Is your agent billing process tedious and time-consuming?
Your team can spend tens of hours a month on agent billing with manual methods. Billing agents with spreadsheets, paper files, or outdated tech can slow your team down and make it hard to collect agent payments. As a result, your brokerage earns less revenue and has fewer resources to grow.
If you’re looking to speed up your agent billing, you’re in the right place. We’ll cover the top 5 tips to streamline your agent billing. To start, let’s take a look at the first way to increase agent billing efficiency – seamless data flow.
1. Create a seamless data flow
The first way you can speed up agent billing is by creating a seamless data flow in your back office.
A major bottleneck in the agent billing process is gathering the right info, putting it in the right place, and getting the info to agents for payment. Your team has to search through spreadsheets, files, different tech solutions, and more to find what they need. By the time your team has the right info, several hours are down the drain.
To speed up your agent billing process, you need to create a seamless data flow. With a seamless data flow, your data can be accessed from any point in your tech stack. Your team no longer has to hunt for the right data. Instead, they can find it by logging into your tech – saving hours.
The easiest way to create a seamless agent billing data flow is with a complete back office platform. With everything you need to manage your back office in one place, it’s simple for your team to find what they need to bill agents.
2. Automate communication
Another way your team can bill agents faster is by automating communication.
Agents only pay bills they know about. Yet, many agent billing systems require your agents to log into an outdated portal to figure out what they owe. Your busy agents often won’t remember to check your billing portal. As such, your agents won’t know they have bills to pay, so your team will have to waste time manually reminding them.
With the right back office software, your team no longer has to manage agent billing communication manually. Instead, the back office software can automatically notify agents of new invoices and remind agents of unpaid bills. That way, your team can spend less time on agent communication and more time on high-value tasks.
3. Generate monthly agent statements
Along with automating communication, generating monthly agent statements is another way to speed up your agent billing process.
Agents need to know what they owe and why. However, helping every agent understand each element of their bill can be extremely time-consuming. Your team has to find all charges for an agent, compile it into a list, and explain every part of that list – which can suck hours for just one agent.
Instead of manually generating agent statements, your team should use back office software that automatically creates monthly agent statements. This software can automatically compile charges for every agent each month into an easy-to-understand statement.
With automatic agent statements, it’s easy for agents to know exactly what they’re charged for and why. Your team can get out automatic statements faster, leading to sooner agent payment.
4. Batch agent billing tasks
Your team can also speed up agent billing by doing recurring agent billing tasks in bulk batches.
Agent billing requires a lot of repetition. Your team has to find all charges for every agent, compile the charges, send a bill to the agent, and remind agents to pay. Repeating so many agent billing tasks can cost your team tens of hours a week.
Rather than manually repeat agent billing tasks, your team should do agent billing in bulk. The right back office software makes it easy for your team to generate statements, send invoices, remind agents to pay, and more in large batches. That way, your team only has to do agent billing tasks once – saving time and freeing up your team to focus on growing your brokerage.
5. Charge agent credit cards
The last way your team can make agent billing more efficient is by charging agent credit cards for bills.
One of the most time-consuming parts of agent billing is tracking down agent payments. After sending out agent invoices, your team has to repeatedly remind agents to pay. Despite constant reminders to pay, some agents still won’t pay – increasing your brokerage costs and decreasing revenue.
To save time and ensure invoices get paid, your team can keep agent credit cards on file. That way, bills can automatically be charged as soon as they’re sent out.
However, it can be tricky for your team to keep track of so many cards. With the right back office software, agent credit cards can be automatically saved for each agent. All your team has to do is create an invoice and apply the saved card. This ensures you maximize revenue collection while reducing back office inefficiency.
Wrapping it up
Agent billing can be a huge time suck for your back office team. While it’s essential to collect all brokerage revenue, a lengthy agent billing process keeps your team from focusing on high-value tasks (like managing more transactions to grow your brokerage).
To speed up your agent billing process, you need to create a seamless data flow, automate communication, generate monthly agent statements, batch agent billing tasks, and keep agent payment on file. By streamlining your agent billing process, you can free up your team to focus on helping your brokerage thrive.
If you’re looking for the best way to speed up agent billing, you need a complete back office platform – like Brokermint. As a complete back office platform, Brokermint has a seamless agent billing data flow. Plus, Brokermint’s automation functionality makes it easy to automate communication, agent statements, agent payment, and bulk agent billing tasks.
In addition to agent billing, Brokermint’s back office platform has five modules – transaction management, commission automation, accounting, agent management, and analytics/reporting. With these modules, Brokermint’s cloud-based back office platform has everything you need to streamline and modernize your back office.
Book your Brokermint demo today to see how you can speed up your agent billing process.
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