Category: Real Estate Transaction Management

What Happens When Your Agents Close a Deal?

How does a brokerage handle the after-closing process and make it as streamlined as possible? With so many back office tasks that need to be performed after a sale closes, it can take valuable work hours to complete and get brokers paid. BrokerSumo is one way to handle all of the back end processes that must be done when agents close a deal.

BrokerSumo is a true all in one system that picks up where your transaction management leaves off and makes the closing process simpler, more efficient and less stressful. Brokers should be focusing on closing more deals, faster – not handling monotonous back office tasks. 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

BrokerSumo Launches Seamless Integration With Dotloop

PRESS RELEASE APR 26, 2017 09:00 PDT

Partnership enables users to sync transaction data and improve day-to-day business efficiencies

San Jose, CA, April 26, 2017 – BrokerSumo, a leading back office, commission management and accounting platform for real estate brokerages and agent teams today announced a new integration partnership with dotloop®. The partnership brings together dotloop, a leading transaction management platform with BrokerSumo to make the process of managing and closing out transactions simple.

The integration allows dotloop customers to sync their transaction data seamlessly into BrokerSumo to avoid double entry and minimize errors from manually re-entering information from transaction process to back office management.

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New Feature! Automatically Add Your Signature to Your Commission Disbursements

You can now add a default signature to your commission disbursements. In your Account Settings, you’ll see a field called ‘Signature’. Enter your signature text there. For example, ‘John Smith, Broker/Owner’. Below that you’ll see an option to upload a signature image. Click Submit at the bottom of the page and you’re all set.

Once you’ve added this info, your PDF disbursements will now automatically show your signature information at the bottom.

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

New Features Friday. Customize Your Commission Disbursement!

Check out our new features that we’ve just released.

Customize your commission disbursements.
After you save your disbursement, you’ll see check boxes next to each line item on the disbursement.

To customize exactly which line items you want to display on your disbursement PDF, just check the boxes you want to show up on the PDF and then click the Generate Disbursement PDF at the bottom of the page. If you make a mistake, just go back to the commission disbursement page and check the correct boxes again, you don’t need to delete or re-create your disbursement to generate a new version of the PDF. Or if you are happy with the way the disbursements currently look, just leave the check boxes as-is and your disbursement will generate the same way it used to.

Preview Commission Disbursement PDF
In Firefox and Chrome browsers, when you click the Generate Disbursement PDF it will show your disbursement PDF in preview mode. If you are happy with it, you can download it from there by clicking the download button or if you want to go back and edit it again, you can close the preview by clicking the X at the top right corner in the row that says ‘Preview’. The screen shot below will show you where each of those buttons are on your screen.

If you use Internet Explorer, the preview mode doesn’t work and you’ll be prompted to download the PDF.

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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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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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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