Are you looking for a better way to grow your brokerage?
Growing your brokerage means more work for your team. If your team has to manually manage all back office tasks, the size of your office team can limit your brokerage growth. To grow, you have to hire more staff members – which can eat into your revenue.
Instead of manually managing your back office, you can unleash your brokerage growth with back office automation. Wondering how? Let’s dive into the first way back office automation can boost your growth – eliminating data entry.
The first way back office automation can be a game changer for brokerage growth is by eliminating data entry.
To process transactions, your team has to find transaction data, enter it into your system, and move it to commissions and accounting. If you’re part of a franchise, your team also has to enter this data into franchise reports. This manual data entry sucks up hours of your team’s time. It also limits how many transactions your brokerage can process – slowing your growth.
Your agents also have to manually enter back office data for offers and client paperwork. Instead of spending time working with clients, generating referrals, and finding new clients, your agents have to waste time on data entry.
Back office automation can eliminate manual data entry to free up time for your staff and agents. With automation, back office software can read data throughout your tech stack, enter it into the right place, and move it between your back office system – all without your team needing to do anything.
By eliminating data entry, back office automation can save time and allow your staff and team to focus on growth activities.
Along with eliminating data entry, back office automation can also reduce administrative tasks.
While managing your back office is an important job, it often consists of busywork – like sending emails, creating forms, doing calculations, storing and organizing documents, and sending reminders. This busywork is time-consuming and keeps your team from focusing on their highest and best use.
Instead of having your team spend so much time on tedious administrative tasks, you can automate them with back office software. This software can automatically do calculations, send reminders, have form templates, store documents, and more. That way, your team doesn’t have to waste their valuable time on those tasks.
With back office automation, your team can reduce the time they spend on busywork. With the time they free up, your team can focus on growth activities – like managing more transactions.
Another way back office automation can be a game changer for your brokerage growth is by removing bottlenecks.
Your brokerage can only grow by closing and processing more deals. However, manual back office management can often create bottlenecks for the rest of your brokerage. Agents have to draw up paperwork to submit an offer. The time your agents spend manually crafting an offer can bottleneck the rest of the deal.
Processing a transaction can also create a bottleneck for accounting and agent payments. To process the transaction, your team has to hunt for the right data, enter it correctly, and transfer it to other systems (like accounting). This can reduce how many transactions your team can process. And, it can slow down agent payments – increasing the chance top agents will leave.
Back office automation can help you remove bottlenecks to boost your growth. This automation can help agents create offers in just a few clicks. Plus, back office automation can speed up transaction management by automatically inputting necessary data, switching it to accounting, calculating commission splits, and paying agents the next day.
By removing bottlenecks with back office automation, your agents and staff can close deals and process transactions faster – unleashing your brokerage growth.
Back office automation can also help your brokerage grow by improving accuracy.
When your team has to manually manage transactions, calculate commissions, generate reports, and other back office tasks, errors are more likely. Manually handling so much data makes it easy to incorrectly enter a number, skip a data point altogether, or enter data in the wrong place.
While your team may catch these errors early, they may not notice them until they’re done calculating commissions or putting together a report. At that point, your team has to go back and redo everything – which can result in hours of wasted time.
Instead of wasting time on errors, you should use back office software with automation. This software can automate data entry, calculations, data transfer, report generation, data analysis, and more. Automating these tasks can dramatically improve accuracy to reduce errors and save time.
With back office automation, your team can do everything correctly the first time – so they have more time to focus on brokerage growth.
The last way back office automation can be a game changer for your brokerage growth is by empowering your team to do more with less.
Manually managing your back office is a lot of work and very time-consuming. If you want to grow, you need to be able to manage more transactions. The only way to manually manage more transactions is to hire more staff. Finding, hiring, and training new staff can be expensive – reducing your revenue and slowing your growth.
Plus, if any of your staff leaves, you’ll be in a bind. While you find and train a replacement, your staff won’t be able to handle as many transactions. This not only reduces the number of transactions you can do short term. Slow transaction management can create a negative client experience, reducing future business by losing out on referrals.
To unlock your growth, you need a better way to manage your back office. That’s where automation comes in. When you automate your back office, your team can do more, without the need to hire more staff. And, if any of your team leaves, your remaining team members can pick up the slack more easily.
With back office automation, you can grow your brokerage with the same number of staff. And, you don’t have to worry about staff turnover slowing your growth.
When you think about brokerage growth, you probably think about getting more clients. However, poor back office management can prevent your growth – even if agents find more clients.
To unleash your brokerage growth, you need back office automation. With back office automation, you can eliminate data entry, reduce busywork, remove bottlenecks, improve accuracy, and do more with fewer staff members.
If you’re looking for the best back office software to automate your back office, Brokermint is the way to go. Brokermint’s powerful back office automation can do everything you need to grow. Plus, with 5 modules (transaction management, commission automation, accounting, agent management, and reporting and analytics), Brokermint’s back office software can help you streamline your entire back office.
Book your Brokermint demo today to get started unleashing your growth.
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