You want to grow your brokerage. So, you add agents and close more deals. But, this increases work for your team. That means you need to hire more team members to handle more transactions.
While your brokerage is growing, your profits are eaten up by a larger team. But, hiring more team members is the only way to manage more transactions, right?
With the right technology, you can manage more transactions without hiring more staff. Wondering how? You’re in the right place. In this post, we’ll cover how to manage more transactions without hiring anyone new. Let’s start with the first step – automation.
Step 1: Automation
Managing transactions is time-consuming. And, each team member only has enough time in the day to manage so many transactions. So, once you have too many transactions, you have to hire more staff. That used to be the only way to manage more transactions every day.
However, with automation, your team can do more. Instead of having to manually do tedious administrative tasks (like finding and inputting data), your team can use transaction management software with automation to do it. This software can automate reminders, automate emails with templates, automate eSignature with forms, and more – all while automatically tracking everything in your checklists.
Automation frees up your team’s time. So, they can oversee more transactions each day because they aren’t bogged down in time-consuming administrative tasks. With automation, your team can manage more transactions, reducing expenses and increasing revenue.
Step 2: Centralization
Along with having to manually manage transactions, searching for the right forms, documents, and other key components of the transaction can be a time-suck. Instead of managing multiple transactions, your team has to hunt for the right document or form. This limits how many transactions your team can manage – and your growth.
To help your team manage transactions faster, you need a centralized place to store all documents, forms, and other paperwork. While filing cabinets or computer folders can work, the most efficient way to store your key documents is with cloud-based transaction management software.
That way, everything your team needs is organized and accessible from anywhere, on any device. With one central location where everything is stored, your team doesn’t have to waste hours hunting down the documents they need. Instead, they can find it quickly. This time savings allows them to manage more transactions – helping your brokerage grow without hiring more staff.
And how do your agents get updates on transaction status now? They pester the back office staff! With a centralized, cloud-based system, they can check the statuses of all of their transactions easily, without disrupting anyone else’s work.
Step 3: Integration
Another challenge your team faces when managing transactions is a lack of integration. Transactions don’t exist in a vacuum. To manage transactions, your team needs to interact with your CRM, MLS, accounting software, commission calculations, and more.
But, if wherever your team uses to manage transactions doesn’t integrate with these systems, your team has to waste time switching between platforms. And, finding and transferring necessary data. This can waste time and limit how many transactions your team can manage.
So, you need transaction management software that integrates with all other tech your team uses. That way, the information they need will be where they need it. No more searching through endless programs to find what they need. With integrated transaction management software, your team can pull the right data in seconds, freeing them up to manage more transactions.
Step 4: Create Checklist Templates
While automation, centralization, and integration save your team time, there’s still room for errors. Because managing transactions is so complex, it’s easy for your team to forget essential steps or do them in the wrong order. This leads to mistakes that your team has to spend time fixing.
So, you need a way to make sure your team does everything right the first time. With the right transaction management software, you can create checklists that your team has to follow. Before they can move on to the next step, team members have to check off the previous step.
Whether you have just a couple of transaction types or 20, you’ll save tons of time by setting up checklist templates for each type.
These checklists ensure your team does everything they need to do to manage transactions properly. That way, your team doesn’t have to spend time correcting errors. And, they don’t create compliance issues down the road. By ensuring your team does everything right the first time, they can manage more transactions – helping you earn more.
Step 5: Take eSignature to the Next Level
eSigning documents means clients can sign documents faster. So, your team can do more transactions because they don’t have to wait days or weeks for client signatures.
Despite this time savings, some eSignature tech can make the process complicated for your team. When eSignature isn’t built into your transaction management system, your team has to manually upload documents. And, manually tag where the signature should go. This process can be tedious and time-consuming – erasing any efficiency gains from eSignatures.
So, you should look for transaction management software that takes eSignature to the next level. This transaction management software has eSignature built into the system. So, your team can quickly import the right documents with the right information. And, correct any mistakes in seconds. Built-in eSignature tech can make managing eSignatures easier and faster, allowing your team to manage more transactions.
Step 6: Consolidate
The right transaction management software can help your team manage more transactions by improving efficiency. But, if you want to really level up your transaction management, you should look for a consolidated back office platform that includes transaction management.
If you use tech to manage your back office, you likely have tech for accounting, commission calculation, agent management, reporting/analytics, and transaction management. If you have a separate solution for each back office task, your team has to navigate several programs just to manage one transaction. This can slow your team down and reduce how many transactions they can manage.
Instead of having a separate solution for each back office task, you should have a complete, consolidated back office platform. That way, your team only has to use one program to manage a transaction. And, they have everything they need in one place. With a consolidated back office, your team can manage each transaction faster and get more done to help you grow.
Wrapping It Up
Growing your brokerage means closing more deals. However, managing these transactions can be a drain on your growth potential. If you have too many transactions, you have to hire more staff. Or, have long delays that frustrate clients. Either option can hurt your growth and shrink your revenue.
With the right technology, you have a third option – managing more transactions with the same staff. Thanks to automation, centralization, integration, checklists, eSignatures, and consolidation, your team can do more than ever before. So, you can keep growing, without expanding your payroll.
If you’re looking for complete back office software that can help your team manage more transactions, consider Brokermint. With Brokermint’s five modules – transaction management, accounting, commission automation, agent management, and reporting and analytics – you can automate workflows and improve data flow. Brokermint’s easy to use, modern, cloud-based platform can help your team manage transactions more efficiently and effectively.
Book your demo today to see how Brokermint can help your brokerage grow.
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