Back Office supports the ability to manage, track and pay/receive referrals. This article highlights the simple process of entering transactions where your brokerage is receiving a referral.
Enter a transaction in the usual way (refer to “Entering Transactions”) with the following exceptions:
On the Main tab, in the Trans. Type field, select ‘R’ for Referral.
On the Commission tab:
- Select a commission rule that gives 0% to the Selling side.
- Manually override the commission amount to be the gross amount of the referral you are receiving
- Enter the brokerage that is paying your brokerage the referral on the Selling side of the Referral Transaction
- Enter your brokerage and agent(s) on the Buying side only.