Real estate companies have unique HR needs that can make it difficult for just any HR software to fit the bill. Real estate companies have enough to focus on with staying up to date with market health, current listings, underwriting policies, and client needs, so finding an HR software solution that can handle all HR needs can ease the burden.
When looking for HR software, real estate companies should consider acquiring software that can help in the following areas.
Assist with Complex Payroll Needs
Real estate companies often employ staff in several different roles with highly differing payroll settings. HR software that includes payroll support can stream time and attendance information, commission information, and any other relevant information into the payroll feature, making it a snap to run payroll. This can help to keep employees happy and the business running smoothly.
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Automates Taxes and Filing
Taxes and tax filing can become complicated when home closings occur at different times, agents receive different rates, and payroll is just generally unpredictable. HR software can keep track of all taxable income, make sure that deductions are subtracted, and even compile reports for filing. Owners or managers may simply have to press a button to file and send the tax money outlined in the reports.
Provide Compliance Support
While much of the real estate operations are performed on the go, the business is still a business and must comply with applicable labor laws and regulations. As such, HR software can provide information and support for complying with regulations. HR software is updated regularly with the most current compliance information and professionals are often available to answer questions and provide support.
Manage Benefits, Retirement Options, and Perks
Attractive benefits packages, retirement options, and perks can help to attract and retain the best real estate agents and office staff in the business. HR software will allow employees to manage their own benefits and review perks and retirement options. This can be extremely helpful for agents that are rarely in the office.
Hire and Onboard Agents
Great agents are hard to find and interviewing and screening can be difficult when everyone is constantly on the move. HR software with mobile support can assist with recruiting and onboarding high quality agents. In some cases, video interviewing options may be invaluable.
Paperless onboarding can be a desirable option, as it saves agents time from coming into the office and makes it easy to keep required paperwork in order. HR software that offers paperless onboarding may also be customizable, allowing companies to post videos and relevant information that will help new agents success in the area.
Integrate with Accounting Software
Integrating HR software with accounting software can help real estate companies to review the financial health of an organization in one place. This can assist with decision making and strategies, while providing real-time feedback about aspects of the business. Not all HR solutions are capable of integrating with accounting software, so this may be an HR software selection consideration, particularly for small offices.