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:
Click Pay Agent. If you haven’t already set up a payment account, you’ll be prompted to set one up at this time. If you’ve already completed that step, you’ll be taken to a final confirmation page where you can confirm what funding source you’ll be sending the funds from:
Click the confirm button and you’re done! The agent will receive an email letting them know that the funds are transferring to their account. No more paper checks, no more printing costs and no more driving to the bank to make a deposit.
Try BrokerSumo free for 14 days. Click here to sign up.