Real Estate companies struggle to figure how much time they should give their agents to accept and respond to leads. Just about every new LeadTrax customer who comes on board will ask us for our advice on this topic. The simple truth is, if you get back to a lead in the shortest amount of time possible, your chances of conversion will improve.
Real estate brokers spend a lot of time and money attempting to differentiate themselves from their competition. Finding a niche in your market by cultivating an image of professionalism, superb customer service, or overall convenience for buyers or sellers are ways to stand apart in your market. With this in mind, what about implementing a rock solid strategy for online lead follow-up?
Our company philosophy has always been to be a solutions provider over a software vendor. What that philosophy entails is working closely with our clients to continuously identify ways to use data to recognize trends and catch errors before they lead to lost revenue. One of the solutions we have developed to help achieve this goal is our Profit Power Business Rule Engine. This tool is designed to look for data scenarios and alert the right employee at the right time. We’ve automated alerts for a variety of situations revolving around listings, sales, commissions, and other valuable data. The Business Rule Engine can also be used to create and send out reports to executives, managers, and agents at scheduled times eliminating the need to run reports manually.
2018 has been an exciting one for Profit Power on a variety of fronts. We continued to expand our client base, launch new solutions, and improve our Profit Power enterprise suite of products to help our customers stay ahead of their competition. We also held our fifteenth annual Profit Power Symposium, and added several new team members!
LeadTrax was developed in 2003 as a solution to help real estate brokers collect, assign, follow-up, and convert internet leads generated through various online lead sources. In fifteen years since we first launched, the real estate industry has seen a lot of changes, but the same internet lead conversion and management issues persist. However, with solid strategies and flexible software real estate companies can implement a successful lead management program for their company.
One week from today the Profit Power team will be holding it's fifteenth annual Profit Power Symposium in Nashville, TN! We are excited once again to be meeting with the top residential real estate companies in the country to discuss new product features, back office administration best practices, trends in real estate back office management, and the future direction of our solutions as a whole.
Topics: Profit Power, Real Estate Back Office Software, Profit Power Symposium
Two weeks ago we exhibited at the Florida Association of Realtors Conference & Expo in Orlando FL. This was the first time we ever attended the show and presented our real estate software solutions, and it was an eye-opening experience. Below are a few takeaways from the expo and how they relate to the general state of residential real estate software vendors.
Topics: Real Estate Back Office Software, Events
Does your real estate back office accounting staff ever find themselves mired in any of these situations?
- They're calculating commissions by hand or using an excel spreadsheet.
- They're using "back office" software with too many modules they don't need and only causes the software to be too complicated to use.
- The current software is limited in the types of plans it allows them to manage.
- They're looking for reporting that will enable them to monitor the company's success, rank agents, and see commissions paid out, company dollar, referral fees, and more.
Automation in your real estate back office software is a proven method for reducing administrative costs. Suppose you are using old technology to manage your transactions and calculate agent commissions. In that case, you are most likely spending extra time with data entry and dealing with workarounds to closeout deals. Here is a list of ways to reduce administrative costs via automation:
One of the biggest advantages of working with large real estate companies is that our real estate back office software has evolved and has become flexible enough so that the nuance of a particular non-standard real estate sales contract doesn’t cause you to have to do workarounds in your back office software.
We have learned quite well over the years that when the sale of a house occurs, there are all kinds of data points that need to be tracked and accounted for:
- buyer and seller and sometimes multiple buyers or sellers
- sales associates from competing brokerages
- agent teams
- referral fees
- business partners
- agent accounts receivables
- and of course commission checks
That same flexibility expanded over many years for the largest, most successful real estate firms in the nation is now available in our Profit Power Standard version. We cover various types of commission plans with ease.
Do you want to offer plans with formulas based:
- company dollar
- net to company
- personal or taxable commission?
- company less referral as the comparator
For smaller brokers who are starting out and doing a handful of transactions per week, recording the sale and calculating an agent’s commission for that particular deal on a spreadsheet will do the job. As your business grows, and more transactions come in, having a battle-tested software solution that was designed to process all the possible contracts and commission calculation scenarios is how you’ll take that leap in growing your business.
Don’t get stuck on the complicated deals.
Don’t make mistakes when processing a deal that will need to be reversed at some later date.
The nightmare of paying an agent incorrectly, for them to find out after they’ve cashed their check, is one you don’t want to deal with if it. If your business is straightforward, the contracts easy to record, and commission payouts mostly standard, there are good solutions out there that can handle the basics. Eventually, opportunities come along that may be too good to pass up, and the pain is felt when the basic solutions or the home-made spreadsheets fall short. We have focused many years of time and energy on building a comprehensive real estate sales contract software that the top real estate companies use. Contact us to see how we can help your company reach the next level!