Are your commission plans competitive?
To grow your brokerage, you need great agents. Recruiting and retaining agents, however, can be difficult if you don’t have a competitive commission structure. Without competitive commissions, top agents will look for other brokerages – hurting your growth and profitability.
While great commission plans can attract top talent, they can be challenging for your team to implement manually. With the right back office software, it’s a breeze to have competitive commissions. Wondering how? We’ll cover everything you need to create incentivizing commissions. To start, let’s look at the first way to improve your commissions – custom commission structures.
The first way to create competitive commissions to attract talent and grow your brokerage is by customizing your commission structure.
Many back office software solutions make you use one of their provided commission plans to manage commissions with tech. If you want to customize your commissions to make them more attractive for agents, your team has to manually manage commission calculations. This can be time-consuming and error-prone – taking up your team’s time and leading to unhappy agents.
With the right back office software, you can create custom commission structures for every agent or team easily. This software allows your team to create custom templates for any type of commission plan. Once the template is created, your team can automate commission calculation for that commission type.
Back office software with custom commission structures makes it easy for your team to manage many different commission plans – allowing you to create competitive commissions for top talent.
Another way back office software makes it easy to create competitive commission plans is by automating data entry.
Calculating commissions requires a lot of data entry for your team. They have to find agent and transaction data, enter it into commission formulas, and transfer that data to accounting. If you have a competitive commission plan with multiple different commission tiers, commission data entry can take tens of hours a week for your team – lowering productivity and hurting growth.
The right back office software makes it easy to have a complex and competitive commission structure with data entry automation. This software can automatically find, enter, calculate, and transfer commission data – all without your team needing to do anything. With automation, back office software can reduce data entry and speed up commission calculation.
Back office software can enable your team to handle more complex and competitive commission structures faster by automating data entry. This allows your brokerage to attract talent while having more resources to devote to growth.
Along with automating data entry, back office software makes tracking commission data a breeze to help you create competitive commission plans.
Having competitive commissions may require more complicated commission plans. When you have several commission structures and tiers for different agents and teams, it can be hard to track which agent earns which type of commission. If your team confuses commission plans, agents get paid incorrectly – leading to low agent satisfaction and retention.
Back office software makes it easy for your team to keep all commission plans straight. This software automatically tracks which agents belong to which commission plans. That way, when your team needs to calculate commissions, they’ll already have the right formula paired with the agent.
With back office software, it’s easy for your team to pay agents correctly – even with multiple commission plans. This can help you attract and retain top agents to grow your brokerage.
Lastly, you can create competitive commissions to attract and retain top agents by paying agents quickly.
Competitive commission plans can help attract top talent to your brokerage. However, if you take weeks or months to pay agents, your competitive commission plans won’t matter. Agents will still leave for a different brokerage that pays faster.
Manually paying agents makes it difficult to pay them quickly. Your team has to manually calculate commissions, transfer the data to accounting, write checks, and mail or hand out the checks in person. This whole process is time-consuming and can make it almost impossible to pay agents promptly.
With the right back office software, your team can streamline agent payments to pay them as soon as the next day. Along with calculating commissions more quickly, back office software equipped with next-day ACH payments can pay agents in as little as one business day. That way, you can pay agents as quickly as possible – boosting agent satisfaction and retention.
Your brokerage needs the best agents to grow your brokerage and reach your goals. However, it can be hard to attract these great agents if you have simple and uncompetitive commission plans. While these plans are easy for your team to manage, they fall short of what other brokerages can offer top producers – making it difficult to attract and retain the talent you need.
With back office software, it’s easy to create competitive commission plans. The right back office software can create custom commission plans, automate data entry, track commission data, and pay agents quickly with next-day ACH payments. That way, you can have competitive commission structures with less work for your team – boosting productivity and growth.
If you’re looking for the best back office software to make creating competitive commission plans easy, Brokermint is the way to go. Brokermint’s complete, cloud-based back office platform can automate data entry and commission tracking. Plus, Brokermint’s commission automation module is equipped with custom commission templates and next-day ACH payments to make competitive commissions a breeze.
Along with commission automation, Brokermint also offers transaction management, accounting, agent management, and reporting/analytics. Brokermint’s five modules provide everything you need to streamline and modernize your back office.
Book your Brokermint demo today to see how back office software can help you create competitive commission plans.
Schedule a demo and see your back office with Brokermint.
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