In the highly competitive real estate industry, brokerages need efficient and reliable systems to manage their commission and accounting processes. Manual tracking and calculation of commissions can be time-consuming and prone to errors, leading to frustration for agents and hindered growth for the brokerage. That’s where commission management and accounting software come into play, providing brokerages with streamlined solutions to handle these crucial tasks. One such software that has garnered attention and praise from industry professionals is Loft47.
A Unique Approach to Brokerage: Costello Realty
Costello Realty, founded by husband and wife duo John and Natalie almost a decade ago, set out to be different from traditional brokerages. Their mission was to empower agents and invest in their growth, rather than burdening them with fees and limitations. Natalie, with her experience as an agent, realized the need for a brokerage that truly supported and valued its agents. This motivated them to start Costello Realty, with the goal of creating a business environment that fosters agent development and success. With over 350 Agents and 3 offices serving the Carolinas, they’re growth is nothing short of impressive.
The Need for Efficient Back Office Solutions
Before transitioning to Loft47, Costello Realty faced challenges with their previous back office solution, Broker Wolf. They found it difficult to generate accurate and comprehensive reports, process deals seamlessly, and manage their unique revenue share program. The clunky interface and limited functionality of Broker Wolf hindered their ability to gain insights into the state of their business and make informed decisions.
Enter Loft47: A Game-Changer for Costello Realty
When Costello Realty discovered Loft47, recommended by a friend in the industry, they saw an opportunity to transform their commission management and accounting processes. Loft47 offered a solution that was easy to navigate, provided robust reporting capabilities, and seamlessly integrated with their existing workflows. Zach, an accountant with Costello Realty, was tasked with implementing Loft47 and ensuring its smooth operation.
Effortless Setup and Seamless Integration
Zach’s experience with Loft47 during the setup process was nothing short of excellent. He worked closely with the Loft47 team, including Paul and Ilona, who provided prompt support and solutions whenever he encountered any issues. Setting up agent profiles, managing deductions, and tracking split fees became effortless tasks, eliminating the need for manual calculations and reducing the administrative burden on Zach and his team.
Simplifying Accounting Processes
As an accountant, Zach found Loft47 to be a powerful tool for managing accounts payable and accounts receivable. Loft47’s intuitive interface made it easy for him to handle these financial tasks and ensure accuracy in the brokerage’s financial records. “It made me look good”. With Loft47, Zach could streamline the accounting processes and focus on providing valuable insights and reports to the Costello Realty team.
Data-Driven Decision Making
One of the most significant impacts of Loft47 on Costello Realty was the ability to gain valuable insights into their business performance. Prior to implementing Loft47, Costello Realty struggled to access crucial data such as revenue, number of deals closed, and average sales price. Loft47’s reporting capabilities allowed Zach to provide the Costello Realty team with comprehensive reports that helped them understand their business better and make data-driven decisions.
Zach from Costello Realty shares his experience with Loft47: “They never really had a good window into the state of the business before Loft47. Once I was there with Loft47, I was able to give them solid reporting that gave them the ability to really see what the business was doing and how it was performing.”
User-Friendly Features and Agent Empowerment
Loft47 not only provided Costello Realty with powerful accounting and reporting tools but also offered features that empowered their agents. The software allowed agents to set goals, track their performance throughout the year, and access essential data related to their transactions. While some agents may not fully utilize these features, the new dashboard in Loft47 offers a clean and easy-to-read interface that encourages agent engagement.
Zach from Costello Realty mentions, “The new dashboard that is there now is really easy to read and really nice looks clean, and I like that a lot.”
Saving Time and Enhancing Efficiency
By giving agents access to Loft47, Costello Realty aimed to enable self-service and reduce the administrative burden on their accounting team. While not all agents fully utilize the platform, Loft47’s capability to handle tasks like generating 1099s digitally through Track 1099 has proven to be a time-saving feature. This allows agents to focus on their core responsibilities and frees up valuable resources within the brokerage.
The Loft47 Advantage for Scaling Brokerages
If you’re a brokerage looking to scale your business and expand into multiple markets while maintaining a high number of agents, Loft47 is a game-changer. Its user-friendly interface, robust reporting capabilities, and ability to handle complex or simple deduction and fee structures make it an invaluable tool for brokerages. Loft47 takes the legwork out of commission management and accounting, allowing brokerages to focus on growth and profitability.
Zach from Costello Realty recommends Loft47 without hesitation, stating, “If a brokerage is looking to scale and expand and has any kind of complex or simple deduction or fee structure, Loft47 will take the legwork out of it and make it easy for them to navigate.”
Commission management and accounting are critical aspects of running a successful real estate brokerage. With the right software solution like Loft47, brokerages can streamline their processes, gain valuable insights, and empower their agents. Costello Realty’s experience with Loft47 showcases the positive impact it can have on a brokerage’s growth, efficiency, and financial management. By leveraging the power of commission management and accounting software, brokerages can navigate the challenges of the industry with ease and focus on achieving their goals.
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