In the realm of property management, commission calculations are not merely an administrative task; they are the financial lifeblood of property managers. These calculations determine the portion of revenue that property managers collect as their commission from homeowners, a process pivotal in managing owner relationships. Commission calculation is often complex, with varying commission formulas among property managers, necessitating an automated solution for precision and efficiency. This is where Clearing steps in as the solution to this challenge by empowering users to streamline their commission calculations, providing property managers with a reliable way to collect their well-earned property management commissions, and transforming property management dynamics.

Clearing, a leading platform in property management, has introduced a game-changing feature – “Commission Setup”. It provides a streamlined and efficient solution to automate commission calculations in property management. This feature offers property managers flexibility, allowing them to define different commission formulas for each homeowner, or a standard commission formula for all - whichever you need. The feature allows property managers to select specific revenue items they want to apply commission to, i.e. accommodation fares, cleaning fees, etc. By doing so, property managers can automate, calculate, and display commissions in owner statements with transparency and clarity.

Simple Steps to Automate Commission Calculations in Clearing

Step 1: Access Commission Setup in Clearing

Log in to your Clearing account. Within the Clearing platform, navigate to the 'Bookings' section in the side menu, where all your property bookings are recorded. Here click on 'Commission Setup,' where you can define commission formulas for each homeowner.

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Step 2: Create a New Formula

To create a new commission formula Click on "Add a formula".

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Step 3: Select Homeowners

In the Commission Setup section, you will see a list of the homeowners you manage. Choose the homeowner for whom you want to set up a commission formula. Click on their name or profile. You can have different formulas for each homeowner or you can set it up so that all of your owners have the exact same formula.

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Step 4: Define the Commission Formula

In this step, you can define the commission formula for the selected homeowner. Select the type of revenue items that you're going to charge a commission on - accommodation fare is selected as an example.

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Specify whether it's a percentage of the accommodation fare, a flat fee per booking, or a combination of both. Enter the exact commission value, e.g., 20% of the accommodation fare, and if applicable, add a fixed amount, like a $5 per booking charge.

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After specifying the information, you can click on “Add Commission item”.

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Step 5: Name the Formula

Give your commission formula a name for easy reference. This can be something that helps you identify it.

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Step 6: Repeat for Other Homeowners

If you have multiple homeowners with different commission formulas, repeat these steps for each homeowner. You can create individualized formulas tailored to their specific needs

With the Commission setup completed, Clearing will now automatically calculate and display commissions for each homeowner based on the defined formulas and revenue items. You can access these commission details in owner statements or through the “bookings” menu option.

Automate your commission calculation process with Clearing's new commission feature to ensure accurate and timely commission collections from homeowners (i.e. Short-Term Rental commissions and vacation rental commissions), strengthen your relationships with homeowners, and streamline your property management operations.

Are you ready to revolutionize your property management by automating commission calculations with clearing?

Connect with us for a personalized live demo today and learn how Clearing can transform your property management operations, making commission calculations effortless and accurate.

Explore our comprehensive knowledge base today to dive deep into Clearing's features and embark on a journey to revolutionize your property management experience.

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Clearing is a Financial Technology Company, not a bank. Deposit Accounts are issued by Evolve Bank & Trust, Member FDIC.

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