November 30 2016
Reporting capabilities are a key component of brokerage back office platforms. Reports give brokers the ability to identify top producers, low performers, potential recruits, and even monitor transactions for signs of trouble.
With the end of the year coming up, brokers' thoughts may soon be turning to how their business performed in 2016. However, the typical back office solution contains dozens of different types of reports, and it can be difficult to pin down which ones are most useful.
To help us narrow down which reports brokers should focus on, we turned to Andrew Chishchevoy, founder of back office solution Brokermint. He pointed out over a dozen reports that Brokermint clients use to stay on top of their business. You can find analogous reports in the back office system you currently use.
"A quality agent report lets brokers see all information about their agents," says Chishchevoy. "You should be able to slice and dice that information to find out what an agent did, when they did it, how much they contributed to the company, and how much they earned. You can basically compare your agents in an apples-to-apples manner to identify top performers and those who may need help."
Chishchevoy recommends using the following reports to keep an eye on agent performance:
A substantial part of monitoring your agents (and the health of your firm) consists of monitoring their transactions. Look for these or similar reports to accomplish this:
Where's your money going, and what money is owed to you? These reports can help answer these questions, and more:
Hard numbers aren't the only thing that your back office solution can track. It can also track where your leads come from, your inventory of lockboxes and yard signs, and even the vendors you most frequently use.
If you're a franchisee, you may have additional reporting needs that 'mom and pop' shops do not. Look for reports just for franchises in your back office solution to make communication with your corporate office easier.
"Brokermint offers franchise reports within our system so brokers don't have to use a third party solution," says Chishchevoy. "Brokermint generates all needed reports in the needed layout that they can use to submit to their corporate office."
And even though most back office platforms offer a wide range of pre-made reports, many brokers may find that they have special needs that necessitate a custom built report. Most solutions providers, including Brokermint, are happy to build these for you for a small fee. Contact your vendor to learn more.
If you'd like to try Brokermint's reports for yourself, they offer a 30-day free trial. RE Technology members who want to continue using the program after trial are eligible for a 10% discount when they sign up at the link above.
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