Category: BrokerSumo Product (page 2 of 2)

New Features!

We’ve added some new features that we wanted to share with you.

1. When you use our onboarding system to add a new agent, or you manually add the agent yourself, the agent is sent an email with information on how to log into their free agent portal account. Now those emails will appear to come from you with your name and email appearing in the from section of the email. We use the information you’ve entered in your Account Settings, company name and broker first and last name.

2. When you are entering Title Company information into a transaction, the system will search for any title company info you’ve already entered and will show you a list of options to choose from. Select an option and it will auto-populate those fields so you don’t have to re-enter the same info over and over again, especially if you regularly use the same title company and escrow agent.

We hope you enjoy these new features!

Try BrokerSumo free for 14 days. Click here to sign up.

New Feature – Automatically Add Your Payment Information to a Disbursement

We’ve added a new feature making it easy for you to add your payment information to your commission disbursements.

For brokerages, go into My Account > Account Settings. Towards the bottom of the page you’ll see a new field called Disbursement Instructions.

Enter in your payment information and it will now automatically show up on your commission disbursement.

For agents, log into your agent portal and on your My Account page you will also see a new field called Disbursement Instructions. Enter your information there and it will auto-populate on the commission disbursement. Your brokerage can also update the disbursement instructions in your agents record.

Try BrokerSumo free for 14 days. Click here to sign up.

BrokerSumo and EZ Coordinator, Now Integrated For End-to-End Transaction and Back Office Management

We’re excited to announce that BrokerSumo is now integrated with EZ Coordinator, a transaction management product,  giving EZ Coordinator users the ability to sync their transaction data to BrokerSumo where they can close out the transaction. BrokerSumo’s features allow you to set up custom commission plans for your agents, automatically calculate the agent’s commissions for their transactions, create a commission disbursement that can be sent to title for payment, and even let you pay your agents using direct deposit. BrokerSumo also offers a full set of agent management tools making it easy to manage your agents personnel information, charge them for their monthly fees, and track their sales and commission volume. EZ Coordinator provides CRM and Transaction Management tools to agents, brokers and transaction coordinators. The integration gives EZ Coordinator users a full end-to-end real estate back office, agent, and transaction management system.

You can see how the integration works by watching this short video:

 

Try BrokerSumo free for 14 days. Click here to sign up.

 

Introducing 3rd Party Direct Deposit Payments

We’re excited to announce our new feature, 3rd party payments. Now you can make payments to any 3rd parties who are owed money as a part of a transaction such as transaction coordinators, or termite inspectors. Using our direct deposit feature, send them money directly from BrokerSumo. And at the end of the year, you’ll be able to use our 1099 feature to issue 1099s to them.

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The Check is Not In the Mail!

I was surprised to learn how many real estate agent commission checks are still being paid with actual paper checks. In the day of direct deposit, simple bank transfers, and lots of other tools to easily transfer money online, there are still a lot of brokerages cutting paper checks to their agents. Some brokerages are using software such as Paypal or Quickbooks to pay their agents, but those are not real estate specific tools so using that data for reporting analytics is difficult.

BrokerSumo has solved that problem by introducing our direct deposit feature built right into our product. Now you can fully close out a transaction and pay your agents without ever printing a check. Start with our commission plan feature which will automatically calculate the agents commission. Then create a commission disbursement, and once that is done, click the Pay Agent tab within your transaction. You’ll be presented with an overview of what’s owed to your agent:

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Is Your Transaction Ready to Close? Not quite yet…

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.

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Why We Built BrokerSumo

Over the last few years I’ve spoken to hundreds of real estate agents and brokers regarding the types of real estate and broker software they need to help run their businesses. I’d often hear, “I want an all-in-one solution!” Yes, it’s great to have a complete solution if you have the bandwidth to use it effectively–otherwise, it’s a waste of money. After some digging, the conclusion was always that they really only needed a few features from the all-in-one product they referenced. What I eventually found out was that brokers and team owners struggled to find a simple and affordable real estate specific product to help perform their day-to-day tasks… because it doesn’t exist. I wanted to solve this problem for brokers, so I set out to build an efficient real estate back office software that would accomplish all of their goals.

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