The Award Allocations section is used to record the involvement and contribution of effort from different Agents in your office to a sale (or lease). Rex allows you to record this as a proportion (%) per Agent, with all the Agents involved in the sale making up a final total of '100%'.
- A single Agent lists and sells the property. In this case, that Agent would be rewarded the full 100%.
- Two Agents (one that lists the Property, another that sells the Property) split the allocated award: I.e. Listing Agent (60%), Selling Agent (40%) - OR sometimes Listing Agent (70%), Selling Agent (30%). (For further clarification, see the bottom of this article).
- Two Agents and a marketing Agent: I.e. Listing Agent (50%), Marketing Agent (10%), Selling Agent (40%)
If you don't believe this model applies to you:
- Try and split the award evenly between each Agent involved - this allows Rex to continue tracking basic KPIs (see below) - e.g. 50%:50% for two Agents or or 33.3%:33.3%:33.4% for 3 Agents.
- In Step 4, enter each Agent's individual payable commission in dollar figures (instead of as a percentage of commission contributed).
How to add awards:
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Click Add agent award allocation.
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In the Agent field use the drop-down to select the first Agent.
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Use the Listing/Selling drop-down to select how the Agent was involved in the sale.
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In the Award Allocation (% resp. for sale) field, enter the award allocation/commission contribution for the Agent. If only one Agent is involved in the sale, this number should be 100%.
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If another Agent was involved in the sale, click Add Agent and repeat the above steps using the appropriate values.
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Continue until you've allocated the full 100% of the responsibility for the sale. (Note: Rex won't let you save the Commission Worksheet until you've done so).
- Click Save Changes.
A concrete example
- John and Mary sell a Property together, bringing in a combined distributable commission of $10,000 (remember that distributable commission is gross commission after gst, referral fees and franchise fees have been removed).
Mary is the Listing Agent and John is the Selling Agent. In our example agency, the Listing Agent is seen to be responsible for more of the transaction than the Selling or Leasing Agent.- Mary - as the Listing Agent - is 'awarded' 60% of the sale based on the effort required to obtain the Listing, perform open homes and maintain an owner over an extended period of time. As such, you'd record an award rate of 60%. In effect, this means Mary is responible for bringing $6,000 of the $10,000 of commission to the Agency.
When we go to determine how much of the commission should be passed on to Mary in Step 4, we are working with how much money she actually brought into the office: $6,000.
- John - as the Selling Agent - is 'awarded' 40% of the sale based on the effort required to find a buyer and negotiate the final price of the Listing. Record an award rate of 40%. In effect, this means John is responsible for bringing $4,000 of the $10,000 of commission to the Agency.
When we go to determine how much of the commission should be passed on to John in Step 4, we should keep in mind the proportion of commission he is actually responsible for bringing into the office $4,000.
- Mary - as the Listing Agent - is 'awarded' 60% of the sale based on the effort required to obtain the Listing, perform open homes and maintain an owner over an extended period of time. As such, you'd record an award rate of 60%. In effect, this means Mary is responible for bringing $6,000 of the $10,000 of commission to the Agency.