What Do Running a City and Running a Brokerage Have in Common?
Picture a thriving city.
This city is not prosperous because of business. At least not directly. It's thriving because its people have the services they need for safety and security—an aspect which allows them to pursue business, if they so choose.
This city thrives because it has invested in its infrastructure. Roads, transit, waste, power, telecommunications, hospitals—all of these vital systems are strong and well-kept. These systems work to support the population and keep essential services available for all. This ensures that people are able to work and do business. Now swap out the word city and replace it with brokerage. What are the essential infrastructure services a brokerage needs to operate and ensure it's employees are able to pursue success?
The brokerage's infrastructure, above all else, requires some form of accounting system. Business would be literally impossible without one. If you can't process transactions, you can't make any money. If you can't pay your staff, they won't work. And so on. Many brokerages rely on over-the-counter accounting solutions like QuickBooks for their accounting. However, the problem with these types of solutions is that they lack the complex transaction management components relevant to doing business in the real estate industry. This results in a wide gap between the back office and the front, as well as a serious deficiency in reporting capabilities on listings, transactions and agent management. Many offices bear the inefficiencies that result from this deficiency.
These inefficiencies include:
- Manual processes
- Communication gaps
- Data inaccuracies
- Complicated workflows
These inefficiencies come at a high cost. Brokerages end up paying for temporary, niche accounting solutions instead of investing in their infrastructure and acquiring a total back office solution. It's like painting new lines on the road to cover up the cracks. You can give yourself some relief, but the true problem persists. As a result, brokerages are unable to provide the safety and security that their employees demand. Check out a quick demo here to get a better idea of what a true back office solution can do for your business.