Getting new technology designed to work with and for commercial real estate can be exciting, but you also need to integrate it into the processes you already have in order for it to be effective. If integration isn’t done properly, you could end up with significant issues involving your ability to address your clients’ needs effectively. That, in turn, can make your brokerage less successful and cause difficulties that may be hard to avoid. With the proper commission management platform and the right accounting plan, you can integrate new CRE into your existing processes the right way.
Consider the Commission Plan
Your agents’ commission plans are very important to them. They may have been negotiated some time ago or they could be more recent, but either way it’s important that every agent knows where they stand. While that’s not the only reason agents work, having a good commission plan could be significant when it comes to attracting good talent and convincing those people to stay with your brokerage instead of heading elsewhere. As you integrate new tech, make sure it doesn’t change that commission plan. You want to add new things seamlessly, to make your agents’ and clients’ lives better.
Keep Everyone in the Loop
When new tech is added, don’t shy away from keeping people updated. Anyone who has to work with the new CRE tech or who will be affected by changes that come from it should know about those changes and when they’ll be taking place. That way agents can focus on anything they need to do differently, and can learn the ropes so they can keep the client happy. New tech is usually a good thing because it makes work easier, but there’s always a learning curve that can take some adjustment. The sooner that’s out of the way, the better off your brokerage and clients will be.
Don’t Get Rid of What Works
The old adage that “if it ain’t broke, don’t fix it” still applies, but only to a degree. You don’t want to throw out perfectly good technology in favor of something else, but you also don’t want to get behind the times just because what you have still functions. There’s a balance to be had when it comes to new CRE tech, and sometimes the old and the new don’t integrate the way you’d like. That can lead you to make changes to other parts of your technology that you wouldn’t have changed otherwise, but that can be worth doing so that everything works properly together in the present and the future.
By choosing a commission platform like Commissiontrac, you can keep agents and clients happy by making sure everyone gets what they need and has all the information required to make informed decisions. The right CRE tech will address commission structure and much more, so everything you need to operate your brokerage can be found all in one place.