BrokerSumo - Detailed Review
Real Estate Tools
BrokerSumo - Product Overview
Introduction to BrokerSumo
BrokerSumo is a web-based real estate office management software that focuses on streamlining the financial and administrative aspects of running a real estate brokerage or agent team.Primary Function
The primary function of BrokerSumo is to manage commission calculations, agent onboarding, transaction payments, and internal and external reporting. It automates the final steps of a transaction, including calculating agent commissions, creating commission disbursements, paying agents and third parties, and reconciling income and expenses for accounting purposes.Target Audience
BrokerSumo is ideal for mid-size and large real estate offices, as well as smaller teams that operate like mini-brokerages. It is particularly useful for brokerages and agent teams looking to streamline their operations and manage their financial data efficiently.Key Features
Commission Management
Automatically calculates agent commissions and creates commission disbursements to send to the title company. It also handles the payment of agents and third parties.
Agent Onboarding
Offers an electronic onboarding process for new agents, allowing them to upload documents, connect credit cards or bank accounts, and enter personal and professional data.
Financial Management
Provides detailed financial management tools, including tracking all income and expenses related to transactions and reconciling accounting data. It integrates with accounting platforms like QuickBooks.
Agent Management
Allows for the management of agents’ personnel records and critical documents such as real estate licenses, insurance cards, and driver’s licenses. It also enables billing agents directly via credit card processing.
Reporting Tools
Offers a range of reports, including Agent Value, Lead Conversion Report, and Commission Detail Report, which provide comprehensive insights into the financial status and performance of the brokerage.
Electronic Payments
Facilitates free electronic payments to agents and vendors via ACH Transfer/electronic transfer, with payments deposited into bank accounts within 1-2 days.
Integration
Integrates with transaction management systems like dotloop and SkySlope, ensuring a seamless workflow from contract to close.
BrokerSumo is designed to be user-friendly and affordable, making it an essential tool for real estate professionals looking to manage their business operations efficiently. BrokerSumo - User Interface and Experience
User Interface Overview
The user interface of BrokerSumo is crafted to be intuitive and user-friendly, making it an effective tool for real estate brokerages and agents.Ease of Use
BrokerSumo is described as “simple to use and to navigate.” The platform avoids the need for manual data re-entry, which minimizes errors and streamlines administrative tasks. Features like electronic agent onboarding, automated commission calculations, and integrated billing and invoicing processes are all designed to be easy to manage, even for those who are not tech-savvy.User Experience
The overall user experience is enhanced by the clear and straightforward interfaces. Users can easily scan pertinent numbers and graphs through the robust reporting tools, which provide a comprehensive look into the financial status of the operation. The software also includes pre-populated or custom task lists, title and escrow needs, and calculates final fees, all of which contribute to a smooth and efficient workflow.Key Interface Elements
Agent Onboarding
The electronic onboarding process for new agents is sleek and easy, allowing them to upload documents, connect credit cards or bank accounts, and enter personal and professional data seamlessly.Commission Management
BrokerSumo automatically calculates commission splits and applies them to every payout, eliminating the need for manual intervention.Reporting Tools
The platform offers a variety of reports, such as the Commission Detail Report, Agent Value Report, and Lead Conversion Report, which provide valuable insights into agent performance and office finances.Integration
BrokerSumo integrates with other popular tools like dotloop, SkySlope, and QuickBooks, ensuring that transaction data syncs seamlessly and reduces the burden on back-office personnel.User Feedback
Users appreciate the simplicity and effectiveness of BrokerSumo. For example, one user noted that “BrokerSumo makes it so easy to get a snapshot of how people are performing every day.” Another user highlighted that the software is “for proper management ability with a huge number of customers in one place.” Overall, BrokerSumo’s user interface is designed to be intuitive, efficient, and easy to use, making it a valuable tool for managing real estate brokerage operations. BrokerSumo - Key Features and Functionality
