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Inventory Center - Manage Realtor (Broker) Commissions

Inventory Center - Manage Realtor (Broker) Commissions

In this article:

About Realtor Commissions

If you have realtors (brokers) loaded into the Realtor database in the Sales Center, Lasso gives you the option to assign realtors to units, and enter the details of their commissions and bonuses if applicable. Once the realtor is assigned and commission entered, you can also record commission payments and override commissions when necessary. Commission based on a percentage is calculated on Total Sales Revenue.

Realtor commission functionality includes options to pay on the following:

  • Contract Status – Firm, Closed, or both
  • Fixed dollar amount or percentage
  • Split payment divided between the first $100,000 and the balance
  • Bonus if applicable

Assign Realtor to Unit

Note: In order to assign a realtor to an inventory unit, they must already be in the Realtor database in the Sales Center.

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Click on Contract.

4 – Click on Assign Outside Realtor.

5 – Begin to type the first few letters of realtor’s first or last name in the space beside Outside Realtor. As you type, names containing the letters you are typing will appear in a dropdown list.

6 – Select the appropriate realtor from the list. The name will move to the section on the right containing commission details.

7 – Complete the remaining information on the realtor’s commission:

  • Bonus – If applicable, enter the dollar amount of bonus.
  • Payment Type – Select Fixed for a dollar amount or select Percent for a percentage. The commission calculation is based on the Total Sales Revenue in Lasso.
  • Payment Setup – Select Single if the commission is to be applied directly to the sale price or Split if the payments will be different for the first $100,000 than the balance.
  • Payment Terms – Enter the percentage of commission the Outside Realtor will receive when the sale is Firm and at Completion.
  • Commission Taxes – If applicable, enter the percentage of taxes that should be applied to the commission.
  • Assigned - Select the date of assignment if it is different from the current one.

8 – Click Save.

The realtor will be listed in the Outside Realtors section of the inventory profile.

Record Realtor Commission Payment

1 – In the Inventory Center, hover over Outside Realtor to Commissions to Payments and select Make Payments.

2 – Under Payment Setup, select the realtor.

3 – A list of Payments that are owing to the selected realtor will come up. Check the box(es) beside the unit(s) for which you would like to record payment(s). The payments will automatically populate the Commission Payments, Bonus Payments, and Total Payments fields.

4 – Enter the amount of the total Commission Payment in the Check Sum field.

Note: The amount you enter must match the amount in the Total Commission field in the Total Payments column on the right.

5 – Under Record Payment, select the Payment Date if different from the current one.
6 – Select a Check Number from the dropdown list or enter a number in the New field.

Note: Check numbers that are entered and saved will appear in the dropdown.

7 – Enter Comments in the space provided if desired and Save.

Warning: Once a commission payment is recorded, it cannot be edited or deleted.

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The Commission Payment(s) will be listed on the Outside Realtor Commission Payments page as well as in the Outside Realtor Payment Schedule.

Override Realtor Commission

Note: Overriding a realtor commission will remove any existing commission for the selected realtor and unit.

1 – In the Inventory Center, hover over Outside Realtor to Commissions to Overrides and select Add Override.

 2 – Select the realtor in the Outside Realtors field.

3 – Beside Inventory, select an inventory unit from the dropdown.

4 – Select the dollar Amount or Percentage of the Override.

5 – Enter a Reason for the Override in the space provided.

6 – Select an Override Date if different from the current one and Save

Note: Saving the override will remove existing commission  for the selected realtor and unit.

The Override will be listed on the Commission Overrides page.

Update/Edit Realtor Details

Note: Realtors must be added to the Realtor database in the Sales Center before they can be assigned to a unit but you can edit basic details such as email and phone number in the Inventory Center on an as-needed basis.

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Click on the name of the realtor in the Outside Realtors section.

4 – The realtor’s information will appear in a pop-up window. Click on Edit.

5 – Update the information as desired and Save.

Unassign Realtor from Unit

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Click on Contract.

4 – Click on the realtor’s name in the Outside Realtor section.

5 – Click on Unassign.

6 – You will be asked if you’re sure you want to unassign the realtor. Click OK.

The realtor will be removed from the unit and associated reporting.

Update/Edit Realtor Commission Details

1 – In the Inventory Center, click on the appropriate Component tab, if applicable. You won't see Component tabs if there is only one.
2 – Click on the unit in the Inventory List.

3 – Click on Contract.

4 – Click on the realtor’s name in the Outside Realtor section.

5 – Update the commission details by selecting and/or entering the information as needed and Save.

Update/Edit Realtor Commission Override

1 – In the Inventory Center, hover over Outside Realtor to Commissions and select Overrides.

2 – Under Commission Overrides, click on the realtor's name.

3 – Update the details as needed and Save.

Delete Realtor Commission Override

1 – In the Inventory Center, hover over Outside Realtor to Commissions and select Overrides.

2 – Under Commission Overrides, click on the realtor's name.

3 – Click on Delete.

4 – A message will come up asking if you’re sure you want to delete the override. Click OK.

The commission override will be removed from the project.