Author: Jeremy Shoenig (page 2 of 5)

4 Reasons Reporting Analytics Can Help an Agent Grow Their Business

Measuring your performance using real data from your sales can be a game changer for improving your real estate business as an agent. BrokerSumo can offer you an inside look at how you are performing and what your sales pipeline looks like so that you can become a more successful real estate agent. Here are four reasons reporting analytics can help an agent grow their business. Continue reading

5 Residential Real Estate Brokerages Tearing Up Twitter

If you haven’t made Twitter part of your daily routine, now you have a reason to. It’s filled with meaningful information from some of the brightest minds in the real estate industry. If you’re looking for insights in the industry, sometimes mixed with a little bit of humor and everyday life, follow these brokerages on Twitter.  Continue reading

Introducing Caps on Fees

Introducing our latest commission plan feature, caps on fees. If you charge fees per transaction but you have a cap on those fees, you can now create commission plans that automatically calculate when the cap is met.

For example:

You charge a fee of $100 per transaction but only until the agent has paid $1000 in fees during a set period. For the first 10 transactions the $100 fee will automatically appear on the commission disbursement, but once they’ve paid in $1,000, the next transaction will not apply the fee. When the commission plan resets, based on the criteria you select (agent’s start date, calendar year, custom date) the fee will start again and cap will need to be met again.

To add this feature to a new commission plan, you’ll see a question, Cap on Fees?, select Yes and then you can add the cap amount.

This feature can only be applied to new commission plans, so if you want to move existing agents into this type of plan, you’ll need to create the new plan, and then assign the commission plan to that agent.

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

4 Brokerage Marketing Tools that Help Agents Succeed

For many real estate agents, marketing is one of the toughest aspects of the job. It doesn’t only require a considerable amount of time and consideration to be successful – it also requires a significant amount of market research and a good understanding of trends in the industry.

One of the biggest struggles that solo agents face is being able to find the time to put together a strong marketing campaign while also tending to their other obligations.

For this reason, many turn to brokerages for guidance with piecing together a strong marketing strategy. Here are some of the groundbreaking marketing tricks that solo agents can learn from brokerages:

Continue reading

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

Our Latest Product Update

Here’s what has recently been released:

SkySlope Integration
We are now integrated with Skyslope so you can sync your transactions into BrokerSumo to make it easier to close out your files and avoid double entry of data. Read about how it works here.

Commission Detail Report
This is a very detailed commission report and can be utilized in a variety of different ways. It will show you all the credits or debits on a deal. It has a column called Broker Commission after Agent Split. This is the company dollar paid, the amount that would go towards an agent’s cap. It’s the difference between the Brokerage Gross Commission and the Agent’s Gross Commission excluding any fees.

In Settings > Agent Permissions you’ll see an option to turn this report on in your agents account. We know that some of you prefer to not share all the details of a transaction with the agents so you have the flexibility to turn this report on for them if you want.

You can also download a copy of the commission disbursement from this report as well, there is a download button in the Action column. If you’ve turned on this report for the agents and you’ve also selected the agent permission allowing agents to view disbursements, they will also be able to download a full copy of the disbursement here.

Agent Billing

If you send out an agent invoice, and the agent’s credit card is declined, the billing log shows this item as unpaid. Now you can click the credit card icon to re-charge the agent’s card without having to enter the item again on an invoice.

In addition, you’ll see a pop up where you can add a late fee to this charge. The agent’s card will then be charged for the original fee plus any late fee you add on to it.

If the card is processed successfully, the log will be updated with the new amount you just charged so you won’t have a duplicate entry in the log and the memo will be updated as well.

The memo portion of the invoice can now be seen in the agent’s billing log in their agent portal. The agent’s can’t edit or delete the memo, they can only view it.

Invoices that have been emailed can now also be re-sent in the billing log. You’ll see an email icon in the Action column. Clicking that will re-send the invoice to the agent.

Collect Unpaid Billing Balances on the Commission Disbursement

You can now collect unpaid billing balances on the commission disbursement. If your agent has an unpaid balance, when you run a commission disbursement for one of their transactions you’ll see a line in the Additional Agent Closing Fees section that says:

To collect just click the Collect Now button. This will add an entry to the memo for those billing items that make up the outstanding balance showing that this item was paid for from a transaction and the item will be marked as paid in the billing log. If you delete the disbursement, this item will be returned to unpaid in the billing log.

If you are syncing to QuickBooks, we advise that you don’t sync this item from the billing log as that will create a double entry in QuickBooks of this item being paid since it’s already been paid on a transaction.

Transaction Status Types

You can now add a status type to a transaction. We’ve kept it simple for this initial roll out so your options are Active, Pending/Under Contract, Closed, Cancelled, as these can be applied to most scenarios. We will look to expand the options in the future. All your currently closed transactions will automatically have their status type updated to Closed. All your transactions without a disbursement created will be automatically updated to Active. All transactions at 25%, 50% or 75% complete will be changed to Pending/Under Contract. To change the status to Closed, you must complete the Pay Agent task. When this is complete, the status will be automatically updated to Closed.

Cancelled status type transactions will be filtered out of the main view transaction page, but you can always access them by clicking the Filter button and updating your filter criteria. You can see all your cancelled deals on the Pipeline report by filtering by the Cancelled status type.

Vendor Section 

You can now add, edit and delete vendors and their information in the Settings > Vendors section. Vendors are used for pre-commission and post-commission credit/debits on the commission disbursement and for paying vendors using the direct deposit feature.

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

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

3 Ways Real Estate Brokers Can Find Work and Life Balance

Many people think that real estate is a flexible career that enables agents and brokers to make their own schedules and work at times that best suit them. As lovely as that sounds, people often forget that real estate professionals are essentially on call throughout the day, and how successful brokers often have to sacrifice valuable personal time in order to close those high dollar deals.

For most people, time management is a valuable skill to have. For the real estate broker, however, it’s an essential quality that separates good brokers from average ones. Generally speaking, there’ll always be a juggling component to the real estate industry, but there are steps that brokers can take to improve their work-life balance. Here’s how you can have for free time in your life: Continue reading

NextHome, Inc. partners with BrokerSumo to bring commissions and accounting solution to its franchise network

The system will facilitate agent billings and reporting for NextHome brokerages

Pleasanton, CA — May 17th, 2017 National real estate franchisor, NextHome, Inc., announces new partnership with BrokerSumo, provider of the industry’s leading back office, commission management and accounting platform. The companies join forces to provide NextHome franchisees a modern and affordable solution for automatically calculating commission splits, creating disbursements, paying agents and managing office accounting.

“I have researched a variety of back office solutions for our real estate network. In the end, BrokerSumo’s platform offers the perfect blend of efficiency, accuracy and ease of use,” said Keith Robinson, Chief Strategy Officer of NextHome. “As you manage your brokerage, your back office solution should ‘just work’ and allow you to be a better leader for your agents. BrokerSumo does exactly that.”

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BrokerSumo to Exhibit at Inman Connect 2017 in San Francisco

We’re excited to announce that we’ll be exhibiting at Inman Connect 2017 in San Francisco as part of Startup Alley. Come visit us on August 7-11. We’ll be exhibiting along with a lot of other awesome real estate tech companies. Take a look at the entire roster here.



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