Constellation1 Commissions supports the ability to manage, track and pay commission for referrals received. This article highlights the simple process of entering a transaction where your brokerage is receiving a referral.
We recommend that you enter as a Buying side transaction. This allows you to attach the Referring Brokerage as the Selling Brokerage to generate any applicable letters you should require.
All data must be completed as usual with the following exceptions:
On the Main tab, select ” R: Referral” from the Transaction Type drop down
On the Commission tab:
- Select a commission rule that gives 0% to the Selling side, and any percentage on the Buying side that will be overwritten
- Override the Gross Commission to the gross amount of the referral you are receiving; excluding taxes if applicable
- Select/enter the brokerage that is paying the referral as the Selling side of the Referral Transaction
- Enter your brokerage and agent(s) on the Buying side only
- Save the transaction and process as usual