Do you know everything you need to about CDA forms (Commission Disbursement Authorization forms)? Perhaps you have a system in place. Maybe what you’ve been using has been fine. However, it’s what you don’t know that can hurt you when it comes to growing your real estate brokerage.
As we’ve mentioned before, one of the most difficult components of managing a thriving brokerage is paying commissions. Hopefully, you have great agents working for you who complete a lot of transactions every year. In that case, you can count on the fact that they expect to be paid the right amount, promptly, each and every time they complete a deal. Hoping to gain new talent? Rest assured that agents talk to each other and network, and top talent is only going to end up a company with a reputation for helping them make money. That means you have the tools in place to enable them in their job, as well as a reliable process for getting agents their money exactly when they expect it. All of this to say: if you want to attract and keep agents that will make your brokerage a lot of money, you need a reliable and fool-proof way to manage their commissions. That’s where CDA software comes in.
The CDA is a type of form that is filled out to allow real estate agents to collect their rightful commission for their work. It’s essentially the check that is cut out to the agents by the title company at closing. The commission itself is typically issued by the title company. Managing those files and using them as part of your larger payment processes can be complicated and involve using more than one platform, which leaves room for error.
Many of the most successful brokerages leverage a CDA software solution. This sort of solution allows you to do the following things:
- Account for all nuances to make sure there is no miscommunication or delay
- Authorize commission disbursement with a single click.
- Populate all contact and commission data within the system
- Email statements directly from the system
- Digitally sign statements electronically
- Create and setup your own custom commission disbursement form template
- Send the forms to your title or escrow company directly from the system
- Leverage the detailed automatic log file to show all steps in case of an audit
- Take advantage of reports that show transactions that have been processed or those that are still pending
Do those features sound like they could solve a lot of your problems and save time, too? Well, the news gets even better! Brokermint is not just a CDA software. We go beyond that process and help brokerages manage the entire commission management process.
Brokermint is 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 much, much more.
In just a few clicks, you can easily set up custom commission structures that accurately track and follow each and every deal from contract to closing and every step in between, saving you hours of valuable time. By letting Brokermint handle the automation of commission management, you can concentrate on what you do best: facilitating deals, working with the best agents and managing teams of top producers so that your brokerage can continue to grow and scale.
Whether you have one office or you’re part of a larger group and looking to expand, you need a system that can keep up with the pace as well as help you organize tasks, manage commissions, and ensure maximum compliance while simplifying accounting, to-do’s and much more.
Brokermint does all of this and more – quickly and accurately – without the need for complex formulas and cumbersome calculations. Best of all, you can rely on the superior functionality and support offered by the Brokermint platform. If you’d like to see the platform in action and learn about how it can help your brokerage level up, just request a 1:1 demo here.
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