Solve your brokerage’s biggest deal management challenges


Solve your brokerage’s biggest deal management challenges

“You need a strong internal process to ensure that you're delivering quality to your clients across every deal.”

Good deal management can make or break your brokerage.

You’re managing a handful of deals at a time—each of which are in a different phase. You need to be able to track which phase your deals are in, what has been completed on a listing, and what tasks still need to be done. 

This is deal management—and it’s easier said than done. Without a system that allows you to flow through every phase of your work you are likely adding layers of complexity or time to everything you manage.

Here are brokerages’ most common deal management challenges

  • Don't have insight into active listings and assignments
  • Difficult to manage the multiple tasks across listings
  • Can't easily communicate listing progress to clients
  • Can't see individual broker pipeline and commissions
  • Can't see impact of deals and listings on revenue

Let’s take a closer look at each of these challenges and what your brokerage can do to overcome them.

Challenge 1: Don't have insight into active listings and assignments

You often have several deals moving at a time—all of different sizes and stages in your deal flow. You need a view of everything happening in one place. This will help you keep tabs on all of your moving parts, without having to invest a ton of time.

Why it’s a challenge 

Without a view of all of your deals, you have limited visibility into where things are with each listing or assignment. 

If you’re marketing a listing, how long has it been on the market? How many properties have moved to closed? 

And if you're representing a buyer or tenant, have you scheduled all the tours? Did you send a space needs email to your network? 

It often takes regular team meetings or company-wide emails to keep everyone up to speed on where deals are. And preparing these updates can be cumbersome when you’re managing multiple deals at one time.

Some brokerages use Excel spreadsheets to oversee listings, but if it’s not updated regularly, or a deal is with different members of the team, there will be a disconnect. This creates lag in your access to the real-time data that you need. 

And if your system isn’t built for CRE, you may spend more time just making it work for you.

What you can do

Invest in a system that helps you efficiently manage your deal workflow. 

You can use a tool like Google Sheets to track your deals—it updates in live-time so anyone with access to the document can see where each deal is.

Alternatively, you can manage your listings in commonly used project management platforms like Basecamp, Asana, or Trello. 

But these aren’t built for CRE. 

Deal management in Buildout was built for CRE and focuses all your work around your deals. With all your properties centralized into one tool, you have a pipeline view of where each deal is at every stage.

This view gives you a breakdown of how many proposals are out, how many deals are under contract, how many are being marketed, and more.

You need this to stay on top of what’s happening at your brokerage, without having to be constantly checking in with the team or waiting for deals to close for an accurate update. 

With Deal Management, you also have access to a high-level view of all of the tasks being managed at every stage of the deal. You need to know who is working on what, and what progress has been made on your deals so you can better communicate with your clients.

Deal Management shows you at-a-glance the answers to questions like, have brochures been created? Has a press release been submitted yet? Has the closing been scheduled? This makes it easier to get the big picture understanding of your brokerage deals and stay in the know about progress.

Challenge 2: Difficult to manage the multiple tasks across listings

You need a strong internal process to ensure that you're delivering quality to your clients across every deal. And with multiple tasks across the various stages of each deal—it’s easy to miss a step.

Why it’s a challenge 

At any given time, you’re managing a handful of deals—and each one has a long list of tasks that need to happen for things to run smoothly. 

With different moving parts at each stage of your deal flow, it’s often difficult to track down exactly what has already happened on a listing, and to plan what needs to happen next.

You need a process that helps you ensure steps are not being skipped, so you can flow through your work seamlessly.

What you can do

Create a standard template of tasks for each stage of your listing process. This way, you can rest assured that no steps are being skipped.

You can use a shared project management system for the team to co-own this process. But, for this to be successful, everyone on your team must be accountable for filling in their work progress on each listing—in real-time. Only then will you have a more accurate view about where things are at.

Our Deal Management tool automates your entire listing task management process. The Checklist feature automatically creates an internal list of tasks that need to be completed with each listing. And you can tailor the tasks you need based on your process.

For example, you may need to get the following done to formally get the property listing on market

  • Get the exclusive agreement signed
  • Create brochures and flyers
  • Schedule drone photos
  • Post to listing sites
  • Secure floor plan from seller
  • Send out first email promotion
  • Submit press release to local news publications 

With Deal Management, your customized list of tasks is automatically created to ensure you don’t miss any steps in your process.

Tasks can be filtered and sorted within projects—or managed in a single dashboard combining your to-dos across all your work.

To make it even easier to get these tasks done, all of the property information from your CRM + Database in Buildout is automatically integrated into Deal Management.

This means whether you or someone on your team is working on a task, contacts associated with the property, specifics like square footage, or any other information necessary to execute will be in one centralized place that’s easy to access. 

Challenge 3: Can't easily communicate listing progress to clients

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When you’re managing a client’s listing, they expect regular reports on the progress of their listing. 

And without a quick view of all of your progress, it’s difficult to share real-time updates with your clients about your work.

