Realtyzam is cloud-based accounting software designed for real estate agents. It helps you track commissions and expenses by generating a profit and loss (P&L) report for taxes and monitor sales activity so that you can see which aspect of your business is the most profitable. It also lets you connect your bank and credit card accounts, upload and organize expense receipts, and run the reports you need for filing tax returns.
The platform costs $14 per month when billed monthly and $11.95 a month when billed annually. You can use it for free for 30 days and keep using it beyond that period until you sell two units or accumulate $3,000 in income and expenses, which should be entered in the app. User reviews about Realtyzam from application marketplaces are positive, with emphasis on its excellent expense tracking features.
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Realtyzam Alternatives & Comparison
Realtyzam Reviews From Users
|Import bank transactions
|Time consuming to add receipt images in transactions
|Less complicated to use than QuickBooks
|No OCR for receipt uploads
|Buggy mobile app
There is no Realtyzam review on user review websites, so we based all information from Google Play and App Store reviews. Those who left positive comments mentioned that Realtyzam helped in tracking expenses and creating reports, whereas some complained that the mobile app is buggy at times and has no OCR features.
Here are Realtyzam’s ratings from app stores:
- Google Play: 4.7 out of 5 based on around 30 reviews
- App Store: 4.9 out of 5 based on more than 200 reviews
Realtyzam is available for $14 a month when billed monthly and $11.95 a month when billed annually, and it offers a free 30-day trial with no credit card required. Agents can continue to use it for free after 30 days until they sell two properties or log $3,000 in income and expenses.
We discuss the salient features of Realtyzam and how this solution can help real estate agents manage transactions and deals.
One thing we like about Realtyzam is its streamlined dashboard, which includes only the features you need to track your sales activity. The Realtyzam homepage contains five menus:
- Dashboard: This serves as your landing page when you sign in. It shows an overview of your financials.
- Sales activity: Go to this tab if you need to monitor your sales activities and commission payments. Other things you can track here include lead sources, discounts, broker fees, and income and expenses on each deal.
- Expenses: This is where you would record all your expenses. You can choose to connect your bank accounts, upload your files of transactions on Realtyzam or enter your expenses into the system manually.
- Income: This displays a detailed breakdown of your income. You should also use this page for entering income, such as interest income and side business.
- Reports: This is where you can generate P&L statements that you or your accountant may use to file tax returns.
You can categorize your expenses by choosing from a list of default categories or adding new ones. Categorizing your expenses can be helpful for budgeting purposes and keeping your finances organized.
When entering new expenses, Realtyzam lets you select from a list of preset categories, such as listing, capital equipment, licensing and filing fees, and miscellaneous. You can also add new categories on the fly, if needed.
We like that the reports can be presented in different views, such as summary view, list view, monthly view, and vendor view, allowing you to understand your numbers better. The GIF below shows how you can do this within the app.
You can track how much money you make on a client or deal. Realtyzam allows you to generate reports showing your commission, miscellaneous income, and referral income. You can even track income based on lead sources so that you’ll know which client or deal makes you the most money.
The Sales Activity page is where you record all the real estate transactions that you’re working on, whether they’re closed or not yet. You can record a new activity (for a buyer, seller, or referral), and you’ll have the option to set the status of the deal until it’s closed. For instance, you can enter a new buyer and set the status to Prospect or Active.
When the deal is closed, change the status to Sold, provide the transaction details, such as the closing sale, closing date, and commission, and Realtyzam will record the commission as an income.
You can generate simple yet helpful reports to help you track key metrics, including average commissions, prospecting, buyer and seller conversion rates, and sales prices. Realtyzam also lets you monitor other items like listing and buyer expenses and new buyers and sellers.
You can sort the reports on an annual or monthly basis and even set the reports tab to show only the lead sources of your income. You can also print the stats reports so that you can share and discuss them with your agents or stakeholders during meetings.
Upload your expense receipt, and it’ll link it to an expense transaction automatically. This makes it easier to pull up a receipt whenever needed. You can upload receipts using your tablet, computer, or mobile device with the Realtyzam mobile app.
Realtyzam has a CRM module, which requires a separate subscription, and it helps you store and manage client information, record notes, save documents, and track sales activity. You can also create reports on prospecting rates, average commissions, and even lead sources. As with the accounting software, it’s free for the first 30 days.
Realtyzam Ease of Use
Since Realtyzam has fewer features than most accounting software, it’s extremely easy to use, even for beginners and nonaccountants. You’ll love how easy it is to create a buyer pipeline or listing on the Listings page. After a sale, you can set the status to sold, and Realtyzam will generate an income transaction automatically for you.
On the downside, Realtyzam lacks personalized customer support. If you have questions or concerns, you need to send your question via email and wait for a response. The provider says that questions sent during business hours are typically answered within two hours. If you want to get answers to simple questions, you may check out the Frequent Questions page on its website or browse through its real estate accounting blogs.
Frequently Asked Questions (FAQs)
No, you can’t, as Realtyzam is currently available only in the United States.
No, it doesn’t, but you can use it alongside a third-party accounting solution. For instance, you can use it to monitor your closings and commissions while using QuickBooks Online to track business mileage, monitor cash flow, and manage payroll.
Yes, you can. Realtyzam will email your data in an Excel format for free.
If you need simple accounting software to track your income and expenses and generate the tax reports you need instantly, Realtyzam is worth considering. It may have some weak points, such as the inability to reconcile your bank account and the lack of advanced bookkeeping functions but it’s an excellent solution for tracking expenses and commissions.