Overview of Alternative for CoStar Brokerage App(CBA)
CoStar has recently announced their discontinuation of support for CoStar Brokerage Applications (shortly, CBA) till December 31, 2023.
Such news may come as a surprise to many real estate brokerages that have heavily depended on CBA. However, several alternatives are available if you are currently utilizing CBA and seeking a suitable substitute for your CoStar Brokerage Application.
Within the scope of this article, our attention will be directed toward AscendixRE CRM. This all-in-one solution extends beyond a traditional CRM — it encompasses a powerful deal-tracking tool equipped with commission-tracking functionalities, commission split calculations, and invoicing capabilities.
AscendixRE Features that Make Switch from CBA Seamless
As CBA was a multifaceted tool, some brokerages used it as a CRM, while others used it primarily for commission tracking.
Consequently, brokers may look for a solution with similar functionality. While there are a few options available that address brokers’ requirements for commission tracking and data housekeeping, only a select few provide the added benefits of strengthening client relationships, creating stacking plans, and seamlessly sharing them with specific contacts, all within a single platform. And AscendixRE CRM is a perfect fit for that.
To prove that AscendixRE has relevant features for a smooth transition, we have analyzed the key features and functionalities of CBA and evaluated their counterparts in AscendixRE CRM. These features are:
- Deal commissions tracking
- Broker commission split plans
- Deal pipeline management
- Listing management
- Stacking plans software
- Integration with Mailchimp.
Deal Commission Tracking and Calculation
Deal commissions functionality in AscendixRE CRM empowers users to track and manage commissions associated with real estate transactions and deals.
It encompasses essential information like the deal value, commission percentage, commission splits, expenses, and other relevant data.
This feature especially benefits brokerage firms and agents with commission-based revenue models.
Furthermore, AscendixRE CRM streamlines the process of broker commission calculations through automated mechanisms based on pre-established rules or customizable formulas.
This feature ensures precise and consistent commission calculations for each deal, eliminating the need for manual measures and reducing the likelihood of errors.
Due to the built-in reporting functionality within AscendixRE CRM, users can effortlessly generate comprehensive commission reports, providing valuable insights into commission performance.
Tracking of Commission Earned by Broker
One notable feature of AscendixRE is the ability to track commissions earned by brokers.
To illustrate, let’s consider a scenario where you have a $2,000,000 deal and need to calculate your earnings from this transaction. You had previously agreed with the property owner on a 3.5% commission, resulting in a $70,000 commission for your brokerage.
In this deal, multiple brokers are involved, and tracking the agreed-upon commission splits is crucial among them. Additionally, it is necessary to consider the “house” splits allocated to each broker to calculate their respective “take-home” earnings.
Furthermore, you must pay a referral fee to someone who referred this deal to you.
Managing these financial intricacies can be complex, particularly when ensuring equitable distribution among all parties involved.
As AscendixRE is explicitly tailored for commercial real estate, it includes built-in functionality for commission tracking so that brokers don’t need to jump between multiple systems to make calculations.
Once the data is entered, the system automatically calculates the commission fees, ensuring proper splits among the brokers, thus guaranteeing everyone receives their money share.
As a result, with AscendixRE advanced broker commission split plans, you can accurately track four key elements:
- The commission for the referring broker.
- The commission split among internal brokers.
- The split between these internal brokers and the brokerage itself (i.e., the “house” split).
- The overall commission earned by the brokerage.
Broker Split Plans / Commission Plans
Let’s suppose you’re a broker operating within a larger real estate services agency that has implemented a commission plan designed to increase your commission percentage once your transactions exceed a million USD.
Here’s an illustration of how it could function:
Commission Plan:
- For the first $1 million in sales, the broker receives a 3% commission rate.
- For sales beyond $1 million, the commission rate increases to 4%.
