Loft47 is brokerage software for better oversight of commissions and Upfront assists agents with access to credit and financial assistance. The two have worked together to build a new product called Liquid.
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Two companies involved with supporting brokerages and agents with an array of financial and back-office solutions have come together to jointly launch Liquid, “a product that aims to provide greater financial flexibility and funding options to real estate agents,” according to an announcement shared with Inman.
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Loft47 is brokerage software for better oversight of commissions and Upfront assists agents with access to credit and financial assistance. It was also a member of Equity Angels’ first startup cohort and the recent recipient of $2.5 million in funding.
Loft47 already offered Liquid’s features and benefits in Canada. Upfront will be powering it in the U.S. real estate market.
Upfront’s mission is agent-centric and pertinent to a market in which commission volume has decreased and thus, funds to support marketing and growth are harder to come by. Ongoing funding for software subscriptions, marketing campaigns and lead generation is a growing concern, now almost three years into a plodding national sales environment.
Liquid’s intent is to “allow brokerages to offer agents immediate access to earned commissions upon going to contract, improving cash flow and agent retention,” the release stated.
As needed, brokerages can provide commission advances using in-house funds or leverage Upfront’s resources.
Reviewed by Inman initially in 2019, Loft47 earned four stars for its lightweight mobile experience and ability to level out complex back-office workflows.
“Brokers are given clean looks at trust ledgers, can chat with agents within the system per deal, and are able to produce rich reports for each officer, agent and team,” the review stated.
Sasha Hryciuk, CEO of Loft47, said in a statement that Liquid is “unlocking significant opportunities for brokerages.”
“Combining Liquid’s commission advance technology with Upfront’s financial expertise creates a powerful, integrated solution for the entire real estate industry,” she said.
Connecting the two applications allows for easier forecasting of when a user will need to access advance funds. Essentially, the earlier deal data enters the system, the smarter users can be about their financial needs, allowing for better planning and economic decision-making. It also gives all stakeholders a single source of truth for dollars in, dollars out, like a bookkeeper with access to a checking account.
A number of products aimed at the economics of being an agent have emerged of late, likely in response to prolonged market stasis combined with the growth of benefit-friendly brokerages, such as Real. Tools like Upfront, Tongo and RLTYco are putting a tech-forward, strategic sheen to the concept of commission advances.
“This partnership maximizes value for brokers and agents by directly impacting key metrics like recruitment, retention, and revenue,” said Pierre Calzadilla, co-founder of Upfront, in a statement. “Agents benefit from a seamless experience and favorable terms, and brokers see a positive impact on their bottom line.”
Liquid is accessible now in the U.S. and will be in Canada soon.
Loft47 states its clients have generated $31 billion in sales volume over the last year, generating $830 million in commissions. It operates in 36 states and eight Canadian provinces.