BrokerSumo Overview
BrokerSumo is a comprehensive software solution specifically crafted to streamline and manage the operational aspects of real estate brokerages. Here are the main features and how they function, along with their benefits:Commission Management
BrokerSumo allows for the automated calculation of commission splits, creation of commission disbursements, and payment of agents’ commissions electronically. This feature eliminates manual errors and ensures accurate and timely commission payments.Agent Onboarding and Management
The platform provides an agent management system where brokers can manage their agents’ information, track their performance, and handle onboarding processes efficiently. This includes managing agent rosters and ensuring all necessary documentation is in place.Transaction Management
BrokerSumo integrates with transaction management platforms like SkySlope, allowing users to pull transactions seamlessly into the system. This integration eliminates double data entry, reduces errors, and streamlines the contract-to-close process. It also automates tasks such as form-filling and tracking deadlines.Agent Billing and Invoicing
The software automates agent billing and invoicing, ensuring that monthly fees are accurately billed and payments are tracked. This feature helps in maintaining financial discipline and reducing administrative workload.Reporting and Analytics
BrokerSumo offers extensive reporting capabilities, including financial reporting, agent performance reports, and office performance reports. These reports provide valuable insights into the brokerage’s financial health and agent productivity.Document Management
The platform includes a document management system where all relevant documents can be stored, accessed, and managed. This ensures that all necessary documents are organized and easily retrievable.Task Management
BrokerSumo features a task management system that helps in organizing and assigning tasks to agents and staff. This ensures that all tasks are tracked and completed on time, enhancing overall efficiency.Agent Portal
The agent portal allows agents to access their information, view their commissions, and manage their tasks independently. This portal enhances transparency and reduces the need for constant communication with the back office.Lead Management
While not explicitly AI-driven, BrokerSumo’s lead management feature helps in tracking and managing leads effectively. However, for AI-driven lead management, integrations with other platforms like kvCORE or Ylopo might be necessary to leverage AI for lead generation and nurturing.Integration with MLS and Other Systems
BrokerSumo integrates with Multiple Listing Services (MLS) and other transaction systems like Dotloop, as well as accounting packages such as QuickBooks. These integrations ensure seamless data flow and reduce the need for manual data entry.Customizable Templates and Email Marketing
The platform offers customizable templates for various documents and email marketing tools. These features help in personalizing communications and marketing efforts, which can be particularly useful for client engagement.Expense Tracking and Automated Workflows
BrokerSumo allows for expense tracking, which helps in managing the financial aspects of the brokerage. Automated workflows further streamline processes by reducing manual intervention in repetitive tasks.Mobile Access and Calendar Integration
The software provides mobile access, enabling users to manage their tasks and access information on the go. It also integrates with calendars to ensure that all appointments and deadlines are tracked efficiently.AI Integration
While BrokerSumo itself is not primarily an AI-driven tool, its integration with other platforms can leverage AI capabilities. For example, integrating with kvCORE (now part of the same product family as BrokerSumo) can bring AI-powered lead generation, automated marketing, and predictive analytics into the workflow. These integrations can enhance the overall efficiency and accuracy of the brokerage operations by leveraging machine learning to identify high-quality leads, automate lead nurturing, and provide data-backed insights.Conclusion
In summary, BrokerSumo is a powerful tool for managing the back-office operations of real estate brokerages, offering a range of features that enhance efficiency, accuracy, and financial management. While it may not be an AI-driven tool on its own, its integrations with other AI-powered platforms can significantly enhance its capabilities. BrokerSumo - Performance and Accuracy
Evaluating BrokerSumo in Real Estate Tools
Evaluating the performance and accuracy of BrokerSumo in the context of real estate tools, particularly those with AI-driven elements, reveals several key strengths and some areas where it might not fully align with AI-driven expectations.
