For a referral off the top: Once you have your initial part of the deal set up and have your agent added, you will need to subtract the amount going to the referrer from the agent’s gross commission. For example, in the case below the agent’s commission is $15,000 (3% of the $500,000 sale price), however the agent owes a referral fee of $1000. You will want to change your agent’s commission to be less the referral fee, or $14,000. You can click the edit link in the red box below to change the agent’s gross commission.
Once you have insured the gross commission for your agent is correct, click the “Add Sides..” button.
Here you can select from 2 options: (In most cases the referral is not in the MLS)
If the referral is within your MLS, select “Add MLS CO/OP Agent”
If the referral is not within you MLS, select “Add NON-MLS CO/OP Agent”
Click “Side: REF”
Fill out the referral’s brokerage name/referral company name. Then click the “>>” button to populate the “Pay To” name.
If the referral is coming from a referral company and not an agent, select the “This contact is a business checkbox.” This will remove the need to enter a contact name.
If not a referral company, fill out the contact first name and last name. Then press the “>>” button. Click “Save” when finished.
Now you should be able to see the referral side of the contract. Select “Edit” to the right of the referral’s commission amount.
Enter the referring agent’s commission as either a % of sales price or $ amount. Then select update.
Now you should see the $15,000 in gross commission split into $14000 to the agent and $1000 to the referral.
You can now proceed to “Create Billing Items”.