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ATLANTA, April 18, 2019 (GLOBE NEWSWIRE) -- CommisionTrac, a software company serving the commercial real estate industry, announces significant growth in its staff size, customer base and platform use. As of April 1, commercial real estate brokers had used CommissionTrac to process over 4,700 deals and $3.4 billion in real estate transactions worth more than $125 million in commissions – an 885% increase over April 1, 2018.
CommissionTrac was founded by Turner Levison (CEO) and his father, Dan Levison (COO), to make deal management and accounting easier for commercial real estate brokers. The cloud-based platform automates everything from deal approval and invoicing to deposits and commissions. Brokers use CommissionTrac to run production, financial and comp reports, and CommissionTrac integrates with QuickBooks Online, QuickBooks Desktop and Salesforce. Some CommissionTrac customers have reported savings of 4-5 hours per week in time spent on deal management and accounting.
Since Fall 2018, CommissionTrac has doubled the number of people and brokerages using its platform, while making key hires on its technical and customer success teams. The company recently moved into a larger office space near Perimeter Mall in Atlanta, and this month named local entrepreneur, investor and former Techstars Atlanta managing director Michael Cohn as a Board Observer; Techstars is an investor in CommissionTrac. CommissionTrac raised a seed round in July 2018, and last month added $1.15 million in capital to accelerate sales, marketing and product development.
“The past six months have been a whirlwind of activity and growth,” says Turner Levison. “Customers are telling us that the system not only saves them considerable time but more importantly, it helps them understand their businesses better so they can make more informed decisions about which deals to pursue and how to approach them. Our use of modern technologies, such as cloud and accounting automation, are making deal analysis and financial management faster, easier and smarter than ever before.”
“I’ve been an enthusiastic supporter of CommissionTrac since we welcomed the company into Techstars last year,” says Cohn. “Turner and Dan have a clear vision, steeped in real-world experience, for how to make brokers more efficient and effective.
“What’s more,” continues Cohn, “the commercial real estate market, which is dominated by legacy software built on old architecture, is ripe for disruption. Early leaders like CommissionTrac in vertical SaaS markets such as commercial real estate often face less competition and have an opportunity to dominate their market. CommissionTrac is on its way to establishing itself as the industry paradigm, and I’m excited to support its work in my role as a Board Observer.”
CommissionTrac is the first brokerage transaction management, accounting automation platform for commercial real estate brokers. It fills the need for technology that manages everything that happens after the deal and helps brokers get paid faster. For more information visit www.commissiontrac.com.