How Team Management Software Boost Commercial Real Estate Sales?

Technology has long been used to simplify business processes, but in the digital age, the software has become our productivity savers, communication initiators, and management leaders.

Team collaboration tools can help your team improve its overall quality of work. However, real estate teams often overlook these tools because agents mainly work independently. This can sometimes silo processes that benefit from collaboration.

If you want a reliable way to manage your team, do away with paper checklists and contracts and stick to completely digital and automated real estate team management software.

What is Real Estate Team Management Software?

Team management software helps teams manage their tasks and projects from one dashboard. It provides a shared platform that gives project managers a birds-eye view of projects.

SaaS companies like Paperless Pipeline have created their own team management software with a real estate focus. Since the software is more focused, it makes team management easy for real estate agents and brokers.

Although real estate agents work independently for most of the day, they need help from other agents, brokers, or administrators to close a real estate transaction.

From list to close, a typical house will take 66 days to sell. Think about all the mistakes, compliance issues, and communication breakdowns that could happen in 66 days. Instead of playing broken telephone, you can put your project workflow in a single location.

How Can Real Estate Team Management Software Help You?

The whole point of adopting a team management process is to streamline your workflow, but the benefits don’t stop there.

Here’s how team management software can earn you more sales.

1. Automate Task Workflow

Real estate agents don’t actually take on “projects,” so project management software would only serve to slow them down. However, real estate team management software focuses on tasks or documents they need to track and populates a checklist based on labels or status.

Once an agent makes a series of checklists, they never have to create the same one again. This cuts down time spent on tedious processes and saves a lot of money on paper.

While checklists play a big part in automating your tasks, the dashboard itself can keep your workflow in one place. After setting up each agent's name, their use status, permissions, and more, you can automatically apply pre-made checklists to individual team members.

2. Integrate With Other Apps

Modern software isn’t created in a bubble. It’s often integrated with hundreds, sometimes thousands of apps that make team management a breeze. However, some less trustworthy software will integrate with untrustworthy apps that may give you viruses, so be careful.

You’ll find that most real estate team management software will integrate with Hubspot, Google Drive, Salesforce, Quickbooks, Infusionsoft, Oracle, Tray.io, Pentaho, Informatica, and Xplenty.

But if the team chat app such as Troop Messenger could integrate with Zapier, you know it’s the real deal. Zapier is a no-code platform that comes equipped with over 1000 apps. When you hook these apps together, you no longer have to close or reload a program. Everything is accessible in the software.

3. Track Transaction Due Dates

Contract management is hard enough as it is, but when you have to settle up a disclosure agreement with a rapidly approaching deadline, it becomes straight-up stressful. Instead of chasing your clients down and risking the sale, load up your team management software.

On the dashboard, you can stay on top of compliance because the software automatically calculates the due date. It then applies it to tasks and notifies you if a due date is close.

With integrations, you can sync those dates to an online calendar or a shared work calendar. This can be helpful if agents work in separate offices, teams, or departments. You can set permissions for each agent or broker so everyone sees only what they need to see.

4. Create Commission Statements

Real estate agents earn a living with commissions, but generic management software won’t have a commission option. If they do, there isn’t a way to go back and forth between a flat or split fee. In the end, you have to duct tape your commission statement process together.

When your software isn’t working as you planned, mistakes happen. Even a small error could cost you thousands of dollars from your commission, which isn’t motivating or fair at all.

With real estate team management software, you can check everyone’s commission percent threshold. You can even break it down further by license number, sales volume, and start date. When you can provide accurate commission information to your clients, they trust you.

5. Populate Financial Statements

If real estate team management software could be compared to any other tool, it would be transaction management software. Since agents primarily use team management software to populate financial statements and commission reports, this workflow makes a lot of sense.

Besides creating commission statements, this software can draft financial statements that calculate a property’s sales price and the agent’s commissions and brokerage fees.

You can use these documents to send commission distribution authorizations, with multiple kinds of authorization features, instantly. Not only will your financial reports help you manage commission plans, but they also help you create a personal and business budget.

6. Automate Production Reports

Ambitious real estate agent pays attention to their own metrics and numbers if they want to improve. While that may not be hard on a personal level, it can get complicated if they’re trying to track how well a team performed or how successful their district is compared to another.

With software, tracking agent metrics is super easy and barely requires any extra input other than the information you provided after a sale. Now, all you need to do is print the report.

Monthly production reports are helpful for agents that want to stay up-to-date with their sales history. An agent could simply pick a location, date range, side, and label to receive a custom commission statement instantly. This document could offer enough motivation to get a sale.

7. Stay Complaint and Audit-Ready

No matter how many years you’ve been in business, the IRS is still going to make you nervous. You’re never sure when the IRS is going to audit you and what documentation they’ll need to prove your compliance. This added stress can make tax time more painful than it needs to be.

Real estate team management software keeps a repository of your agency disclosures and listing agreements, which ensures you have an evidence trail if you’re ever audited.

Plus, this software can back up your documents and review logs if you need some extra security. While maintaining compliance doesn’t directly help you get more sales, it does help you keep your real estate license, and it would be hard to sell real estate without one of those.

Conclusion

Real estate team management software is a quadruple threat. It’s a team management software, transaction management program, communication tool, and storage system all in one. If you utilize all of these features to the fullest, you’ll surely sell more homes and properties.

Creating a real estate project workflow will be tough at first. You’ll need to input a series of checklists, input agent information, and dole out authorization to required parties. But once you get over that initial hurdle, you’ll rarely have to adjust your already standardized process.