Performance
BrokerSumo is highly regarded for its simplicity and effectiveness in managing back-office tasks for real estate brokerages and agent teams. Here are some performance highlights:
Commission Management
BrokerSumo excels in creating custom commission plans, automatically calculating commission splits, and managing disbursements. It tracks all credits and debits, and even charges agents’ credit cards for monthly fees directly from the system.
Integration
The platform seamlessly integrates with various real estate tools like dotloop, SkySlope, and accounting software such as QuickBooks. This integration helps in syncing transaction data, reducing manual errors, and streamlining financial reporting.
Agent Performance Tracking
BrokerSumo allows brokers to monitor agent productivity daily, track sales performance, and analyze the effectiveness of agents. It also stores critical documents like real estate licenses and insurance cards.
Efficiency and Cost Savings
By automating many administrative tasks, BrokerSumo saves users significant time and money, making it an attractive solution for independent brokerages and agent teams.
Accuracy
The accuracy of BrokerSumo is largely dependent on its ability to automate and integrate various data points correctly:
Automated Calculations
The platform automatically calculates commission splits and tracks financial transactions accurately, reducing the likelihood of human error.
Data Syncing
The integration with other systems ensures that data is consistent and up-to-date, which is crucial for accurate reporting and analysis.
Financial Reporting
BrokerSumo provides accurate financial reports, including agent and office performance, which helps in making informed decisions.
Limitations and Areas for Improvement
While BrokerSumo is strong in its core functionalities, there are a few areas where it may not fully meet the expectations of an AI-driven product:
AI Integration
Unlike some other real estate tools that leverage AI for lead qualification and automation, BrokerSumo does not explicitly incorporate AI technologies. It focuses more on back-office management and commission tracking rather than AI-driven lead qualification or predictive analytics.
Technical Support
While BrokerSumo is praised for its simplicity and ease of use, there is no detailed information on whether it offers advanced technical support or AI-powered chatbots for troubleshooting, which could be beneficial for agents facing technical issues.
Advanced Analytics
Although BrokerSumo integrates with Zoho Reports for advanced analytics, it may not offer the same level of real-time scoring, lead analysis, or predictive analytics that some AI tools provide.
Conclusion
In summary, BrokerSumo performs exceptionally well in managing back-office tasks, commission tracking, and integrating with other real estate tools. However, it may not be as advanced in terms of AI-driven features like lead qualification, predictive analytics, or AI-powered technical support. For brokerages looking for a solid back-office solution with excellent integration capabilities, BrokerSumo is a strong choice, but those seeking more AI-centric functionalities might need to consider additional tools.
BrokerSumo - Pricing and Plans
Pricing Structure
The pricing structure of BrokerSumo, a cloud-based back office and commission management software for real estate professionals, is relatively straightforward and focused on a single main plan with some additional considerations.
Pricing Plan
BrokerSumo offers a subscription-based pricing model, with the following details:
- Starting Price: $99.00 per month.
Features
The plan includes a comprehensive set of features, such as:
- Commission Management: Automatic calculation of agent commissions, including split commissions, referral fees, and bonuses.
- Transaction Management: Tools to manage transactions, including document management, task tracking, and automated workflows.
- Agent Management: Onboarding, offboarding, and performance tracking of agents, as well as storage of critical documents like real estate licenses and insurance cards.
- Financial Reporting: Detailed financial reports, including profit and loss statements, balance sheets, and cash flow statements.
- Electronic Payments: Free ACH transfers for paying agents and vendors.
- Billing and Invoicing: Ability to bill agents directly for monthly fees using credit card processing.
- Integrations: Integration with multiple third-party platforms such as QuickBooks, Dropbox, DotLoop, SkySlope, EZ Coordinator, Zoho Reports, DocuSign, and Google Drive.
Free Trial
BrokerSumo does offer a free trial, allowing potential users to test the software before committing to a subscription.
No Free Plan
There is no free version of BrokerSumo available; the service is strictly subscription-based.
Summary
In summary, BrokerSumo’s pricing is straightforward with a single plan that includes a wide range of features essential for real estate brokers and agent teams, along with a free trial option to test the software.
