At Business Brokers CRM, we are always open to new out of the box ideas and adapting to the needs of our clients. Recently, a client contacted us with a scenario that required us to design a special widget for tracking when a buyer received confidential information, who gave them that information and the time/date of the information release. This is valuable information to any growing business brokerage company as you will now see.
Let’s take a scenario in where Broker A (John Smith) lists Business A (Joe’s Pizzeria). Broker A (John Smith) then starts attracting buyers to Business A (Joe’s Pizzeria). Buyer (George Stevens) registers to see Business A (Joe’s Pizzeria). However, after meeting with the seller of Business A (Joe’s Pizzeria), Buyer (George Stevens) decided that that he is not interested in that listing. Broker A (John Smith), then tells Buyer 1 (George Stevens) about another pizzeria, Business B (Momma Mia’s Pizzeria) listed by his colleague Broker B (Marc Owens).
Broker B (Marc Owens), then goes ahead and introduces Buyer (George Stevens) to his client, the owner of Business B (Momma Mia’s Pizzeria). If Buyer (George Stevens) purchases Business B (Momma Mia’s Pizzeria)then all is good. Broker A (John Smith) and Broker B (Marc Owens) both get their respective buy side and sell side commissions. However, what happens if Buyer (George Stevens) does not like Business B (Momma Mia’s Pizzeria) and Broker B (Marc Owens) introduces Buyer (George Stevens) who is the client of Broker A (John Smith) to Business C (Anna’s Trattoria) which is listed by Broker C (David Dalgar). If Buyer (George Stevens) then purchases Business C (Anna’s Trattoria), then we have a potential problem. Broker A (John Smith) deserves a commission for registering the buyer, Broker C (David Dalgar) deserved the commission for selling his listing, but who actually made the deal?
Broker B (Marc Owens) was the broker who introduced Buyer (George Stevens) to Broker C (David Dalgar) and his listing Business C (Anna’s Trattoria). Herein lies the problem and the solution. If you track who released the confidential data and who gave them that information you can then create a policy where you can compensate Broker B (Marc Owens) with a percentage of the overall commission. If you were to give Broker B (Marc Owens) half of the commission due to Broker A (John Smith), all of the brokers are still happy. Broker A (John Smith) is happy because his buyer actually purchased a business that he did not think about, Broker C (David Dalgar) is happy because he sold his listing and Broker B (Marc Owens) is happy because in one phone call, he made the deal happen and also earned a commission. Of course, the company is also happy because the team was able to make another deal that would not have happened was completed through the process of broker teamwork.
We came up with this solution for our clients so that they can increase sales and more importantly, increase teamwork. Every company can decide on how they want to implement paying out commissions. With this tool, that all of our clients can now make use of, you are empowered to decide how to best make use of this valuable information.
Business Brokers CRM has the most advanced Business Broker software platform in the industry. It is the only CRM system designed for Business Broker by Business Brokers. It incorporates all of the necessary tools to accommodate the day to day needs of Business Brokers. We can accommodate the varied needs of any business brokerage or real estate agency. You don’t need to purchase a CRM platform and then pay to redesign it for you needs. We have already done that for you, plus, it is less costly than any other CRM on the market today. Find out more by visiting www.BusinessBrokersCRM.com and don’t forget to request a free demonstration of this powerful tool.
*All names contained in this article are fictitious, have been changed to protect the innocent and are for demonstrating purposes only.