You’ve Been Hit with a Real Estate Audit… Now What?
Compliance and risk management are critical components of every business, but are especially important given the financial transactions that make up the bulk of the real estate industry.
When the time comes for an audit, as it inevitably will, Brokermint’s platform enables you to submit detailed online activity logs. No more finger pointing or figuring out who did what.
Rest easy. Brokermint’s log files were built with an audit in mind, so you don’t need to go the extra mile to round up all the paperwork.
With Brokermint’s in-depth audit system, you can:
See all actions broken down by username and time-stamp
See all sent emails logged and stored within a specific transaction
Find any previous action and timestamp in the automatic action log
Filter audit log by event type
Access and restore any removed files
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.
What our customers say
From small teams to multi-office brokerages,
Brokermint helps you take office efficiency to the next level
We are thrilled with how easy-to-use Brokermint is and with the constant improvement of the product. After trying a lot of solutions we found the company that does it the way we like – they keep it simple, yet robust and efficient.
The functionality of Brokermint is super advanced, yet their process is very intuitive. And, they are constantly improving and enhancing the product. I’m so relieved that the transaction management process of my business is working perfectly so I can focus on selling real estate.
Thank you all, for an absolutely fantastic product. So incredibly logical and user friendly. The best there is. I’m so happy there is something out there that actually works, and designed with an agents needs in mind.
The support, training, tools and attention to detail that Brokermint provides our firm is head and shoulders above the rest!
The overall experience working with Brokermint is something hard to describe with words. These guys listen to feedback, it seems that no matter what you ask, it is either on the wishlist or already being implemented.
Brokermint has made our business more efficient with the back office system designed to ensure our agents have complete files each & every time!
Brokermint is so simple to use! It took me a few minutes to figure out what to do and start adding new transactions to the system! Kudos to you!
Brokermint is one of the most complete real estate software systems available. It has truly made running my office and business as a whole much more organized! Customer service has also been incredibly responsive!
Brokermint has been an excellent addition to our brokerage. The staff is extremely helpful with customizing the product to match our company needs.
Best decision I have made for my office! Brokermint is easy to use and my agents are really starting to like it. I have already recommended you to another Broker.
Once you have introduced this software into your office procedure you will find that the acceptance from your agents and entire staff will be one of appreciation.