The CRE industry loves spreadsheets, but it’s time to say goodbye. Spreadsheets aren’t inherently bad, but there’s a better way to share accounting and commissions information at your brokerage.
With tech adoption and collaboration with brokers, brokerages can more efficiently run their back office. Here’s what accountants and operations team members can do with a streamlined back-office tool for their brokerage:
When a brokerage’s back-office technology can integrate directly with its brokers’ databases and see their shared information, like when they expect to close a deal and how much the sale will be for, accountants can project brokerage income.
We know what you’re thinking: projecting revenue may work for other industries, but it isn’t possible for CRE. That’s because, usually, not everyone at a brokerage uses the same tools, making it impossible to generate and report on predictive data. But with connected—and secure—tools in place across your brokerage, it is possible. And soon, it will be expected at every firm.
Commission plans are tricky. Not only does every broker use a different plan, but each of their plans change at different times depending on their gross commissions. This takes a lot of time and coordination to calculate manually.
In a streamlined back-office tool, each of your brokers’ established commission plans are ready to go and automatically applied to a sale.
You can build as many individual commission plans as you want and assign as many brokers to that plan as you need. If there are any special commission plan considerations, you can easily make edits before you calculate a broker’s cut. You can also build in custom reset and start periods for brokers’ commission plans.
You shouldn’t have to juggle multiple documents to complete the same task. Instead, you should have information related to every broker, property, and sale all on one platform. Tech can help you save time every week reviewing and approving vouchers.
Plus, with full brokerage tech adoption, brokers can automatically create and send vouchers they create with the closing details from their listings. Then, you can be certain that there were no errors in getting property sale data from a broker to you.
Talk to our team about how you can say goodbye to spreadsheets for good and streamline your brokerage’s back office.