BrokerSumo - Integration and Compatibility
BrokerSumo Overview
BrokerSumo, a comprehensive tool for real estate brokerages and agent teams, integrates seamlessly with a variety of other tools and platforms, ensuring smooth and efficient management of back-office tasks.
Integration with Accounting Software
BrokerSumo integrates directly with popular accounting software such as QuickBooks Desktop and QuickBooks Online, as well as Xero. This integration allows for automatic syncing of financial data, making tasks like reconciling income and expenses and managing tax time much easier. For instance, all your financial and agent data can be synced to QuickBooks, streamlining the process of generating end-of-year 1099s for agents and vendors.
Transaction Management and Document Storage
BrokerSumo can integrate with transaction management systems like Dotloop, allowing you to manage transactions from contract to close efficiently. It also supports integrations with document storage services such as Dropbox and Google Drive, making it easy to store and manage critical documents like real estate licenses, insurance cards, and other agent documents.
Reporting and Analytics
For advanced reporting needs, BrokerSumo integrates with Zoho Reports. This integration enables the creation of custom reports and dashboards, providing detailed insights into agent performance, transactions, and other key metrics.
Electronic Signatures and Payments
BrokerSumo also supports integration with Docusign Rooms for electronic signatures, which can simplify the process of obtaining necessary signatures on documents. Additionally, it offers free ACH Transfer/electronic transfer features, allowing you to pay agents and vendors electronically without any hidden fees.
Compatibility Across Platforms
BrokerSumo is a cloud-based solution, making it accessible from any device with an internet connection. This cloud-based nature ensures that you can manage your brokerage’s back office from anywhere, whether you are using a desktop, laptop, or mobile device. The system is designed to be user-friendly for real estate professionals, rather than requiring advanced accounting knowledge.
Conclusion
In summary, BrokerSumo’s integrations with various tools and platforms enhance its functionality and make it a versatile solution for managing commissions, accounting, and back-office tasks in real estate brokerages and agent teams.
BrokerSumo - Customer Support and Resources
Customer Support
For immediate assistance, users can utilize the live chat feature available directly within their BrokerSumo account. This service is available Monday through Friday from 7am to 5pm PST, allowing users to start a new conversation with the support team by clicking the blue chat button.
If you prefer phone or email support, you can contact the iTransact customer support team, as they are integrated with BrokerSumo. The iTransact phone number is (800) 369-6451, and you can also email them at support@itransact.com.
Additional Resources
BrokerSumo provides various resources to help users get the most out of the software:
Live Demos
Users can sign up for live demos to get a comprehensive overview of the software’s features and how to use them effectively. This can be scheduled through the BrokerSumo website.
Forgot Password
If agents need to reset their passwords, they can visit the forgot password page on the BrokerSumo website and enter their email to receive a password reset link.
Integration Guides
For users integrating BrokerSumo with other tools like Dotloop, there are specific articles and guides available that detail the integration process and required information.
Knowledge Base
BrokerSumo has a knowledge base that includes articles on various topics such as document loading issues, agent account questions, and integration with other tools. This resource helps users troubleshoot common problems and understand how to use different features of the software.
Reporting and Analytics
The software offers a range of reports, including Agent Value, Lead Conversion Report, and Commission Detail Report, which provide comprehensive insights into the financial status and operations of the real estate office.
By leveraging these support options and resources, users of BrokerSumo can ensure they are using the software efficiently and effectively to manage their real estate operations.
BrokerSumo - Pros and Cons
Advantages of BrokerSumo
BrokerSumo offers several significant advantages for real estate brokerages, making it a valuable tool for managing various aspects of the business.
Comprehensive Feature Set
BrokerSumo includes a wide range of features such as commission management, agent onboarding, transaction management, agent billing, reporting and analytics, document management, and task management. These features help streamline operations and enhance efficiency.
