Brokermint

What Are You Getting Paid for? Explaining Your Real Estate Agent Remuneration
Let's talk about money. Big commissions are why you got into real estate, but how do you justify the amount you charge for your services? "Why do I need a real estate agent?" is often the first question sellers ask themselves when thinking about selling their house. It is natural for the consumer to query their Realtor on how much commission they will pay. Commission on a $500,000 house can run anywhere from $20,000 to $30,000 — a large chunk of money! Highlight your value to give the consumer a better understanding of why it is important to use a professional real estate agent and forgo the FSBO route. Experience Completing a real estate sales contract relies heavily on the power of negotiation. What do real estate agents do better than anyone else? Facilitate sales. Naturally, some agents are better at closing deals than others. The experienced Realtor has a wealth of knowledge gained over time and can use that knowledge to connect with potential buyers. Driving engagement by implementing proptech tools like 3D virtual tours and targeting buyers through the right channels is valuable. The goal is to grab their attention and keep it there. Buyers want information in an easy-to-use format. The experienced agent knows that the combination of 3D tours and floor plans makes it easy to navigate a property to achieve a comprehensive understanding of the space. The longer the buyer interacts with the property, the higher the potential of a sale. Quality marketing tools Digital marketing demand has risen in recent years, and now it is expected that your listing services will offer a full package. According to a recent Zillow report, virtual tours rose 750% due to the demand to get up close and personal with residential property listings. Not only was the demand high, but without a 3D tour, your listing might get overlooked altogether. Sellers are the ones who pay your commission and, in return, you provide them with the latest proptech tools for marketing their home. The "why do I need a real estate agent?" question can also be answered by sharing analytics from current and past sales. When the consumer sees and understands your marketing efforts, it is a whole lot easier to agree to pay the commission. Due diligence Due diligence is not just for the buyer. As a real estate agent, part of your responsibility is to provide information for every property. What do real estate agents do to ensure the accuracy of floor plans, room measurements and detailed information? Professional marketing services and real estate photographers use cutting-edge tools, like those offered by iGUIDE, to provide a host of data for every listing. According to Realtor.com, immersive 3D tours paired with great real estate photography and advanced measurements help sell houses. Why is it so important to get the details correct? Conflict can often arise when properties are measured incorrectly. No one wants to end up in litigation over wrongly advertised square footage of a home. As the seller's representative, you want to do everything you can to get everything right — after all, it is your fiduciary duty. Speed and limited disruption Daily interruptions are not what your seller expects when they hire you to sell their house. The thought might be, "Why do I need a real estate agent if I have to continuously prep my house for anyone who sees the for-sale sign?" You can eliminate a lot of stress for your seller when using real estate marketing tools. iGUIDE gives you everything you need to market a house successfully. The average home can be photographed and measured while capturing a 3D tour in about an hour. Potential buyers can then access all the information they need directly from their device of choice, in their own time. Virtual tours engage the buyer and provide a wealth of information, essentially pre-qualifying them before booking a showing. Sellers benefit by having fewer disruptions in their daily schedules. Multiple studies from companies like Zillow and iGUIDE show that homes sell faster and at a higher price point when utilizing 3D virtual tours. It's not a question of what do Realtors do, but rather how much do Realtors do. From outstanding digital marketing to superior negotiation, the best way to get a home sold is by using a professional. That's exactly why 92% of consumers choose a

