Do you ever feel like you’re a human Swiss Army knife? Accounting, marketing, technology, property management… ah, the life of a managing broker. When you are constantly switching roles, it’s frustrating when you get bogged down with clunky admin work.
Have you ever…
...been suddenly stopped by what you thought would be an easy transaction?
...felt that it’s just too easy to let accounting tasks fall through the cracks?
...realized that you are low-key but constantly stressed about commission payouts?
When you aren’t able to lift up out of the weeds to make high-level decisions, it can affect your quality of work, your bottom line, and ultimately, your leadership.
You don’t want to have to spend most of your day on accounting. When you have the right tools for the job, you can be an expert without spending unnecessary hours in cumbersome software.
You can be in control of your brokerage.
Basically Loft saves 50 to 60 thousand dollars off our bottom line a year. It's helped because I don't have to spend all day in accounting. I can just process the cheque. I would say each transaction takes no more than ten minutes from start to finish, from importing it in from Dotloop to paying the agent.
That includes time and my banking software as well, transferring the money. From start to finish, ten minutes; I think that's just crazy fast. And it's very easy to do.
Ted SchaarRe/MAX Gallery
See what’s really going on with your accounts receivable.
How much office expenses are you carrying for your agents? Some of our clients were carrying more than $100,000 before they came to Loft. And some of them didn’t even know it.
What happens when an agent leaves and you don’t know how much they owe you?
It. gets. awkward.
Your accounting health is reflected in your management style. Agents can pick up when you’re not organized and not in control of your finances.
That’s why it’s important to ensure you and your agents are managing your work effectively. Recurring transactions - from managing office expenses to processing commission checks for the agents - should be done smoothly, quickly and accurately.
When your balance sheets are healthy, you don’t need to hold $100,000 of office expenses for agents that could pick up and leave any day. And getting your systems set up helps you look at every facet of your finances.
There’s more. Even more life changing, the right accounting oversight gives your agents full transparency, too, so when your agents ask….
They'll have access to the information.
Imagine running a fully integrated, collaborative and cohesive brokerage. One where you can see all deals in the pipeline, you can forecast your revenues with accuracy, and you can see your daily balance.
Suddenly, running a brokerage looks a lot easier.
When agents can see their own projected income instead of coming to you, you can spend less time digging through paperwork. You can spend more time growing your bottom line.
It's helped me hold my managers accountable to hold the agents more accountable. In the past, they had to wait on processing and reporting.
They've actually got the reports and they're supposed to be holding the agents more accountable. So, it's helped us with monitoring our production a little bit more closely.
Now, they can just access it. So, if we're not hitting our quarterly numbers or agents’ are going down, it's not on me to provide them with information.
Vanessa Bergmark,yRed Oak Realt