Automated Commission Calculations
The software automatically calculates agent commissions, creating commission disbursements and tracking credits and debits. This automation ensures accuracy and timeliness in agent payouts.
Easy Agent Onboarding
BrokerSumo provides an electronic onboarding process for new agents, allowing them to upload documents, connect credit cards or bank accounts, and enter personal and professional data seamlessly.
Financial Management
It offers detailed financial management tools, including the ability to split commissions, send invoices, collect fees, and connect credit cards. The software also integrates with QuickBooks, making financial reporting and accounting easier.
Integration with Other Tools
BrokerSumo integrates with transaction management systems like dotloop and SkySlope, as well as accounting packages like QuickBooks. This integration enhances its functionality and makes it easier for brokerages to adopt the software.
User-Friendly Interface
The software has a clean, modern user interface that agents find easy to adopt. The interfaces are clear, making it easy to scan pertinent numbers and graphs.
Mobile Access and Calendar Integration
BrokerSumo offers mobile access and calendar integration, allowing users to manage their tasks and schedules on the go.
Cost-Effective
Compared to other solutions, BrokerSumo is cost-effective, offering significant functionality at a lower cost. This has been a key factor in its rapid adoption by hundreds of brokers and thousands of agents.
Disadvantages of BrokerSumo
While BrokerSumo is a powerful tool, there are some areas where it falls short.
Customer Support Issues
Some users have reported issues with customer support, which can cause hesitation for customers. Improvements in this area are needed to enhance user satisfaction.
Limited Integration Options
Users have noted that there are not enough integration options available, which can be a limitation for some brokerages. Additional integration options would be beneficial.
Commission Calculation Improvements
Although the software calculates commissions automatically, some users have found the method not to be perfect and have requested more updated versions to improve accuracy.
Young Software
BrokerSumo is a relatively young software, having formally launched in October 2016. While it has shown strong potential, its youth might raise concerns about long-term stability and support.
In summary, BrokerSumo is a versatile and efficient solution for real estate brokerages, offering a wide range of features that streamline operations. However, it does have some areas for improvement, particularly in customer support and the need for more integration options.
BrokerSumo - Comparison with Competitors
BrokerSumo Overview
BrokerSumo is a simple back office, commission management, and accounting system for real estate professionals. It allows users to manage agents, handle commissions, and perform accounting tasks. However, it may lack some of the advanced AI-driven features and comprehensive tools offered by its competitors.Unique Features of Competitors
Lofty (formerly Chime)
Lofty combines ease of use with AI technology to help users create effective marketing campaigns and respond to potential customers 24/7. It is particularly geared towards team-style brokerages and includes features like AI-powered lead scoring and qualification, automated follow-up sequences, and predictive analytics for client behavior. Lofty is priced between $599 to $1,750 per month, depending on the plan.Propertybase
Propertybase offers a comprehensive suite of tools including CRM, back office management, and lead generation. It integrates IDX websites and provides a seamless experience from search to sale. Propertybase is particularly strong in automating tedious tasks and is used by real estate companies in over 60 countries. The pricing starts at $79 per month.EPIC Agent CRM
EPIC Agent CRM is a comprehensive software solution that includes advanced property search capabilities, intelligent client-property matching, and a state-of-the-art integrated CRM module. It is suitable for individual brokers to multi-branch franchising agencies and integrates with numerous property portals. This platform is more focused on the entire customer journey and property management.BoldTrail
BoldTrail is a highly rated platform that powers brokerages with modern consumer search experiences and intelligent behavior tracking. It offers hyper-local area and home valuation pages, rich lifestyle information, and robust lead generation tools. BoldTrail also includes automated social media posts, integrated Google and Facebook ads, and custom text codes to diversify lead sources.Prospects CRM
