The last tab to cover in the Transaction section is the Commissions tab. This allows you to keep track of your commissions based on information entered in the transaction. The key fields that are required to make accurate calculations are the Sale Price located in the upper section of the transaction, the Transaction type which I discussed yesterday, and the basic fields in the Commission tab itself. The example below uses a sales price of $130,000 and the transaction type is "Selling Only".
I entered the Agent Commission Split of 95% so the Brokerage will get 5% automatically. Every agent is on a different split so make sure you enter this according to your brokerage agreement.
The Total Commission field shows the full commission percentage for both sides.
The List-Side Commission is used if the Transaction Type is "Selling Only" or "Selling and Buying", enter the correct commission percent for the listing side. as well as any Referral fee that needs to be paid out by percent or agreed amount.
Enter the Buy-Side Commission percent if the transaction type is "Buying Only" or "Selling and Buying" The calculated amount of commission will show as well. Again, enter any Referrals paid out along with other expenses listed. The Transaction fee can be Added or Subtracted, depending on your needs. Some agents are charged a transaction fee by their broker while others are able to charge the client a fee, use this as you see fit. There are 3 miscellaneous fees that get charged against your commission as well as a closing gift field. The Net Commission is then calculated based on all known information to show an accurate amount.
Is there a plan to keep track of expenses?
it would be helpful if you could just enter volume and net commission for a transaction and have it appear in the widget...why does it require you to complete all the fields??
Is it possible to add more of the micellaneaous fields? and/or a way to track all our expense associated with each deal (which can vary from deal to deal.)
I agree with Amy Curtis above. I don't have time to fill in all fields. You should at least allow some better functionality for those of us who simply will enter only the net commission.
I deleted my prior response because it is no longer current. Currently the Commission displayed in the Widgets is List Side/Buy Side Commission $, minus List Side Referral, Buy Side Referral or Brokerage Fee. So all you need to add is the commission amount unless you have referral or brokerage fees. They are the only fields you need to complete in order for the Widgets to display your numbers.
Anything on the expense tracking aspect requested above?
Hi Steve - I'm sure we will expand on that kind of thing some day but to be perfectly honest, that's something that's going to be down the road a while. I know that's a good one and you're not the only person who has asked for it. There are just other things we're working on that are more often requested such as an auto-dialer, a Droid App, Reports and many more. We'll get there, but it's going to be a while. Sorry.
If we are a broker on a transaction, how do we get the broker commission to add in our dashboard?
Hi Mike and Loreena!
In order for a Transaction's info to be included in the Widgets, each of the following conditions must be met:
- It must be a Transaction with status of Closed
- Your Contact needs to be listed as the Buyer’s Agent or Seller’s agent in the Transaction's People Tab
- Your Contact needs to be set as the “Linked Contact” in Settings, Users and Permissions
- The Transaction must be closed this calendar year.
- The commission in the Commission tab needs to be entered in the matching field based on the “Transaction Type” in Transaction Tab
Also, the commission included in the Widgets is the Gross Commission, less any buy or sell side referrals and brokerage fee. Once that's all set the numbers should display in 5 minutes or less, but can take a little longer sometimes.
Significant additions are in the works!
If you'd like, you can take a look at this video here that goes over each of those in more detail: http://help.realvolve.com/hc/en-us/articles/206470543-102-Commissions-and-Volume-Requirements
Article is closed for comments.