You’ve done it: You’ve closed the deal — and now you anxiously await the commission check from your broker.
In many real estate brokerages, the path from close to commission is slow, manual and sometimes prone to error.
An integration from News Corp. subsidiary Move Inc. hopes to change that for agents and brokers who use its transaction management system, Reesio, and accounting software from Lone Wolf Real Estate Technologies.
The possibility of a ‘seamless lead-to-commission system’
When an agent closes a real estate transaction in Reesio, the complete transaction information can be synchronized to their broker’s brokerWOLF back-end accounting system, Move said in a press release.
Screen shot of Reesio-Lone Wolf integration
“The commission payment is usually paid to the brokerage after closing, and from there, the brokerage pays the agent’s portion of the commission based on their agreed-upon split,” Move spokeswoman Christie Farrell told Inman via email.
“Typically after a transaction has closed, the broker must manually review all of the paperwork to ensure everything is complete, and the transaction details are manually typed into the brokers’ accounting software in order to record the sale and drive the resulting commissions,” she added.
“Now, brokers who use Reesio and Lone Wolf’s software in concert will have a much more efficient process with fewer data inaccuracies.
“Reesio allows the broker to set workflows for their agents to ensure all of the required documents and steps are completed with fewer errors.
“Then, upon closing, the transaction details flow into Lone Wolf without the hassle and inaccuracies that are caused by manual data entry.”
Screen shot of Reesio-Lone Wolf integration
Move Inc., operator of realtor.com, previously integrated Reesio with its Top Producer customer relationship management system (CRM) and with online transaction forms from Realtor-owned firm zipLogix.
To reap the benefits of the latest integration, brokers must use Reesio with Lone Wolf’s accounting software, Farrell said.
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But if agents and brokers also use other Move products, such as FiveStreet software, to route leads from all sources and cultivate them in Top Producer before sending them over to Reesio once an agent signs an agreement with a client, then brokers and agents could have a “seamless lead-to-commission system,” the company said.
Luke Glass
“Connecting the components of productivity software is something that virtually all of today’s service providers strive for, and our relationships and alignment with the industry have given us a head start in this arena,” said Luke Glass, executive vice president of professional services for Move, in a statement.
Time- and effort-saving integrations
More and more companies are announcing integrations aiming to save agents and brokers time and effort.
Transaction management company dotloop, owned by Move archrival Zillow Group, last month announced dotloop Connect, a platform that integrates dotloop with a range of real estate tech tools covering everything from lead generation and reputation management to accounting and payment processing.
Patrick Arkeveld
Lone Wolf is among the list of companies that plug into dotloop Connect.
“We are committed to our mission of delivering a connected real estate technology eco-system,” said Patrick Arkeveld, Lone Wolf’s CEO, in a statement.
“Integrating Reesio and Move’s suite of real estate software products complements our strategy of providing brokers an end-to-end technology solution that streamlines processes and ultimately increases visibility and profitability in their business.”
Last month, Lone Wolf made three executive hires and reportedly laid off more than 60 employees. As of April 2016, Lone Wolf claimed that it was serving nearly 10,000 real estate offices and 250,000 real estate agents.
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