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.