Let’s face it — you are good at selling. But if you’re not in the field drumming up new business, your paycheck shrinks. Let Brokersumo do the heavy lifting so you can keep doing what you love.
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What Is BrokerSumo?
BrokerSumo is a back-office software that helps real estate professionals manage commissions and handle accounting tasks. It’s simple to use and low-priced.
BrokerSumo makes the lives of real estate brokers and team leaders easier with tools for managing agents, which include:
- Calculating commissions
- Disbursing payments to agents and vendors
- Transaction management
It also simplifies collecting money from agents for desk rent and other fees. But these are just the key features of the software. Savvy agents can use the platform to scale any repetitive office task. Read on to learn more.
BrokerSumo was started in 2015 in San Diego by Jeremy Shoenig. In 2017, BrokerSumo was acquired by Inside Real Estate, a Utah-based real estate software company.
Inside Real Estate’s main product, kvCore, includes a lead engine, website and IDX tools, CRM, and transaction and marketing tools. BrokerSumo is in the process of changing its name to Core BackOffice.
BrokerSumo is a cloud-based software accessed through the web. So it can be used from nearly any device. They also provide setup training through webinars. Support is delivered through chat, email, and by telephone.
BrokerSumo’s Best Features
Commission management is the core feature of BrokerSumo. However, its agent management tools start with onboarding new agents.
Concerning agent onboarding, BrokerSumo enables brokers to send new agents electronic onboarding packages. New agents can e-sign agreements and fill out personal information online.
They can also upload real estate and licenses, car insurance, and credit card information electronically. So there’s no paper involved in bringing on a new agent.
The agent onboarding, commission, payment, and billing features all work to simplify the job of managing an office full of agents. Brokers can also generate reports analyzing the performance of agents and offices.
Other reports give insight into pending transactions. Brokers can also use BrokerSumo reporting tools to analyze leads to reveal the cost and return on investment on each source.
The BrokerSumo data can be synced with QuickBooks accounting software, which enables additional reporting options. Also, users can sign up with Zoho Reporting for still more analytical tools.
Agents also get tools. The agent portal allows agents to see and get reports on their transactions pipeline and lead sources. They can also view closed and pending commissions via a commission report.
BrokerSumo Commission Management
BrokerSumo is richly featured when it comes to commission management. Brokers can set up dynamic commission arrangements, including siding scales, caps, flat fees, and other approaches ahead of time.
The software then automatically calculates agent splits. It tracks all credits and debits to get the disbursement ready to send to the title company.
BrokerSumo is set up to work with the QuickBooks accounting system. After closing is completed, the data can be synced to QuickBooks with just a single click.
The synced data includes agent billing invoices and payments. These sync any time a new invoice is sent, or a payment is received. Available reports will reveal office performance and identify top producing agents.
When tax day comes, BrokerSumo makes that easier as well. It uses a third-party partnership to generate 1099 forms for agents and vendors using the information in the system.
BrokerSumo picks up where man transaction management systems end. Brokers can manually enter transaction data into BrokerSumo. Or, you can easily integrate with the following transaction management platforms:
Once the transaction data is in BrokerSumo, brokers can use it to calculate commissions using their pre-set commission plans automatically. Then it’s relatively simple to prepare the disbursement and send it to the title company for the closing.
BrokerSumo users can use the system to create custom transaction closing checklists and task lists. Then they can use it to record incoming and outgoing deposits to trust accounts.
BrokerSumo puts all the financial data into one system and has the flexibility to handle elaborate commission plans. This way, it lets brokers avoid having to hand-calculate or use separate spreadsheets to figure commissions.
To pay agents, brokers can use electronic ACH transfer instead of cutting paper checks. There are no fees for the service, which can be used for up to $20,000 payments. And it can be used to pay vendors as well.
Brokers can also collect fees from agents from within the system. They set up merchant accounts and can bill agents’ credit cards directly. Or they can automatically track and deduct expenses from a transaction.
Should you need to contact BrokerSumo, you can do via one of the methods below:
Inside Real Estate
12936 S. Frontrunner Blvd., Ste. 150
Draper UT 84020
Pros and Cons
As with any balanced review, it’s important to highlight both the pros and the cons. Don’t worry, we’ve done just this below. Read on to learn what we like and what can be improved.
Plans and Pricing
BrokerSumo has a straightforward pricing plan. It’s $99 per month, plus $1.50 per agent per month. Users can have as many staff members signed up to use the program as they want.
There’s also a free trial. Without having to provide a credit card, testers can get a 14-day no-charge tryout of the software. For real estate businesses with more than 500 agents, BrokerSumo offers enterprise pricing.
The standard plan includes almost all the software features mentioned above. However, some of these features are offered as add-ons at extra cost.
One add-on is the two-way QuickBooks integration syncing capacity, which costs another $50 per month. It let users sync agent data, commissions, billings, and closing fees from BrokerSumo to QuickBooks.
QuickBooks can sync its profit and loss data with BrokerSumo as well. That enables some additional reporting by BrokerSumo.
The other add-on is Zoho Dashboards and Report Builder, which costs $25 per month. By syncing data with the cloud-based analytics platform, BrokerSumo users get access to customer reports and dashboards.
BrokerSumo is reasonably priced and easily scalable. While Quickbooks integration and paying agents increases the cost, the flexible pricing model ensures your’e not paying for unused features.
Overall, we like this company and its flexible model. If you’re looking for a simple transaction management platform, you should consider BrokerSumo.
BrokerSumo has some competitors in the real estate back office software business. So if a broker doesn’t love it after the free trial, there are other options to look at, including:
- Brokermint real estate back office management software assists with transaction management, commission tracking, reports, and analytics. Its pricing is comparable to BrokerSumo. A basic plan is $99 monthly and provides for five users.
- BrokerWOLF is a real estate office management platform with similar features to BrokerSumo. BrokerWOLF is part of Lone Wolf Technologies, which has a suite of real estate software. The company doesn’t publish any pricing information for BrokerWOLF.
BrokerSumo is an excellent solution for realtors and team managers who need to manage agents and commission splits. It enables electronic payments and collections.
And it captures financial data from transaction closings and syncs accounting and analytic software to help with reporting.