When a transaction is about to close, it’s an exciting time for the team that made it happen. But before the high fives, and congratulatory happy hours take place, there’s a few more things that need to happen to ensure that everyone gets paid in a timely manner. One big item is making sure the commission disbursement gets to the title company. One of the biggest complaints we hear from title companies is that they don’t receive the commission disbursement in a timely manner and are always scrambling to get it from the agent or broker. So why is this when the commission disbursement is how everyone gets paid!?!?!?
Maybe it’s because most real estate transaction management programs don’t have robust commission demand features. There’s a few reasons for this. One is, most of them don’t have commission plan management for agents, so they don’t even really know how much the agent is owed. Second, they don’t have any info regarding any fees that the agent may owe to the brokerage at closing such as Errors and Ommissions (E&O) or MLS fees. So it makes sense that you can’t really create a commission demand because you’d need to enter all this info manually anyways.
So what’s the answer? BrokerSumo is. Our robust commission management features automatically calculate the agent’s and brokerage’s real estate commissions when creating a commission demand. Add in any additional fees such as referral fees, or closing cost credits, and they are automatically calculated into the final demand. It only takes a few small steps to end up with a demand you can then send to the closing agent. And, all your final commissions and fees are now stored in BrokerSumo so you can analyze agent and office performance using our reports.
Take a look at this short video to see easy it is to create a commission demand.
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