MLS/Transaction Fee Rules

Setup / MLS/Transaction Fee Rules

This allows Brokerages to attach a separate “off the top” fee above and beyond the commission plan on a per transaction basis.

  • This Fee is attached to a Commission Rule (Commercial or Residential)
  • The MLS/Transaction Fee is the first deduction taken off the top from the gross commission
  • The MLS/Transaction Fee is calculated on a base amount that can consist of a percentage of the property’s sale price and/or a flat fee amount
  • This Fee is subject to applicable taxes
  • This Fee will be displayed on all versions of the Transaction Record Sheet

MLS/Transaction Fee Rules

Assign the rule a label (to distinguish it from any other MLS/Transaction Fee Rule entered) and enter a additional information in the description field.

Up To $

There are (4) four tiers/levels of an MLS/Transaction Fee Rule that can be used based on the sale price of the transaction.  This field holds the top sale price before moving to the next level for the calculation of the MLS/Transaction Fee.  For each tier/level you can enter a percentage based on the sale price of the property and/or a flat fee for both the selling and/or buying ends.

If your Brokerage has additional base amounts for calculating the commissions based on the sale price, you would enter them accordingly on the Up to $ fields.

In the Selling portion of the screen, enter the Percentage and/or Flat Amount.  We support up to four decimal places for the percentage ex. 1.3478

In the Buying portion of the screen, enter the Percentage and/or Flat Amount.

Minimum – enter a minimum amount for the selling and/or buying side of the MLS/Transaction Fee

Maximum – enter a maximum amount for the selling and/or buying side of the MLS/Transaction Fee

By placing a check to the right of the “information icon”,  the agent will automatically receive the amount that is over the Maximum amount configured.

The Enable Discounts panel allows users to configure a Discount that is applied to the MLS/Transaction Fee. The Discount rate will be calculated using the MLS Fee Invoice Received Date and the Estimated Processed Date entered on the Dates panel on the Custom Tab on Transaction.

Simply complete the information as described below for both Selling and Buying Discount sections:

Amount – Enter the flat amount of the discount

Percent – Enter the percent of the discount

Term Days – Enter the number of days in which the discount would be calculated.

Select Save icon to save your new MLS/Transaction Fee Rule.

Editing/Deleting an MLS/Transaction Fee Rule

If you wish to modify an MLS/Transaction Fee, select this option from Setup. Highlight MLS/Transaction Fee Rule and select the Edit icon. Make the desired changes and select Save icon.

To delete a Rule, highlight the Rule and select Delete icon. The warning screen will pop up to confirm your decision. Select OK to proceed or Cancel if you have changed your mind.

Once created, attach the MLS/Transaction Fee Rule to the Commercial or Residential Commission Rule as required.

MLS/Transaction Fees can always be overwritten at the transaction level.

General Ledger Accounts Affected when using the MLS/Transaction Fee Rule

MLS/Transaction Fee Expense Account

  • This account is used to track the MLS/Transaction Fee deducted from the gross commission.
  • Brokerages can set up just one MLS/Transaction Fee “clearing” account to post both MLS/Transaction fee expenses incurred and MLS/Transaction Fees recovered. Alternatively, Brokerages may want to post this income to a Commission or MLS/Transaction Fee income account to give a more accurate view from a Profit and Loss stand-point.

MLS/Transaction Fee Recovered Account

  • This account is used to track the MLS/Transaction Fee recovered from commission.
  • Brokerages can set up just one MLS/Transaction Fee “clearing” account to post both MLS/Transaction fee expenses incurred and MLS/Transaction Fees recovered. Alternatively, Brokerages may want to post this income to a Commission or MLS/Transaction Fee income account to give a more accurate view from a Profit and Loss stand-point.

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