other related aspects regarding commission disbursement.
Brokermint is much more than a real estate commission tracker, organization tool, spreadsheet or template. It’s a complete system that allows for seamless management of your entire real estate back-office, including agent on-boarding, electronic document signatures (e-sign), integration with accounting tools, and so much more.
Real Estate Brokers love Brokermint because of supportive features like these:
Sliding Scale Plans – The system can automatically switch between tiers and adjust commission split based production. You can setup multiple conditions for each item within your commission plan and let the system track it for you. No more manual tracking, agents get paid what they earned, on time!
Team Plans – Tracking commissions for teams can be very complicated, but with Brokermint on your side, you can rest easy. Set up teams and cap contributions. See precisely how much each team member generated toward the group quota.
Easy Deposit Tracking – See the current balance across all deals or narrow down your search to see deposit details at a transactional level. Easily access the ledger to see when money came in and when it was released. Push deposits to QuickBooks or other accounting tools in just a few clicks — no tedious manual entry!
Quick Generation of Agent Statements – Instantly generate commission statements for your agents alongside their commission check. Impress them and grow loyalty with a detailed commission breakdown showing precisely what they earned.
Simple Integration with Accounting – Integrate with Quickbooks online and improve efficiency, increase profit margins, and ease the workload burdening your administrative staff. Brokermint allows you to automate the accounting process, reducing errors and saving time.
Additionally, you can leverage Brokermint’s standard commission disbursement form to continue to simplify the commission process. We are sometimes asked “what is a real estate CDA?” and the concise answer is that its a form that is filled out to allow real estate agents to collect their rightful commission for their work. CDA stands for Commission Disbursement Authorization.
The CDA is one of the most important components of the overall real estate process and being able to provide agents with their payment quickly and efficiently is vital to retaining your top performers and producers. If you want to obtain and keep your best agents, as well as do more deals and make more money, then ensuring agents get paid what they are expecting, when they are expecting it is crucial! The best way to do that is through a sophisticated system like Brokermint.
Our CDA functionality enables you to disburse money with ease and provide detailed, branded instructions to your escrow, title or attorneys. You can authorize commission disbursement with a single click, while accounting for all nuances to make sure there is no miscommunication or delay. Speed things up by allowing individuals to digitally sign statements electronically, and send the forms to your title or escrow company directly from the system.
In short, Brokermint helps companies take what is typically a cumbersome and stressful process and simplify and streamline it. Even better, since Brokermint is a complete Real estate back office management software, commission tracking is just one small part of the overall automation of operations you can leverage. Brokermint offers everything growing brokerages need to centralize and organize tasks so they can focus on what matters: more closings and more revenue.
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