Inside RealtyBackOffice, you can create customized Compensation Plans and enter the Commission Splits the company charges the agents.
RealtyBackOffice’s compensation plan settings allow you to fine-tune your compensation plan so that no matter the scenario, RBO will calculate the company commission split accordingly. With this, we can also allow you and your Agents to forecast commissions based on Active and Pending transactions.
Please note that RealtyBackOffice does not provide any Compensation Plans for Agents. The Admin can create and customize as many as your company needs. Note that you can only assign one compensation plan to an agent.
This video will show you how to create or edit your Compensation plans.
To start creating compensation plans, go to Menu > Settings > Admin App Settings > Company/Office Settings > Compensation Plans for Agents > click on Add Plan at the top right corner.
Add a name to your compensation plan; if you want, you can also add a description. After adding the information, click Save to create the Compensation Plan.
After creating the compensation plan, you need to Add the commission information. To do so, hover over the compensation plan, go to the three dots on the right side and click on Edit Plan. Once inside, go to the scroll-down menu and select the Transaction Type. In the columns below, set up the company commission for the specific transaction type.
RealtyBackOffice provides five ways a brokerage can make monies: Company Commission, Company Transaction Fee (or processing fee), Company Errors and Omissions Fee, Company Franchise Fee, and Company Other Fee.
You will want to add values for the company commission, for all the potential income types, and for the roles, an Agent can have in a transaction.
To the right of the company portion of the commission field, you can select the amount type to be; Flat Fee, % of Commission, or % of Total Commission.
% of Total Commission only applies when you collect additional fees in a transaction, such as a transaction fee charged to the buyer or seller or an MLS fee charged to the buyer’s agent. And you want the Company Commission to come out of this total.
We do not recommend adding commissions for Pre-Offer or Pre-Listing roles, as you are not under contract and do not know if you will get paid.
After adding all the information, click Save to save the changes. Remember that you need to do this for each Transaction Type in the drop-down menu and one at a time.
Once you have the Compensation Plans, associate them with the Agent User profile. To do so, go to Menu > Users> select a User and in the user profile, go to the middle panel, then go to Details > Agent Compensation Plan, and choose the plan you want to assign to that agent. Then click on “Update User Profile” at the bottom of that section.
After associating the plan with the Agent Profile, the system will apply the Compensation Plan moving forward when the agent creates a new transaction.
If you have any questions, please email us at support@realtybackoffice.com or call us at (305) 517-3836.
