Category: Real Estate Back Office Management

5 Brokerage Management Tips to Drive Efficiency and Engagement

Real estate is a challenging and demanding field that requires efficiency, organizational skills, and the ability to connect with people on a personal level. Due to the competitive and challenging nature of the field, real estate brokers are expected be at peak performance at all times to ensure that every meeting and transactions run as smoothly as possible.

Creating this type of work ethic starts at the top. Managers and team leaders are expected to lead by example and let their actions demonstrate how the office should be run. Here are 5 management tips that will help you build a top-performing team. Continue reading

3 Tips to Leverage Your Brokerage’s Data and Build a Better Team

If you’ve been working in real estate for some time now, you’ve heard the term “data-driven” at some point. Arguably one of the most popular buzzwords in the industry for the past couple of years, taking the data-driven approach has also become a critical determining factor of success in the real estate industry. From managing clients and keeping track of leads to researching property and coming up with marketing campaigns, big data is a key part helping you close deals and boost profits.

Needless to say, if you’ve not started focusing more on data in the workplace, then now’s the time to start. Here are some ways that leveraging your brokerage data can help your team get the most out of their performance. Continue reading

How Brokers Can Encourage Agent Tech Adoption

Technology has infiltrated every sector of business, making it virtually impossible to work effectively without making use of sort of high-tech program, be it an application on a smartphone or a cloud-based project management device in the office. “Technology disruption,” as it’s called, has changed the way that most real estate companies conduct business. Completing day-to-day tasks in the professional environment has become more convenient, while work itself has become much faster paced. Continue reading

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.

How to Wow Your Real Estate Broker

Don’t worry, this not yet another post telling you how to spin things to impress someone, how to modulate your voice, or how to dress. Quite the contrary actually: This is about taking the spin out of your communication in order to actually be helpful and demonstrate how you add value to whomever you’re managing up to.

“Don’t tell me how the clock is made, I want to know what time it is!” is an oft used refrain to explain the frequent disconnect between boss and employee.

How many times have you spent hours updating the office’s sales performance reports only to arrive at the team meeting and 3 other people have their own version, none of which are the same? Here are some helpful hints to prepare you for your next meeting.

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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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Transparent Transactions. 5 Steps to Make Sure Your Data Isn’t Hidden.

Definition of transparent

  • able to be seen through
  • easy to notice or understand
  • honest and open : not secretive

What makes a transaction transparent and why is it important to brokers? It’s the ability to see all aspects of the transaction to ensure the data is reliable, hasn’t been altered, and is accurate. Although simple, it’s shocking how many brokers don’t have systems in place to ensure this. It starts with a good real estate transaction management program to manage the escrow process, and it ends with a back office system–like BrokerSumo–to manage the final closing pieces. It gives insight into the entire transaction; from the time a listing is taken or a buyer is procured, to when the transaction is closed and all parties are paid–which is critical when it comes to making sure your data is reliable. Everything you need to manage your office effectively is hinging on this data. The reports that give visibility into your agents and office performance depend on this information being accurate. So what’s the best way to ensure your data is transparent? Here are 5 steps:

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