You’ve Been Hit with a Real Estate Audit… Now What?

With Brokermint’s in-depth audit system, you can:

Eliminate the need to hold daily “status check” meetings, waste time with countless follow-up emails and handle the tedious back-and-forth communications. Brokermint gives you instant visibility on all of your transactions while minimizing your risks. With all of the relevant information at your fingertips, you can concentrate on maintaining compliance with all real estate regulations.
And for even greater peace of mind, Brokermint’s intelligent backup feature keeps a copy of your transaction data in the cloud, available to view or download at any time.
Still have questions about how Brokermint works in case you’re facing a real estate audit? Let’s take a closer look:

What is risk management software?

As the name implies, risk management software is designed to help companies anticipate and mitigate risk. Risk is evaluated generally based on existing data and using that data to make projections, but in the case of Brokermint, the platform doubles as a real estate back office management system and risk management software to help brokerages and agencies avoid having to deal with a real estate audit. In case a company is targeted for an audit, Brokermint allows for comprehensive record-keeping and cloud-based backups that help document all transaction details to ensure maximum compliance.

What is a real estate audit?

A real estate audit can be carried out against your brokerage if it is believed that your records are not up-to-date, or may be incorrect. Or, just like with a tax audit, it can be that your brokerage was randomly selected and now you need to ensure that your records are flawless.
The organization in your state which oversees real estate compliance with accounting and management practices will evaluate this data and may penalize you if your records are inaccurate or missing important information. Since you can’t always avoid a real estate audit, the best way to prepare is to ensure that all of your books and records are managed and organized to provide a perfect audit trail that auditors can look at and determine that you are maintaining compliance according to your state’s real estate and accounting regulations.

What does risk management software do?

Risk management software, such as Brokermint’s real estate transaction tracking and management system, is designed to help mitigate and avoid risks to your brokerage in terms of an audit and related penalties. Typically, risk management software uses existing data and information to forecast and predict possible risks, allowing you to anticipate and prepare as best as possible to avoid or mitigate the issues before they become full-blown business catastrophes.

How does risk management software work?

Risk management software works by leveraging existing information and data to predict where risks may occur so that the involved parties can take action before the risk causes potentially irreversible damage. Brokermint works to help you deal with an audit by keeping a detailed real estate transaction log file, allowing auditors to see a detailed view of transactions related to the audit, and giving you peace of mind that you are doing everything according to the regulations of your area.
Now that you have a better idea of how Brokermint can work to assist you before or during a real estate audit, we invite you to take advantage of a FREE one-on-one demo to show you precisely how this intelligent and innovative real estate brokerage software can help you manage all aspects of your business.