If you are an independent real estate agent you're probably running around from one place to trying to close deals, marketing yourself, prospecting and everything in between. After each successful sale, collecting payment for your real estate commission in a timely manner is essential. For this reason, you may be tempted to quickly send out standard invoices that get you paid eventually but don't add any value to your services.
But why not send professional invoices that help you get paid faster and may bring you more business? You don't need a lot of time to create a real estate invoice template which you can easily fill in after each sale ensuring you never miss any vital information and reducing the risk of errors in your invoices. Read on to find out what elements your invoice template should include.
Note: Create unlimited invoices with minimal effort using Bonsai's free real estate invoice templates. Skip Google sheets or Excel. Bonsai is the easiest way to achieve a beautifully designed commercial real estate invoice that covers all the required information and saves you time so you can focus on your passion, not your paperwork.
Essential Elements of an Invoice Template for Real Estate Agents
While real estate invoices are often used to collect commission payments, your invoice template should include as many details as possible (without going overboard) as well as any other extra services provided. Remember you also want to keep all business-related information in place to ensure clean accounting records. Let's go over the important elements your real estate invoice template must cover.
Real Estate Business Information
To begin your real estate invoice template, add a section for your full name (or business name), and contact details such as phone number, email address and website. You can also mention any special services you offer such as real estate photography, commercial real estate, property inspection, etc., along with your credentials or licensing information.
For more professional invoices, include your business logo, imagery related to the real estate industry, registered trademarks or any branding element you consider appropriate. This will also make your invoices unique and easy to recognize for your clients.
Seller & Property Information
Real estate agents need to include the seller information on your real estate agent invoice template starting with the full name (or organization name), billing address, phone number, and email address. You should also add relevant property details such as the full address, rental/selling price, and the property ID number in case you keep a database for a developer or a client selling multiple properties.
Unique Invoice Number and Date
Make sure to always assign a unique invoice number to all of your invoices as this will make it easier to organize your paperwork and refer back to the invoice for any clarifications. This will also help avoid returned invoices as some of your clients may not accept unnumbered invoices. Don't forget to include the invoice date (when it was sent, not created), which you'll be using to determine the invoice due date and apply late fees to overdue accounts.
Leave enough room on your real estate invoice template to include all the details regarding the property sold. Start with the total sales or lease price, the sales commission rate (percentage) agreed upon, and the total commission owed. Usually the rate for commercial vs residential sales commissions are different so make sure to provide a short description of the transaction type.
Add separate lines if you're charging for extra services usually provided by real estate professionals such as valuation, property staging, professional photography, etc., along with a short description, unit price and total cost.
When providing the total amount owed for the property sale, you first want to specify the subtotal (commissions plus extra services before tax), then add the applicable taxes, and finally, the total payment due. If you're applying any discount for referrals, multiple homes, etc., make sure to subtract it from the subtotal before you factor in the taxes. Don't forget to provide a short description of the discount so your clients can easily recognize it.
If you want to encourage prompt payments, pay close attention to this section of your real estate invoice template. First, you want to provide your clients with as many payment options as possible such as checks, ACH transfers, credit/debit cards, cash and online payments (Stripe, PayPal, Apple Pay, etc...). Add the corresponding account numbers, mailing address, account holder's name and even payment links to make the process a lot easier.
You also want to be clear about your payment terms. Remind your clients of the payment due date, applicable late fees, partial payments or any payment arrangements available.
The last section of your real estate invoice template is for a personal note to thank your clients for their business. You can also inform them of any extra services you think they could take advantage of or ask them for a good review and referrals. This is a simple addition but can really help you strengthen your relationship with your clients and lead to more work.
Use Our Free Invoice Template for Your Real Estate Agent Services
Look, we know real estate agents have so much on their plate. You probably don't have the time to create your own invoice template. Well, you can save time and skip the headache by simply downloading Bonsai's free real estate invoice template to create customized invoices that fit your business' needs every time. Our invoice templates are pre-made, you simply need to customize the business details. Once you're done personalizing your invoice template you can save it in your preferred file (google docs, excel, word, etc...), to start billing your clients consistently.
But that's not all! Bonsai gives you more than just a standard invoice template. With our complete set of accounting and invoicing tools you can automatically send invoices, payment reminders, get tax estimates, an income/expense report, and even apply to get your own business checking account. We help you maintain your finances under control so you can focus on growing your real estate business. Come on board, and send professional invoices today! We've got your back!