October 30 2017
Last week, we took a look at the first of two back office solutions for brokerages. Today, we're highlighting brokerWOLF, a back office and accounting solution from our 2017-18 Technology Guide.
brokerWOLF is an back office and accounting solution from Lone Wolf. The program is centerpiece of a suite of brokerage productivity tools that includes everything from transaction management, to an intranet, to website management. With brokerWOLF, brokers can manage listing inventory, transactions, commissions, agent billing, accounts payable and receivable, and more.
There's a trend today of back office tools integrating with third-party accounting solutions like Quickbooks. But because brokerWOLF itself was built specifically to handle a real estate brokerage's finances, brokers have access to helpful features that aren't available in general accounting programs, like:
The program is more than just accounting, however. The back office side of brokerWOLF can track all of your listings, all of your agents, their commission plans, tasks, and more.
With all of that data about your business residing in the program, brokerWOLF can turn out some powerful reports that give your deep insight into the health of your business. These include standard financial reports, like an Annual Income Statement, as well as Accounts Payable reports and Agent Expense statements
brokerWOLF also offers reports that let you calculate the value that individual agents bring to your firm. For example, you can see all of your agents ranked by commission earned, see which agents are cutting their commissions, and even see how much business your firm is doing with outside agents--a great recruiting tool!
While brokerWOLF can scale to any size brokerage, larger firms are likely to get the most out of it. It's a robust, but often complex product. Smaller firms may be better off going with a leaner (and less expensive) product.
One thing to keep in mind when evaluating brokerWOLF is whether your company already uses or plans to use other programs from Lone Wolf. If so, brokerWOLF will pair with the seamlessly and act as the main hub that the others plug into.
And, as of this month, Instanet Solutions is part of the Lone Wolf family, so if your brokerage uses Instanet products, or they're offered by your MLS, brokerWOLF should definitely be on your radar.