Melaney, Director of Operations at Regal Realtors, shares how the implementation of real estate commission software transformed their brokerage and fueled their remarkable growth.
Introduction
Efficiency and accuracy in managing transactions and commissions are paramount for Regal Realtors as they consider getting their Agents paid quickly their highest priority. Regal Realtors, an independent brokerage founded in 1991, recognized the need to streamline their back-office operations to support their growing team of agents. This led them to explore various solutions, ultimately finding their answer in real estate commission software like Loft47. In this article, we will delve into Regal Realtor’s journey of digitizing their back office and the remarkable growth they achieved as a result.
The Challenges of Manual Entry and Spreadsheet Tracking
Before adopting real estate commission software, Regal Realtors relied on manual entry and spreadsheets to manage their transactions and commissions. Melaney, the Director of Operations at Regal Realtors, recalls the growing pains they experienced with their previous systems. “We were using Dotloop as our transaction management system and QuickBooks for accounting. While it worked for a while, as our brokerage grew, it became cumbersome and time-consuming.”
The reliance on manual entry and spreadsheets also posed challenges in accurately tracking agent commissions and ensuring timely payments. Melaney shares, “We were using Google Sheets to keep track of commissions, caps, and agent details. It was functional, but we knew there had to be a better solution that could save us time and provide a more streamlined process.”
The Search for a Streamlined Solution
As the Director of Operations, Melaney took it upon herself to find a solution that could scale with their growing brokerage and provide the efficiency they desired. She embarked on a search for real estate commission software that could integrate with their existing systems and automate their processes. “I began my search by googling real estate accounting solutions. That’s when I stumbled upon Dotloop and its integration partners. One of the options that caught my attention was Loft,” she explains.
Upon discovering Loft, Melaney was drawn to its modern interface and its ability to seamlessly integrate with Dotloop and QuickBooks. The combination of these factors made Loft the ideal choice for Regal Realtors. Melaney recalls, “Loft’s ability to talk to both Dotloop and QuickBooks made it the most sensible and efficient solution for us. Additionally, the personal attention and support we received during the initial meeting solidified our decision to choose Loft.”
The Benefits of Real Estate Commission Software
The implementation of real estate commission software brought about a multitude of benefits for Regal Realtors. One of the most significant improvements was the streamlining of their back-office operations, allowing Melaney to allocate her time more effectively. She shares, “With Loft, the transfer of data from Dotloop to QuickBooks became seamless. I spent significantly less time on manual data entry, which freed me up to manage other departments and provide valuable support to our agents.”
In addition to time-saving benefits, real estate commission software provided Regal Realtors with a reliable and accurate system for tracking commissions and ensuring timely payments. Melaney emphasizes the importance of this aspect, saying, “Being able to turn around and get our agents paid promptly is crucial. Loft has made it effortless to record and process commissions, ensuring our agents receive the compensation they deserve.”
Exponential Growth and Continued Success
Since implementing real estate commission software, Regal Realtors has experienced remarkable growth. Starting with around 40 agents in 2014, they have now expanded to over 200 agents. Melaney reflects on their growth and the role Loft has played in it, saying, “Loft has been instrumental in supporting our continued growth. Even as we surpass the 200-agent mark, Loft remains a great solution for us, providing the seamless experience we need to drive further success.”
Melaney attributes the ease of scalability and the ongoing support from the Loft team as key factors in their continued success. “Loft’s integration capabilities and their dedicated support team have been invaluable to us. Whenever we encounter challenges or have questions, they are always there to assist and guide us. It gives us the confidence to recommend Loft to others,” she states.
Conclusion
Regal Realtors’ journey from paper to pixels highlights the transformative power of real estate commission software like Loft47. By adopting Loft as their solution, they were able to streamline their back-office operations, save time on manual entry, and provide their agents with accurate and timely commission payments. The exponential growth they achieved is a testament to the effectiveness of real estate commission software in driving success within the industry.
If you’re a real estate brokerage seeking to digitize your back office and optimize your operations, consider the benefits of real estate commission software. With the right solution, you can experience the same level of efficiency, accuracy, and growth that Regal Realtors has achieved. Take the leap into the digital era and propel your brokerage to new heights with real estate commission software.
Regal Realtors’ experience with Loft showcases the importance of finding a real estate commission software that seamlessly integrates with existing systems, provides a modern interface, and offers reliable support. By prioritizing these factors, Regal Realtors was able to revolutionize their back-office operations and achieve substantial growth.
Watch the full interview here.