The Top 3 Back-end Integrations for Teams and Brokers
We recently highlighted software integrations that can save real estate agents time and money. While there is some overlap, brokerages and real estate teams have different needs, especially when it comes to handling back-end issues like commission structures and accounting. Which integrations are most useful for brokerages and teams, and how can they help streamline your business operations? Let's explore. What Can Back-end Integrations Do for You? As we stated previously, the transaction is the core of any real estate business, so using your transaction management platform as the hub of your integration efforts is an efficient strategy. Before we dive into specific apps, let's look at what integrating your transaction management and back-end solutions can do for your business: Automate commission disbursement upon close of transactions Simplify year-end accounting, including generation of 1099s Allow agents to "subscribe" to a personal data feed that simplifies their own accounting Keep agents aware of issues like missing items, payouts, or deposits Simplify compliance and the document review process Track profit and loss per transaction Give agents access to their performance and payment history And more! The Top 3 Back-end Integrations for Brokers and Teams Now, let's explore specific back office apps and what they're capable of when integrated with your transaction management system. To help us illustrate these examples, we'll use dotloop as our sample transaction management platform, because it offers over 75 integration partners and is one of the best-integrated technologies in the industry. According to dotloop, the most popular back-end integrations for brokerages and teams are the following: MoxiWorks MoxiWorks offers a suite of tools for real estate professionals to do everything from managing clients to handling accounting. MoxiWorks' client engagement platform, MoxiEngage, integrates with dotloop to automatically include the transaction within the lead-to-close sales flow. Agents can create a dotloop transaction (known as a "loop") within MoxiEngage, submit documents for review, and see task checklists from the transaction embedded within MoxiWorks' broader sales flow checklist. MoxiBalance is the app that resulted from MoxiWorks' acquisition of accounting solution Reeazily in 2021. This integration automates commission payments upon a transaction's close and lets users manage escrow deposits. Transaction data can also sync to MoxiBalance to give brokers insight into agent performance. Loft47 Loft47 is a commission management app that can import all parties, financial information and documents from a dotloop transaction. This allows commissions and splits to be automatically paid out upon close, and at year end, enables 1099s to be generated with ease. In the midst of a transaction, the Loft47 integration keeps agents and brokers aware of issues like overdue items or transactions with lingering deposits requiring payouts, thanks to synced documentation and checklists. QuickBooks QuickBooks is a heavyweight accounting app leveraged across industries of all kinds. Within real estate, the QuickBooks-dotloop integration allows for standard automations like commission disbursements, earnest money management and 1099 creation. The integration also lets brokers track expenses that aren't typically included in a transaction management app, giving brokers insight into their profit and loss per transaction and per agent. See what other back-end integrations are available to brokerages and teams here. To learn more about dotloop, visit

Don't Forget These Real Estate Tax Deductions
We are about month away before our taxes are due. We hope that you've already submitted your taxes, but if not, we have a few real estate tax deductions to consider. These are expenses that you have that you might not realize are deductible. As always, be sure to consult a professional to maximize your tax return. Here are real estate tax deductions you should not forget: 1. Conferences If you are going to attend a real estate conference, you can add "deductible tax expense" to the list of benefits you get from attending one, such as networking, out of state referrals, and the education. 2. Your Camera If you have made video marketing part of your real estate business, that fancy camera you purchased is also a business expense! 3. Dry Cleaning Meeting people in person means you need to look your best! At the bare minimum, you should wear clean clothes. 4. Car Washes Clean clothes should be complemented by a clean car. Whether you are driving your client, or letting them follow you, you should always have a clean vehicle. 5. Your Tablet Tablets are worth considering as a replacement for a laptop, especially when you are always on the go. If you purchased one last year, we hope you kept the receipt! 6. Office Supplies Most small items that you use to ensure your office is fully stocked are considered a business expense. This includes paper, folders, pens, stationery, printer ink, and even snacks you keep around to offer to your clients! 7. Parking Fees If you've ever had to pay for parking while on the clock, this is a business expense. 8. Coaching Any sort of coaching you do—whether it be online, over the phone, or in person—is an investment into improving your business and is also deductible. 9. Online Ad Spend This refers to any money you spend on ads specifically. You should be keeping track of your online marketing spend anyway. You can use this business plan to help you keep track for next year. 10. Software Subscriptions If you subscribe to software, you should definitely claim that on your tax return! There are plenty more possible tax deductions that you may not be aware of. Zurple has created a checklist for you to print out when you review last year's expenses. Download it here for free. To view the original article, visit the Zurple