Think back to your recent real estate transactions…did any of the following happen?
- Some tasks fell through the cracks.
- You got bogged down by manual tasks—creating checklists, organizing paperwork, sending reminders, scheduling appointments, etc.
- You received incomplete contracts—not duly filed or missing important documents
If you’ve encountered any of these administrative bottlenecks, you may want to invest in real estate management software. Whether you’re a broker, real estate agent, or property manager, you need to find a good system to keep track of your daily tasks and get your work organized.
And real estate management software is your best bet. So what’s real estate management software and what can it do for your business? Dive in to find out.
What Is Real Estate Management Software?
Real estate management software refers to a software application that enables real estate agents and brokers to automate workflow and perform a wide range of duties.
These include, but not limited to property listings, document management, task automation, team management, and accounting. Leading real estate management software also comes with a mobile application to manage the processes and operations on the move.
What Can a Real Estate Management Software Do for Your Brokerage
Without the right technology, it would be hard for your business to stay organized and keep up with the intense competition within the industry. Here’s what the right real estate management software can do for your business.
1. Reduce Administrative Tasks
If there’s an industry that’s hectic, it’s real estate.
Answering emails, booking and keeping appointments, screening tenants, creating purchase documents, showing properties, and managing the daily administration tasks can cause even the most dedicated agent’s head to spin.
However, with robust real estate management software, most of these tasks can be automated, making it easy for even a freshly licensed agent to manage. For example, most programs allow you to create customized email templates to speed up communications in a variety of situations.
2. Improve Commission Management and Tracking
Real estate brokerages seek to attract top-performing talents by offering lucrative commission splits to their agents.
However, varying the commission split between agents or from deal to deal complicates tracking. Real estate transaction management software can help to track and manage your agent’s commission, which is essential to building trust among your team.
For example, the Paperless Pipeline transaction coordinator software comes with a commission module that allows you to easily generate commissions and get instant financial reports. Not only will your agents see what they have earned but also generate their yearly production and performance report. Plus you’ll be able to customize fees, deductions, and royalties and seamlessly include them in your commission calculations.
3. Ensure Centralized Documentation
Another benefit you get from real estate management software is the centralization of documents. Real estate management software stores everything in a dashboard, which prevents you and your team from scouring over a disorganized system to get the documents you need.
Centralization of documents is important when working with contracts, lease agreements, and other sensitive documents and files.
When documents are organized and centralized, you can create timely reports, close more deals, comply with the regulatory requirements on time, and earn the trust of your clients. It also minimizes the chances of documents getting lost or misplaced.
If you want your real estate business to scale up, you’ll want to invest in real estate management software. Besides the aforementioned benefits, you’ll also leap from increased efficiency and improved communication with your team.