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.
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.
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:
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.