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How TenantBase Grew Their Team By 45%, Opened New Markets and Increased Efficiency, Visibility, and Communication with CommissionTrac

Summary

TenantBase was founded in 2014 as a “free service built to make searching for an office and signing a lease simple for startups and businesses.” As a national organization of about a dozen markets, including Atlanta, Fort Worth/Dallas, Houston, Orange County and LA with about 150 brokers under their umbrella, TenantBase needed a solution that could help them segregate their data for their market leads while still providing company-wide reports and numbers for the board and C-Suite management.

Since implementing CommissionTrac, TenantBase has expanded into a new market and scaled up their agent count by over 30% without having to scale up their operations team to manage this growth.

Challenge

TenantBase was managing all invoicing manually, via multiple applications and spreadsheets.  When a deal closed it could take days to get an invoice out while Pat and Neusha gathered and confirmed all of the necessary information.  Then once the invoice was out, market leads like Todd and Al needed to ask and wait for updates to know what their AR looked like or when deposits were received.

“The lack of speed and the lack of visibility created a lot of lag that we wanted to improve.”

-Pat, Financial Analyst

From the Market Leads’ perspective, they felt like they were “in the dark.”   With no access to up to date AR information there was no closed loop and they had to ask Pat or Neusha for an update and wait for the answer.

“There weren't any systems. I always felt like I was in the dark.  I always knew that I was missing something.”

- Al, Market Lead, Dallas/Ft Worth

“I really had very little insight into AR….I didn’t have access to one place where I could see things that were aging….I was in the dark.”

-Todd, Market Lead, Atlanta

Goals

TenantBase wanted to find a solution that would allow their market leads and brokers a view into their specific AR.  They wanted to be more efficient in their invoicing process.  They wanted to improve communication both before and after the invoices were sent.  They knew that if Market Leads and brokers could have a live view of their AR, they could eliminate all of the questions and free up a lot of Pat and Neusha’s time.

Results

CommissionTrac has helped TenantBase “reduce the lag between the time the deal closes in CRM and when the invoice is processed.” Market Leads “have a better understanding of what [their] Aging report actually looks like” as well as “the productivity of their agents and deals” and they can “pull this information quickly and easily” and “when I need it, not when somebody has time to get it to me.”

The Finance team and Board now have “insight into the AR of each market,” and CommissionTrac “adds a lot of value to everything from a cash perspective.”

CommissionTrac “helps the ops and finance side manage our local teams better. It helps the local teams really understand where they should be spending their time and attention in terms of deals that they can follow up with, more quickly pushing stuff through.”

Quotes from Global Leadership

“CommissionTrac helps us on the ops and finance side manage our local teams better.  It helps our local teams really understand where they should be spending their time and attention in terms of deals that they can follow up on.”

“CommissionTrac adds a lot of value to everything from a cash perspective.”

-Neusha Sayadian - VP, Strategy and Finance

 

“We are a lot closer to having perfect information in terms of getting invoices out.” 

“I have been pleasantly surprised by the level of adoption that our brokers have taken on….the level of training that you guys have given our brokers has been tremendous.”

“I would recommend CommissionTrac for sure.  It gives brokers real time visibility into the status of invoices and payments and prevents any breakdown in communication in terms of how a deal should be billed, who we are billing, etc.  It really improves the AR process.  Also, the CommissionTrac team has been very responsive, which has been great.”

-Pat LeMoine, Financial Analyst, TenantBase

Quotes from Market Leads

“I would recommend CommissionTrac because I felt like I was in the dark before CommissionTrac and now I see everything going on.  I actually see the full process start to finish.”

“I can just see what’s going on when I need it, not when somebody has time to get it to me.  I like having the information I need to run my business at my fingertips.”

“It’s a self-service platform which is perfect.” 

- Todd Seamen, Market Lead - Atlanta

 

“CommissionTrac allows me to actually see, at a team level, who is being not just busy but productive, that’s one of the things that CommissionTrac has given me is the ability to see production versus activity.”

“I would recommend CommissionTrac to my colleagues.  It’s simply about knowing your business.  More than ever we need to know when and how to make necessary changes and course corrections and having a tool like CommissionTrac helps me start on the front edge of making those decisions.”

“The customer service features within CommissionTrac have been outstanding.”

- Albert Berry, Market Lead - Fort Worth