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Recently, CoStar announced that they are fully dropping CoStar Brokerage Applications (including REapps) support on December 31, 2023. This decision was driven by evolving customer needs and the overall shift in product strategy.
Understandably, this unexpected news might come as a shock for numerous businesses that have relied heavily on CBA.
If you’re a current user of CBA and looking for a worthy replacement for your CoStar Brokerage Application, there are several noteworthy alternatives to consider.
In this article, we’d like to focus on AscendixRE, which isn’t just a CRM but also a robust deal-tracking tool with robust commission-tracking capabilities, including commission split and invoicing features.
CoStar Brokerage Applications served as a versatile tool for brokers, offering a range of capabilities from providing comprehensive real estate database statistics and tracking broker commissions, to enabling A/B testing and mass email campaigns. Some used it as a CRM tool, others – as an application that tracks their commissions.
We took the key features and functionality of CBA and analyzed how they are presented in AscendixRE CRM. The key features of CBA are:
The deal commissions functionality in AscendixRE CRM allows users to track and manage commissions related to real estate transactions and deals. It is particularly useful for brokerage firms and agents who rely on commission-based revenue models.
Within AscendixRE CRM, users can record and track commission details for each deal or transaction. This includes information such as the deal value, commission percentage, commission splits, expenses and other relevant data.
Here is how the commission tracking is performed in AscendixRE CRM.
Additionally, the software automates broker commission calculations based on predefined rules or customizable formulas. This ensures accurate and consistent commission calculations for each deal, saving time and reducing manual errors.
Thanks to advanced reporting functionality, users can generate commission reports and gain insights into commission performance within AscendixRE CRM.
Let’s suppose you have a $2,000,000 deal. Without jumping between separate systems, you want to calculate how much you’re going to make on the transaction.
Because AscendixRE is a CRE-tailored solution, it has built-in functionality for this – commission tracking by broker.
For example, you had agreed in advance with the property owner on a 3.5% commission that would result in a $70,000 commission for the brokerage.
There are multiple brokers working with you on the deal, and the agreed-upon splits between the brokers need to be tracked. In addition, the “house” splits for each respective broker needs to be taken into consideration to calculate the “take home” for each broker.
Also, it turns out that somebody referred this deal to you; hence, you owe him/her a referral fee on this as well. Tracking these financial details can get complicated, especially when you need to ensure fair distribution among all parties.
That’s where AscendixRE proves invaluable. It allows you to input all pertinent data, eliminating the need for cumbersome manual calculations or separate tracking systems.
Once you’ve entered the data, the system calculates all the commission fees split by broker, ensuring everyone gets their due share.
With the advanced broker commission split plans in AscendixRE, you can track 4 elements:
AscendixRE CRM provides the capability to define real estate agent commission splits among different stakeholders involved in a deal, such as agents, brokers, and external teams. This ensures fair and transparent distribution of commission earnings based on predefined rules or negotiated agreements.
Another essential feature valued by brokers is commission plans, i.e., predefined structures or frameworks that determine how commissions are calculated and distributed among agents or brokers based on their sales or transactions.
Imagine you are a broker working within a larger real estate services agency that has implemented a commission plan where your commission percentage increases once your transactions exceed a million USD. Here’s how it could work:
In this example, let’s assume the broker has achieved $1.5 million in sales. We can calculate the commissions using the commission plan:
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
So, if a broker hits $1 million in sales, their commission rate for the next million would increase from 3% to 4%, resulting in a higher commission amount.
Of course, this functionality may not be necessary for all brokerages, but it becomes particularly valuable for larger organizations working with substantial transaction volumes. That’s why we have included this functionality in our convenient Commission Split Plans & Invoicing Bundle, catering to the specific needs of such organizations.
Implement AscendixRE CRM into your brokerage. Request your personal demo session today.
The Deal Pipeline functionality in AscendixRE CRM is designed to help commercial real estate professionals manage their deals and transactions throughout the sales process. It provides a visual representation of deals at various stages, allowing users to track progress, monitor performance, and ensure timely follow-up.
Deal pipeline functionality is multi-faceted and includes the following:
Users can define their own stages to align with their specific real estate sales process. Common stages might include prospecting, negotiation, under contract, due diligence, and closed. Customizing the stages allows you to tailor the deal flow to your unique deal process and workflows.
As every deal card in the pipeline represents a specific transaction, users can track such essential information as deal value, property details, client information, key dates, associated contacts, and get a quick overview of all active deals.
The pipeline view allows users to easily move deal cards from one stage to another by using a simple drag-and-drop interface. This action updates the deal’s status and reflects the progress made in the sales process.
As users can associate activities and tasks with each deal within AscendixRE, the system records all types of engagement a broker completed toward a specific contact associated with the deal. Also, it analyses the cadence of client interaction and sends meaningful follow-up reminders.
Listing management in AscendixRE CRM provides the capability to efficiently manage and track property listings within the MarketSpace platform. It provides a centralized repository for storing and organizing property details, streamlining the listing process, and facilitating collaboration among broker and client.
MarketSpace as a part of AscendixRE CRM, serves users as a property listing portal and deal management room. Here users can create and store comprehensive property profiles, enter and manage key details such as property type, location, size, amenities, pricing, lease terms, and more. This information serves as a centralized database for all properties.
Additionally, users can update property listings if price adjustments, availability changes, or property status updates (e.g., active, under contract, off-market) occur.
As MarketSpace is also a collaboration platform, multiple users within an organization can collaborate on listings within the system. Team members can view, edit, and update listing information, facilitating seamless collaboration and eliminating the need for manual data sharing.
Try MarketSpace within AscendixRE CRM. Schedule a free demo session today to learn more about its features.
AscendixRE CRM also contains stacking plan functionality. It provides a graphical view of each floor, showcasing the layout and occupancy of individual units or spaces within a building.
With stacking plan features in AscendixRE, users can:
Beyond the features offered in CBA, Ascendix integrates with MailChimp for effortless email marketing right in the system. With this integration, brokers can create targeted lists of contacts, send collections of properties to the targeted audience, create property templates with dynamic content just in a few clicks.
Additionally, brokers can:
AscendixRE + Mailchimp integration is available in AscendixRE Enterprise and Unlimited plans.
As CoStar Brokerage Application (CBA) is a multi-faceted platform with a long history and hundreds of clients, it has been used by brokerages in different ways. For some it served as a CRM tool, for others – as a commission tracker.
However, with the sunsetting of CBA, users might find themselves in search of a similar solution that retains the necessary functionality they have come to rely on. In this context, we suggest considering AscendixRE CRM, a platform that encompasses all the key features offered by the CBA.
With all that said, AscendixRE is not just a CRM; it’s a comprehensive solution powered by the world-leading platform, Salesforce. It is also a very robust tool that has advanced modules to track deals, commission splits and can support commission plans alongside that.
To explore how it works, schedule a demo. AscendixRE might just be the alternative to CBA that you’ve been looking for.
Kateryna creates engaging content about Salesforce consulting, Ascendix products, and CRM best practices for the commercial real estate industry and legal services. Her articles provide readers with relevant data, stats, business tricks and overviews of new industry trends and CRM updates.
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