An effective incentive and compensation system is the heart of any sales-driven company or organization, and this is perhaps nowhere more evident than in the lucrative industry of property and real estate.
Brokers and real estate professionals talk in the language of mortgages, sales, commissions, price and other money-related metrics, so if you own or manage a real estate brokerage or sales firm, it is important never to underestimate the power of a well-designed mortgage broker compensation system in retaining your employees and growing your business.
Mortgage compensation broker management
By design, we not only mean coming up with a structure of competitive salaries and the right performance criteria with corresponding reward tiers. A well-designed mortgage broker compensation system means an efficiently functioning one, and many companies today make use of high-tech, automated systems such as software in streamlining their processes and increasing their profitability.
These systems are gaining in popularity because they address a lot of the problems that sales organizations need to contend with operationally. In the past, organizations relied on traditional methods that involve hard copy spreadsheets and complex computations.
Any incentive and compensation system today faces the challenges of improving timeliness, clarity, relevance, and power to engage employees toward agreed sales goals, targets, and quotas.
Automation and simplification
Using an incentive and compensation software automates your business processes, and it benefits not only you but your broker salesforce as well. Automation saves you time and money, mostly in preventing human error that is bound to occur when complicated computations and spreadsheets are used. Employees, on the other hand, appreciate the on-time delivery of compensation and other rewards such as commissions, bonuses, or incentives.
The mortgage broker organization is a very complicated one, involving many different roles and corresponding remunerations. From on-the-ground sales agents and loan officers to processors, underwriters, and managers, each would have different involvements in the compensation and benefits system. Each individual would also be involved in different transactions and commission schemes.
Automating these processes with the help of a software solution greatly increases convenience and optimizes timeliness across the entire organization, which leads to enhanced employee satisfaction and thus, better sales business.
Access and transparency
With traditional spreadsheet management, only one or key people have access to valuable information and data. This leads to bureaucracy in the organization, and slow response times to requests. Software solutions make best use of the advantages of Internet and mobile technologies. A dashboard format that can be accessed not only on the office computer but on one’s laptop or mobile phone can provide real-time access and information on compensation and rewards plans.
The entire organization can also view the same information, providing much-needed transparency and accountability toward each individual member of the team. Sales people are more motivated, for instance, when they understand more clearly the structures of rewards and bonuses. Sales operational expenses are also more closely monitored by management, for example, in order to increase cost efficiency of daily work.
Feedback and assessment
Most importantly, with the availability of real-time data and information, business owners and management can analyze employee behavior and performance in a more responsive manner. Compensation software makes metrics such as sales, quotas, and others available in a more comprehensive manner, and they can be better appreciated by juxtaposing them with one another.
Areas of reward and recognition, as well as areas of work performance at the same time, can be more easily gleaned and acted upon by managers. Overall, the organization is brought together more closely with the help of such modern software technology, and this ultimately leads to improved team spirit and camaraderie, which is very important in sales-oriented businesses such as mortgage and real estate.