Chances are, you entered the real estate business because you like helping people find the right home or commercial property. You are generally interested in how homes and commercial spaces are designed and utilised. You are intrigued with the dreams people have for their home or business space.
Those are the passions that drive you to succeed for your clients and for yourself. But the reality of real estate is you have to push a great deal of paperwork to make your clients' dreams come true, especially when you enter the management side as a Principal/Director or office manager.
Accounting software designed to meet the unique demands of a real estate office eases the paperwork burden and frees more time for the aspects of real estate that you enjoy. Here are five ways your real estate accounting software package makes your life easier:
The details that go into writing and managing contracts are simplified with quality real estate accounting software. The information about the property and vendor go into the system when it is first listed. When someone places an offer, the real estate accounting software will prompt you to fill out the necessary information such as:
Notes you place within the contract will remind you of additional details that need to be addressed.
Then the software pulls together the contracts and keeps track of important dates, alerts you with reminders, and generates any needed letters. These reminders ensure no one will miss important deadlines that might delay the closing.
The software makes commission management simple. You'll do away with manual calculations of commissions plus expenses plus deductions. This eliminates the risk of miscalculating some aspects of the final payment. You input deductions that need to be withheld or expenses incurred by the agent, and the software calculates the final commission. The software sets you up to transfer the funds directly to the agent's bank account, ensuring timely payment to the agent.
You'll easily have the ability to generate invoices for things such as vendor paid advertising or commissions through the simple inputs you make into the software. You won't need to deal with another piece of software or type out invoices by hand as it's all handled automatically within the system. This also prevents injecting errors when working back and forth between different software.
The reports you generate for your vendor and/or vendor's solicitor then reflect these invoices.
Setting up the sales trust for each real estate transaction is simplified as your receipts and payments are recorded against the contract. Eagle Software contains the information for all major banks in Australia with plans to add New Zealand. This makes the setup a snap and eases transfers between buyers, lenders, and sellers throughout the transaction period.
The software also allows you to create reports for all interested parties and avoid any problems of making errors. You only need to input each detail once for it to flow seamlessly through the reporting process.
Reconciliation translates from an onerous task to a matter of quickly clicking a few buttons to ensure all transactions have been recorded accurately. Even if transactions come from multiple sources, the real estate accounting software will record everything. You merely point and click to the proper entries. If the system detects an error from the one-time entry, you can correct the error once to fix it through the entire process.
Then your reconciliations will ensure your agency meets any national, state, territorial, or provincial regulations. It can also generate the necessary reports to confirm compliance.
If you are ready to simplify the mundane tasks of your real estate business and make the paperwork headaches of managing your real estate brokerage go by the wayside, contact our friendly staff today to learn how. You can also download a copy of our Eagle Software package pricing guide through our Sales Trust Accounting page.
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