Prospects CRM is a more affordable option, priced at $29.92 per month. It allows users to store and manage client information, create lists of clients, and organize contacts using keywords. The platform acts as a virtual assistant, reminding users of important dates, follow-ups, and upcoming appointments. It is compatible with CSS and ShowingTime.AI-Driven Features
Saleswise
Saleswise is an AI-powered tool that helps streamline tasks like creating CMAs, writing emails, and visualizing room transformations. It includes AI-driven CMAs, email generation, virtual room remodels, and social media content designed to boost engagement. Saleswise is priced at $39 per month after a 7-day free trial.Deal Machine’s Alma
Deal Machine’s Alma is an AI-powered real estate investment tool that helps agents and investors identify potential off-market properties and analyze investment opportunities. It includes AI-driven property identification, automated outreach to property owners, and deal analysis with ROI calculations. Pricing starts at $99 per month for individual users.Conclusion
While BrokerSumo is a solid choice for back office and commission management, it may not offer the same level of AI-driven features and comprehensive tools as some of its competitors. Depending on your specific needs, alternatives like Lofty, Propertybase, EPIC Agent CRM, BoldTrail, and Prospects CRM could provide more advanced functionalities and better suit your real estate business requirements. If AI-driven tools are a priority, Saleswise and Deal Machine’s Alma are also worth considering. BrokerSumo - Frequently Asked Questions
Frequently Asked Questions about BrokerSumo
What is BrokerSumo and what does it do?
BrokerSumo is a cloud-based software solution designed to streamline real estate brokerage operations. It offers a range of features including commission tracking, agent management, financial reporting, and transaction management, all aimed at enhancing efficiency and accuracy in real estate offices.What are the key features of BrokerSumo?
BrokerSumo includes several key features such as commission management, agent onboarding, transaction management, agent billing, reporting and analytics, document management, task management, agent portal, team management, lead management, integration with MLS, customizable templates, email marketing, expense tracking, automated workflows, mobile access, calendar integration, client management, and pipeline management.How does BrokerSumo handle commission calculations and payments?
BrokerSumo automatically calculates agents’ commissions based on various commission plans, including sliding scales, cap plans, and flat fees. It also facilitates payments via ACH transfers, making it convenient for brokers to manage and distribute commissions accurately.What integrations does BrokerSumo offer?
BrokerSumo integrates with multiple third-party platforms such as QuickBooks, Dropbox, DotLoop, SkySlope, EZ Coordinator, Zoho Reports, DocuSign, and Google Drive. These integrations help streamline data storage and transaction reporting within a centralized system.How does BrokerSumo support agent onboarding?
BrokerSumo offers an electronic agent onboarding process that allows new recruits to upload documents, connect credit cards or bank accounts, and enter personal and professional data. This process is sleek and efficient, making it easy for brokers to manage new agent registrations.What kind of customer support does BrokerSumo provide?
BrokerSumo provides various support options including phone support, a knowledge base, FAQs/forum, and live chat support available Monday through Friday from 7am to 5pm PST. Users can also schedule live demos for further assistance.How does BrokerSumo manage inactive agents?
BrokerSumo allows you to change the status of an agent to “Inactive” if they leave your team. This removes them from the number of users you are being charged for while retaining their transaction history. If synced with kvCORE, deleting the agent from BrokerSumo will also inactivate their account in kvCORE.What is the pricing for BrokerSumo?
BrokerSumo’s pricing starts at $99 per month, with a subscription model and a free trial available. The exact pricing details can be obtained by connecting with SoftwareSuggest experts or checking the official website.Who are the typical users of BrokerSumo?
BrokerSumo serves a wide range of businesses, including startups, small and medium-sized businesses (SMBs), mid-market, and enterprises. It is particularly ideal for mid-size and large real estate offices and shops with multiple teams.Does BrokerSumo offer any reporting and analytics tools?
Yes, BrokerSumo provides comprehensive reporting and analytics tools. These include reports such as Agent Value, Lead Conversion Report, and Commission Detail Report, which offer a detailed look into the financial status and performance metrics of the real estate operation.