5 min read
Key takeaways
- SimpliHŌM’s real estate agents faced weeks-long delays in receiving commission payments through traditional check-based processes, creating cash flow issues
- SimpliHŌM implemented J.P. Morgan Concourse™, a hosted payments platform from the J.P. Morgan Embedded Finance suite of solutions, to facilitate same-day commission payments through one channel, allowing access to multiple payment methods, including ACH, electronic money transfers and direct-to-debit transfers
- SimpliHŌM transformed its commission process by reducing payouts from weeks to just under an hour for 900+ agents, enhancing retention and recruitment with flexible payments—all with minimal accounting staff
About
SimpliHŌM is a rapidly growing real estate brokerage that serves 900+ agents in the United States and Canada. Founded to make real estate simple, the company empowers real estate agents with innovative technology.
Real estate agents dedicate countless hours to guiding clients through one of life’s most important transactions: buying or selling a home. But when deals close, agents shouldn’t have to wait days or weeks to receive their earned commissions. SimpliHŌM, a rapidly growing national brokerage, recognized that timely payments are essential to agent satisfaction. When traditional payment methods slowed its growth, the company turned to J.P. Morgan to streamline payments for the agents it serves.
“We can onboard any agent in any state in one hour, and we can get people paid in less than an hour after closing because of Concourse.”
Sean Miku
CEO and Founder of SimpliHŌM
The challenge
SimpliHŌM operates as a technology-forward real estate brokerage that is designed to give real estate agents the tools and support they need to thrive, including resources to help agents perform at their best, such as mental health therapy, healthcare and prescription services.1 The company serves 900+ agents and counting across the United States and Canada.2 “We’re focused on building a sustainable platform for our agents to build their businesses on,” said Sean Miku, CEO and Founder of SimpliHŌM.
The SimpliHŌM platform provides comprehensive support systems, including streamlined transaction management, automated administrative processes and integrated technology solutions that eliminate manual paperwork.3 Using the platform, agents can focus on what they do best—serving clients and closing deals—rather than getting bogged down in administrative tasks.3
Traditionally, real estate agents had to wait to receive their checks, drive to offices to pick them up, deposit them at a bank and wait for clearing.3 This process could take weeks, creating cash flow challenges for agents who rely on timely commissions. SimpliHŌM explored multiple payment solutions to expedite this process, including traditional treasury management systems and fintech solutions, but didn’t find the functionality and reliability it was looking for.3
SimpliHŌM wanted proven technology, global scale and robust security to support its growth plans, while making reliable, fast payments to its agents.3 The company found the right solution with J.P. Morgan.
“I have full confidence in J.P. Morgan as a company, I have full confidence in the leadership and support staff, and I have full confidence in the technology. I could have the shiniest fintech object pop up and say, ‘Hey, check us out.’ And I’ll say, ‘No, thanks; I’m good.’”
Sean Miku
CEO and Founder of SimpliHŌM
The solution
SimpliHŌM implemented a hosted payments platform from the Embedded Finance suite of solutions that transformed their commission payment process from a weeks-long ordeal into a same-day operation.3 Using this solution, SimpliHŌM can upload payment data through a simple spreadsheet interface, verify transactions and send payments across multiple methods of payment—including same-day ACH, standard ACH, electronic money transfers and direct-to-debit card transfers.
“I routinely talk to real estate agents who wait weeks to get paid,” said Miku. “Because of our platform and Concourse, we’re able to get our folks paid within hours of closing. This certainly helps with retention and recruiting new agents.”
The implementation process was seamless and collaborative.“ The J.P. Morgan team was there every single step of the way, hopping on numerous video calls to ensure that the rollout was smooth, that the deployment was well executed and that there were no hiccups for our agents,” said Miku. J.P. Morgan also customized the Concourse portal with SimpliHŌM’s branding, creating a cohesive experience that integrates naturally with the real estate agency’s existing technology platform.3
The solution provides agents with unprecedented flexibility and control over their payments. Through the platform, they can choose their preferred payment method and receive instant notifications when payments are processed. Agents have received payments less than an hour after closing, and all payments are processed the same day.3 According to Miku, SimpliHŌM has processed commission payments as large as $330,000 in a single day.
Benefits
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Under an hour to process commission payments for agents
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Improved agent retention through faster payment delivery
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One-day processing for small payouts to six-figure commissions
The results
The results have also been transformative for SimpliHŌM’s operations. The company only requires one full-time and one part-time accounting employee to manage payments for 900+ agents.3 SimpliHŌM expects that it will be able to scale to 2,000 agents with the same number of accounting staff.3 This infrastructure positions SimpliHŌM to support its ambitious growth goals: reaching over 14,000 agents across 50 states, Canada, Europe and Latin America by 2027.3
Now that SimpliHŌM has established a reliable, scalable payment infrastructure, the company plans to deepen its collaboration with J.P. Morgan. The company has also implemented the J.P. Morgan Workplace Solutions platform to issue restricted stock units to agents.3 This addition creates another powerful tool for attracting and retaining agents. With equity compensation, SimpliHŌM is reinforcing its commitment to providing benefits that support agent success and business growth.3
As a result of this transformation, SimpliHŌM has gained a competitive advantage in an industry where payment speed can make the difference between keeping top talent and losing them.3 Looking forward, the company envisions creating immersive home stores for virtual tours and using the strong support and technology of J.P. Morgan to further simplify real estate transactions.3 “I can pay you at 2:00 in the morning on Christmas Day, and it’s available on the same day with no fees, no delays and no hesitations,” said Miku. “This fits our brand message really well: We want to make real estate simple.”
“Concourse gave us options. It’s the power of the options that I love the most. When we’re recruiting an agent, we can tell them that they can choose how to accept their money. They can get it through same-day ACH, standard ACH—even through electronic money transfers—or directly to their debit card.”
Sean Miku
CEO and Founder of SimpliHŌM
To learn more, visit jpmorgan.com/payments/solutions/concourse
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