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Last Updated on : 28 Nov, 2021
Brokerage software is a business application designed to automate and streamline brokerage-related needs of real estate businesses, stockbrokers, and insurance companies. It also helps in TDS calculation, transaction tracking, commission payment, agent management, and reporting.
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A brokerage management system enables users to accurately calculate brokerage and commissions for clients, sub-brokers, agents, or companies and maintain their ledger.
Brokerage management software gives real estate companies, insurance companies, and stockbroking firms a complete overview of brokerage-related operations. BMS usually includes features for trade order entry, data management, regulatory compliance, and business analytics. It helps companies minimize errors and reduce the time taken to calculate brokerage and commissions.
Brokerage Management System (BMS) streamlines all brokerage-related transactions to improve accuracy, efficiency, and legal compliances. It helps identify opportunities, risks, and miscalculations. It is often integrated with the accounting system for correct ledger preparation and due balance calculations.
Brokerage management software helps in simplifying the entire process of brokerage, commission calculation, and payment. Here are a few benefits of using a brokerage management system.
Anyone who pays or receives brokerage from multiple companies, agents, or clients should use the commission management system. Here are a few primary users of the broker's management system.
1. Real Estate Broker Software for Real Estate Brokers
The real estate industry is the most significant user of brokerage software. Every real estate company collaborates with hundreds of brokers, agents, and companies. With different brokerage rates for each collaborator, maintaining an updated database of each agent and their transaction becomes quite challenging.
Real estate brokerage management software helps real estate companies accurately calculate the brokerage of all the agents, brokers, and collaborators. It also helps housing companies maintain an accurate and up-to-date ledger of each broker.
BMS helps real estate business to conduct their transactions more efficiently by reducing human error and saving time. It helps the company to identify the most profitable areas and consistent brokers.
2. Insurance Broker Software for Insurance Brokers
Insurance companies are among the most significant users of brokerage management software. Insurance companies use brokerage software to calculate commissions on insurance and reinsurance, TDS deductible, and payable amount.
A brokerage management system helps insurance companies to maintain an up-to-date and accurate ledger of their agents to ensure that they are getting their fair share of brokerage. It also appropriately calculates the commission on reinsurance and upscale.
BMS calculates TDS deductible on the agent's commission and aggregate TDS payable at the end of every month. It helps insurance firms to retain the best agents and access profitability on different insurance plans.
3. Brokerage management software for Stock Broking Firm
Stockbroking firms use the brokerage management system to calculate brokerage receivable from their clients. BMS is highly beneficial to stockbroking firms as they are directly dependent on brokerage and commission for profitability.
Brokerage calculation software enables them to maintain detailed and accurate records of all their client's transactions and brokerage earned from each client. It also helps them maintain GST compliances on brokerage charges.
Stockbroking firms use brokerage software to identify their elite customers and retain them. It also provides self-service portals for clients, allowing them to view their brokerage charges.
Brokerage/Commission Calculation: Brokerage software calculates the exact and aggregate commission payable to the agent or broker based on the transaction amount and commission rate.
Author: Kalpana Arya
Q1 - What are the best management software for real estate brokerage?
Sahiwala Property Agency Management Software and Aarvi Real Estate Solution are considered the best real estate brokerage management software.
Q2 - What is the best stockbroker software?
Many stocks brokerage management software are available in the market that helps in brokerage calculation and client ledger maintenance. Among them, Evolve BMS and BrokerMint are widely regarded as the best stockbroker software.
Q3 - What are the best freight brokerage software?
Best freight brokerage software is a little difficult to pick as each of them has a different specialization. However, Evolve BMS, Freightview, and ITS Dispatch are the most popular freight brokerage software.
Q4 - What is the best stock market broker accounting software?
The brokerage management system for stockbroking firms should have features like third-party integration, accounting, client ledger posting, web access, etc. the most popular broker accounting software for the stock market are BrokerMint, Total Brokerage, and HyperStock.