Have suggestions for products that you’d like to see reviewed by our real estate technology expert? Email Craig Rowe.
Realtyzam is accounting software for real estate agents.
Platforms: Browser; iOS, Android
Ideal for: All agents looking to replace QuickBooks; independent brokerages; small teams; new agents just getting a handle on the business.
Top selling points
- Bank account and credit card integration
- Rapid tax reporting
- Simple expense tracking
- Receipt images linked to expenses
Top concerns
Overcoming QuickBooks or broker-provided accounting tools. May not replace enterprise office management systems that include accounting tools.
What you should know
For most real estate agents, keeping track of your numbers is the most tedious part of the business.
If I were licensed again, I would hire an assistant to manage all of this for me before I closed one sale. Actually, I’d call someone on the way from the exam.
And, I’d have that person use a system like Realtyzam.
Using a clean, color-coded and elegant interface, this web-based real estate accounting platform connects directly to agents’ bank accounts to minimize manual entry of financial information. This is a big plus in terms of consolidating pertinent data and ensuring consistent use.
I’ve found that one of the biggest drawbacks to accounting tools is their inability to give you a reason to regularly log in. After a few weeks, you’re backed up, and all that technological efficiency suddenly loses value.
The bank account and credit card connections will alleviate the backlog. You can log in each morning — or every couple of days — to review the records and classify them appropriately.
Granting permission to your device’s camera isn’t especially innovative, but I do like how you don’t have to upload the image separately to attach it to the expense record.
Images are connected automatically when captured during the context of entering the record. It’s a nice touch of efficiency.
Agents with stable desk fees can enter them as recurring expenses, as you would with costs associated with your phone, website hosting and car payment, for example.
Realtyzam delves a bit deeper than just recording lunches with clients: It helps agents monitor and manage their transaction finances as well. A listings dashboard nicely tracks the financial status of your deals.
The software presents a simple profit and loss statement for each listing, whether active or in escrow.
There’s nothing overly complex about it, and that’s the very point. It balances expenses with commissions and includes basic dates, days on market and, of course, expected net profit.
The software’s year end and quarterly reporting tools are equally user- and accountant-friendly.
Realtyzam is smartly positioned as a tool more suited for agents than brokers; it’s not a big-budget enterprise tool. It’s an affordable, efficient way for real estate agents to manage the most awful — but arguably most important — facet of their business.
Have a technology product you would like to discuss? Email Craig Rowe.