Why it’s a challenge 

To ensure you're building strong relationships with your clients, you need to be sharing regular reports on the progress of their listing. 

They want to know the key metrics, like email performance, the traffic to the listing website, how many OMs have been downloaded, the total number of leads this week, how many listing sites their property is on, and more.

And likely, all of this data is in different places. You’ll need to go through multiple tools to populate your client reports. 

This poses a few challenges. 

First, you’re slowing down your ability to report to your clients. A tedious process of pulling data to fill your client reports will limit your ability to report regularly. 

Second, you may be providing inconsistent data in your client reports. By pulling data from different places, you’re priming yourself for an error. And without access to real-time data, you may even be sharing out of date information.

Lastly, on top of all of this, you’re managing a handful of listings at one time. You need to be able to easily share your listing progress with your clients without it taking hours from your day.

What you can do

Put all of your data in a centralized location so it’s easy to share updates with your clients about the progress of their listing. 

You can use a shared Google Doc as your central hub for data on your listings. This way, different members of your team can access the document and make data additions for the part of the deal they are owning. You can manually populate the data by logging into your different tools, like email marketing or Google Analytics, and adding the data your clients expect to see.

Make sure to add a step into your process for pulling these metrics and reports weekly so you always have the freshest data on hand.

After your data is compiled, you can export the document to a PDF and share it with your client. It’s manual and a bit more tedious, but it will allow you to share data seamlessly with your team, and easily export to share with the client.

With our Deal Management tool, your real-time data is automatically compiled through our Client Reports feature because Deal Management is directly integrated with Buildout Marketing.

Client Reports come with pre-formatted tiles that automatically pull popular metrics, but you can also create custom cards to show anything needed for your property.

Our Client Reports allow you to deliver a comprehensive, branded report at a moment's notice about all your work on a client’s listing. 

For example, Client Reports pull in data like, how many emails did you send marketing the listing? What was the average email open and click rate? How many OM downloads have you had? How many visits to the property website have you had? 

The data cards are customizable based on your clients needs, and the reports live on a live link so it’s easy to share and constantly updating based on your work.

Challenge 4: Can't see individual broker pipeline and commissions

Many brokers operate with limited insight into their pipeline. But, you need to be able to see a real-time view of your potential deals to make critical decisions about your work. 

Why it’s a challenge 

Do you need to fill the pipeline with new deals to meet your commission goals? Or should you pause on prospecting to get your active listings over their final hurdles?

Without visibility into your own pipeline, you’re unable to answer questions like these and accurately forecast your commissions.

And if you can’t forecast your commissions, you might focus your time in the wrong place and come up short at the end of the year on your income goals. 

What you can do

Track your deals so you can see how much each deal transaction is worth, what your potential commission could be, and the probability of the deal closing. 

You can use any sort of spreadsheet to manage this data, or you can use a tool like Trello. You can build a pipeline board and create columns to represent each stage in your deal. Then, each card you create can be your potential deals and you move the cards along as the deal progresses.

Because this is a manual process, and it doesn’t automatically integrate with your listing database, it will require quite a bit of work to keep it up to date.

With Buildout, all of your systems, from CRM + Database to Back Office, are integrated. This means you have access to the view of your pipeline and forecasted commissions that you need, automatically.

You will no longer have to manual update or calculate your commissions—it will be done based on actual data, and accurately project your potential earnings for you. And as your deals close, the data will update in real-time based on the final numbers you entered in your deal flow. 

Challenge 5: Can’t see impact of deals and listings on revenue

Brokerages need a high-level view of the entire firm's pipeline to report on the most important business metrics. These metrics inform critical decisions as they relate to growth, income, hiring, and more.

Why it’s a challenge 

You need visibility into how your pipeline can impact the overall brokerage revenue. 

Without a view of your total potential income from all the deals at your brokerage, you can’t accurately forecast brokerage financials. 

And it’s not only about what’s happening now—you also need to see what’s ahead to understand growth potential and projections. 

What you can do

You need a system that informs you about every deal your brokerage does.

You can require your brokers to send you regular reports on each deal they are working on with information like, what stage the potential deal is in and what the likelihood of it closing is. Then, you can combine this data into a spreadsheet and use it to forecast potential incomes and revenues. 

Because this process is manual and brokers need to weigh in on each of their deals, it will take a while to pull all of the information together. And, because you’re not using integrated tools, your data will not always be up to date.

Our Deal Management tool is entirely integrated with your database and back-office function. With its pipeline feature, you can instantly see an overview of how your potential, current, and closed transactions inform your overall brokerage revenue.

This fluid system gives you the most accurate picture—and the picture you truly need—of your brokerage financials throughout the year.

Do you have any of these deal and listing management challenges?

You’re not alone. We build technology that helps brokerages around the country overcome these challenges. If your brokerage could benefit from an integrated tool like Buildout, reach out to our team

We can help you better manage your deals and listings to maximize efficiencies and profits.