A property agent is a professional person who works for sellers and buyers of properties. The agent’s main job is to connect buyers and sellers and help them negotiate so that both parties meet their goals. The agent acts like a facilitator and therefore, charges both parties for providing his services. These charges, in general language, are known as commissions.
The sales commission log is a spreadsheet document that is used to record the information about the commission taken by the property agent against helping the seller in selling the property. A commission is a small amount of money that is paid to the agent as a reward. The commission is paid by the seller as well as the buyer. However, this particular log records the information regarding the sales commission of the property.
Who can use the sales commission log?
There is a common perception that only those people can use the sales commission log who work as property agents. However, it is not true. Some organizations that hire property agents also keep track of the commissions they issue to agents.
How beneficial is it to use a commission log of a property agent?
Many people prefer to use this log because of the many benefits they reap. A few of those benefits are given below:
They are best for tracking commission:
An agent receives a commission quite often in a month. It is not possible for anyone to remember how much commission was received, on which date, and from whom. This is where the use of a spreadsheet becomes inevitable.
This spreadsheet is a type of record tool which keeps a record of all the data related to the commission received by the real estate agent. It doesn’t matter if a person receives a commission less frequently or quite often, it will record the details as this is what it is made for.
They provide ease in the calculation:
Commissions are recorded because, at the end of a time period, the total commission received by a sales agent is calculated. The spreadsheet document makes it very easy for the user to perform the calculations as there are many predefined formulas in this tool also.
No matter whether the commission amount is small or large, a user can easily seamlessly perform the calculation. If you are an employer and you have to pay the commission to the agent at the end of the month, this log will help you do a fair calculation of what you need to pay to the agent.
It makes auditing easier:
Sometimes, the purpose of recording the commission is to make the process of auditing smoother. Auditing tells the owner of the company if there was any sort of corruption at the end of the commission receivers. It enables the user to hold corrupt people accountable for their wrongdoing.
It saves time:
A spreadsheet document that is specially designed for recording commissions received by the agent is dedicated to their work and they always do the intended work with perfection. The user does not need to tell the software what to do and what to calculate. It saves plenty of time for the user.
What information is collected by the log?
The information included in this commission log is what makes this log useful and productive. Here are the basic elements:
Details of the company:
In general, agents work with an organization that gives them an identity. Mentioning the name of the company and logo is crucial for the company because it shows the association of the log with the company.
Details of the commission collected:
The log is divided into various sections and each section collects relevant details. The commission section mentions the total amount of commission received by the agent, the date on which the commission was received, the commission amount in percentage, the name of the seller who paid the commission, and whatnot.
Total and subtotal:
The last section of the log is where the user performs the calculations and writes the total and subtotal after all the inclusions and exclusions. This section of the log is the most important part as it is updated every day based on the amount of commission received.
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