Loft47 this week unveiled a “Teams” feature designed to give real estate teams full financial clarity while automating every dollar from commission to payouts.
The Vancouver-made back-office automation and commission management platform says the new solution added to its suite of offerings allows team leaders to focus on performance and growth rather than manual accounting and spreadsheets.
“Real estate teams are running increasingly complex businesses within brokerages, and they deserve the same financial intelligence and automation that broker owners enjoy,” explains Sasha Hryciuk, Chief Executive Officer of Loft47 who founded the Canadian company in 2015.
Loft47 for Teams “eliminates the manual reconciliation, spreadsheets, and guesswork that slow down team leaders,” the CEO says.
“They can now access clear, meaningful data in real time and spend their energy driving production and profitability,” Hryciuk said.
The Teams product introduces team specific financial automation and analytics. For example, it tracks commissions, sub-team allocations, and deductions automatically, and also monitors deposits due and received for each transaction while keeping
profitability in view by calculating gross commission income per agent and net team earnings.
Team leaders can visualize various metrics such as cash flow, performance by agent or sub-team, and trends over time, within a single dashboard.
The technology integrates with other popular industry software including Rechat, Dotloop, DocuSign Rooms, SkySlope, Zum Rails, QuickBooks Online, and Xero.
Tom Lovenitti, a business consultant of Rise Real Estate, says that he knew his multi-corporation team with hundreds of agents “needed a platform that gave us full visibility and control over our own numbers.”
Loft47 “gives the ability to track our team’s income, understand agent and team lead commission trends, and analyze our business independently of the brokerage’s systems,” he says.
And with Loft47’s API, “we’ll be able to sync deal data directly from our brokerage database, automate our accounting, and dramatically reduce manual work,” Lovenitti added.
For Claire Crawford, an Associate Broker with RE/MAX Realty Services, says Loft47 “has completely changed the way we understand our team’s financial performance.”
For the first time, says Crawford, “we can clearly separate our team income from the commissions paid out to our agents and instantly see how the business is actually performing.”
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