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How to Pay Your Real Estate Agents Faster to Boost Retention

Real Estate Back Office n

Want to retain top agents?

Your brokerage is only as good as your agents. Top agents help you grow and reach your brokerage goals. They can also motivate your other agents to become top performers. But, top agents won’t stay at your brokerage if they don’t feel valued.

How can you keep top agents from leaving for another brokerage? One way is to pay agents faster. After working hard to close deals, agents expect to be paid promptly – not in a few months. Slow agent payment can cause agents to look for another brokerage.

If you want to pay agents faster to boost retention, you’re in the right place. Let’s take a look at the first way to pay agents faster – consolidation.

Step 1: Consolidate your tech stack

Modern notebook computer with future technology media symbolsThe first way to pay agents faster is to consolidate your tech stack.

Your staff needs info from transaction management, accounting, commission calculation, agent management, and other areas of your back office for paying agents. Separate tech tools to manage every back office task can slow your team down. They have to waste time hunting for the right data to pay agents correctly. This can slow down agent payments by days or weeks.

To pay agents faster, you need to consolidate your back office tech stack. Instead of having a separate solution for transaction management, accounting, commissions, and more, you need a complete back office platform. The right back office platform has everything you need to pay agents in one place.

With a consolidated back office platform, your team can find the right data in minutes. This can help you pay agents days or weeks faster. The sooner agents get paid, the happier they are – leading to higher agent retention.

Step 2: Manage transactions faster

Businessman hand using mobile phone with digital layer effect as business strategy concept-1Along with consolidating your tech stack, more efficient transaction management can help you pay agents faster for better retention.

How fast your team can manage a transaction influences how quickly your agents are paid. If your team is slow to create documents, get signatures, correct mistakes, and other transaction management tasks, the transaction will close more slowly, and your agents will be paid later.

The right transaction management software can help you manage transactions and pay agents faster. This software makes it easy to find the right data, create all necessary documents, reduce errors, and more. Plus, some transaction management software has built-in eSignatures. With eSignatures, agents and clients can sign paperwork faster – speeding up your transactions. 

Faster transaction management removes bottlenecks that slow down agent payment. With faster transaction management, you can pay your agents sooner – leading to happier agents who want to stay at your brokerage.

Step 3: Automate commission calculation

commission-automationYou can also pay agents faster to boost retention by automating commission calculation.

Before paying agents, your team has to calculate commissions. Manually figuring out commission splits, factoring in commission tiers, and correctly calculating individual agent payments can be time-consuming. Your team has to manually find data, run calculations, transfer calculations to accounting, and more to figure out agent payments.

Along with being a time suck, this manual process is also error-prone. It’s easy for your team to miss-enter a number or use the wrong calculation. Your team then pays agents incorrectly and has to redo the payment. This makes agents wait even longer to get paid.

Automating commission calculation can help your team calculate commissions more quickly and accurately. Back office software with commission calculation can automatically pull data, calculate commission splits, factor in custom tiers, transfer data to accounting/payments, and more.

With automated commission calculation, your team can calculate accurate agent payments in minutes – instead of hours or days. Your team can then pay agents faster – boosting agent satisfaction and retention.

Step 4: Use next-day ACH payments

Technology online banking money transfer, e-commerce concept. Happy young man using smartphone with dollar bills flying away from screen isolated on gray wall office background.-1Another way to pay agents faster is to use next-day ACH payments.

Once your team has calculated commissions, it’s time to pay agents. If you manually manage agent payments, your team likely has to create and send out checks to pay agents. After printing/filling out the checks, your team can mail them to agents. Or, track agents down to give them their checks in person.

Creating and sending out checks can add days or weeks to agent payments. It’s also easy for checks to get lost in the mail – further slowing down agent payments. Paper checks can be inconvenient for agents to deposit, which can cause further frustration.

Instead of paying agents with slow paper checks, you should use next-day ACH payments. With ACH payments, agent payments appear in their account the day after you authorize them. Agents also don’t have to keep track of a paper check with ACH payments – making agent payments hassle-free.

The right back office software should have built-in ACH payments. That way, you don’t have to add to your tech stack to pay agents fast. Your team can pay agents quickly from the same place they manage transactions, commissions, accounting, and any other back office tasks.

Wrapping it up

Agents work hard to close deals. They want to be paid quickly and correctly for their hard work. Slow or inaccurate agent payment can cost you your top agents. Instead of waiting weeks (or even months) to get paid, your best agents will leave for another brokerage that pays faster.

To retain your top agents, you need to pay them faster. You can do this by consolidating your tech stack, speeding up transaction management, automating commission calculation, and using next-day ACH payments.

If you’re looking for the best way to pay agents faster, Brokermint’s complete, cloud-based back office platform is the way to go. Brokermint can help you consolidate your tech stack, automate commissions, pay agents with ACH, and more to help you pay agents faster.

Plus, Brokermint’s easy-to-use software has five modules – transaction management, commission calculation, accounting, agent management, and reporting/analytics. These 5 modules have everything you need to streamline your entire back office.

Book your Brokermint demo today to see how you can pay agents faster to retain top talent.