To demonstrate, let’s assume the broker has achieved $1.5 million in sales. We can calculate the commissions using the commission plan as follows:
For the first $1 million:
Commission = $1 million * 3% = $30,000
For the remaining $500,000 (above $1 million):
Commission = $500,000 * 4% = $20,000
Total Commission = $30,000 + $20,000 = $50,000
Hence, when a broker surpasses $1 million in sales, the commission rate for subsequent million-dollar transactions increases from 3% to 4%, resulting in a higher commission amount.
While this functionality may not be essential for all brokerages, it proves particularly valuable for larger organizations dealing with significant transaction volumes.
That’s why we have incorporated this capability into our comprehensive Commission Split Plans & Invoicing Bundle, specifically tailored to meet the specific needs of such organizations.
Deal Pipeline Management
Deal pipeline functionality within AscendixRE CRM assists CRE professionals in managing their deals and transactions throughout the sales process.
The system includes different types of visual representations of deals at various stages, empowering users to monitor progress, track performance, and ensure timely follow-up.
This functionality consists of the following elements:
- Customizable Stages
Users can define the stages aligning with their real estate sales process. Standard stages may include prospecting, negotiation, under contract, due diligence, and closed.
- Deal Tracking
Each deal card in the pipeline represents a specific transaction, enabling users to track vital information such as deal value, property details, client information, key dates, and associated contacts and obtain a comprehensive overview of all active deals.
- Drag-and-Drop Interface
The pipeline view features a user-friendly drag-and-drop interface, enabling seamless movement of deal cards from one stage to another. This action automatically updates the deal’s status, clearly representing the progress made within the sales process.
- Activity Tracking
Users can associate activities and tasks with each deal in AscendixRE CRM. The system tracks various types of interactions brokers complete concerning specific contacts associated with the deal.
Listing Management
AscendixRE CRM includes an add-on called MarketSpace. Brokers can use this tool to manage property listings, store comprehensive property profiles, and input essential details such as property type, location, size, amenities, pricing, lease terms, statuses, and more.
MarketSpace also operates as a collaborative platform, allowing multiple users within an organization to collaborate on listings within the system. Team members can view, edit, and update listing information, fostering seamless collaboration and eliminating the need for manual data sharing.
Stacking Plan Software
AscendixRE CRM offers brokers a comprehensive stacking plan software that visually represents each floor, allowing users to view and analyze the layout and occupancy of individual units or spaces within a building.
Additionally, with stacking plan software, users can:
- Digitally Visualize floor layouts, including individual units, common areas, and other relevant spaces;
- Track unit occupancy status of each unit or space within the building to identify whether a unit is vacant, occupied, or under lease;
- Apply color coding to units on the stacking plan based on their status, such as available, leased, or under negotiation;
- Manage lease information and associate lease details with individual units, including lease terms, expiration dates, rental rates, and tenant information.
Integration with Mailchimp
AscendixRE CRM offers seamless integration with Mailchimp, which CBA doesn’t provide. By using this integration, brokers can:
- Create targeted contact lists within AscendixRE CRM and easily synchronize them with Mailchimp. It allows for precise audience segmentation and personalized email campaigns;
- Compile collections of properties and send them to specific target audiences directly from CRM. It enables efficient and targeted property marketing to interested contacts;
- Generate property templates with automatically populated property information;
- Perform the entire email send process without leaving AscendixRE CRM. It eliminates the need for switching between platforms and ensures a seamless workflow.
Please note that the AscendixRE + Mailchimp integration is available in AscendixRE Enterprise and Unlimited plans.
Final Words
The sunset of the CoStar Brokerage Application (CBA) makes brokerages look for a solution with similar functionality.
As our team knows the real estate and CRE industries and speaks their languages, we recommend considering AscendixRE CRM. This comprehensive platform encompasses all the key features provided by CBA.
It’s important to note that AscendixRE is more than just a CRM. It is a robust solution built on the Salesforce platform, offering advanced modules for deal tracking, commission splits, and support for commission plans.
To truly understand its capabilities, we invite you to schedule a demo and explore how AscendixRE can serve as a suitable alternative to CBA. It may be the solution you’ve been seeking to replace and surpass the functionality of CBA.
Originally published on ascendix.com
