Adding Fees On The Commission Plan
Additional Closing Fees
These are fees that will be taken off the agents commission after the split, and will be credited back to the brokerage. For example, a transaction fee. You can use a percentage or a flat fee dollar amount.
The fees will be deducted on the commission disbursement for each agent on this commission plan.
To add these fees, click on the 'View and Edit Additional Closing Fee' button when adding or modifying a commission plan:
These are fees that are credited or debited to the brokerage gross commission that are taken off the top, or before the agents split is determined. For example a franchise fee. You can use a percentage or a dollar amount for these items. If you use a percentage you can choose to have it come off the brokerage gross commission, agent commission, sales price or agent commission after closing fees have been taken off.
This is similar to taking fees off the top on a disbursement, but in this case we will bake it into the actual commission plan so it doesn't have to be added each time you create a disbursement.
Credits & Debits
- Select Credit or Debit.If you use a credit you can direct funds to a vendor or a third party. Or, you can have it credit towards another agent in the company by choosing agent. When you select 'Vendor' or 'Agent' enter the name to the right of the selection menu.If you choose a debit to collect funds, enter the fee as a percentage or dollar amount. Then, you must select before or after for the option: 'Calculate agent's commission before or after this item? Before - The agent's split will be determined before this item is credited or debited.After - The agents split will be determined after this item is credited or debited.
Include this credit/debit in the Total Due to Brokerage?
- This is for display purposes on the disbursement. It will include this fee in the Total Due to Brokerage line item in the Final Commission Breakdown section of the commission disbursement. If you are collecting the fee at closing and will pay it our yourself to the vendor, then you would select Yes for this. If the fee is being paid at closing by the title company or attorney as part of the closing funds, you'd select No.
Adding Fees To The Agent Profile
Fees you would add to the agents profile are fees that are associated with that specific agent on every deal. For example: E&O Insurance.
Unlike adding them to the commission plan as shown in the above section, this adds the fee on a per-agent basis instead of for every agent on a commission plan.
To add agent--specific fees, navigate to the agent's profile, and click on the 'Commission Plan & Fees' tab.
Post Commission Credit DebitsThese are debits/credits to an agents commission after the commission split. These fees come directly out of the agent's commission.
Adding Credit/Debits In The Commission Disbursement
You would add these fees in the disbursement in for transaction specific fees such as a referral fee or paying closing costs to a client.
To do this, you must be looking at a commission disbursement. The following sections of the disbursement shown have controls for you to add fees to.
This is the brokerage commission breakdown that includes any commission adjustments being made.
These are fees that are credited or debited to the brokerage gross commission that are taken off the top, or before the agents split is determined. For example, a referral fee to an outside brokerage. You can use a percentage or a dollar amount for these items. If you use a percentage you can choose to have it come off the brokerage gross commission, agent commission, sales price or agent commission after closing fees have been taken off.
Listing/Selling Agent Commission
This is the agent(s) commission breakdown that includes any commission adjustments being made.
Additional Agent Closing Fees - These fees are paid to the brokerage and are reflected in the Net Amount Due to Brokerage line item.
Post Commission Credits/Debits -These fees will be taken from the agent's commission. For example, a team leader fee or a payment to a buyer. This will only affect the agent's commission, it won't affect the amount due to the brokerage.