Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

head_left_image

To play well together you both must know the rules! Part 4

Here is a link back to Part 3 in case you missed it!

Article 3

The following clause documents where the Buyer Associate gets initial support

Buyer Associate understands that the primary point of contact for ALL questions regarding residential real estate transactions is DAD or whoever is designated by the Rainmaker Team Leaders as the primary point of contact should DAD be unavailable.

The following clause documents that the Buyer Associate understands how we do business, and what is expected for an initial meeting with a Buyer.

Buyer Associate agrees that initial face-to-face meeting with Buyer(s) shall be at a Keller Williams Realty Professional Partners' or other suitable office location as determined by Rainmaker Team Leaders or DAD.

Buyer Associate agrees Agenda for initial meeting with Buyer(s) will include:

  • Review and signing of Agency Disclosure and current Buyer Advisory
  • Review and signing of Buyer Broker Agreement that stipulates "a minimum of x% of Full Purchase Price" as compensation to The Marriott Group at Keller Williams Realty Professional Partners
  • Completion of Buyer Interview including all property criteria
  • Receipt of LSR from Buyer, or receipt of contact information for Buyer's Lender or call Lender specified by Rainmaker Team Leaders and put Buyer on the phone with Lender
  • Copy of Buyer(s) Driver's License(s) and documents above to be faxed to Transaction Manager

The following clause ensures the offer is reviewed for completeness and sccuracy prior to being presented to the Seller.

Buyer Associates, who represent Buyers, agree to discuss any offer(s) with DAD and submit the proposed offer(s) to DAD for review PRIOR to forwarding to the Listing Agent.

The following clause clarifies the expectations of how a Buyer Associate should deal with time "conflicts".

Buyer Associate agrees to notify DAD immediately (or other Buyer Associate if DAD is unavailable) of any situation where two or more leads, prospects, clients or customers are requesting appointments for the same time slot.  Buyer Associate agrees to make such arrangements as necessary with DAD or Buyer Associate to ensure all leads, prospects, clients or customers are accommodated.  In the event that DAD and other Buyer Associates are unavailable, Buyer Associate shall contact Broker for guidance.

The following clause makes it clear that ALL listings are entered in the MLS under the Rainmaker Teamleader's ID, and that the Buyer Associate will receive a referral fee if the listing originates from the Buyer Associate's Sphere of Influence

All listings, regardless of source, will be listed by the Rainmaker Team Leaders.  A xx% Listing Referral fee will be paid for new listings generated by Buyer Associate from their personal sphere of influence, paid at close of escrow.  Buyer Associate understands that new business generated by referrals from current or former clients of The Marriott Group with whom Buyer Associate has worked or is working are deemed to be clients of The Marriott Group, and are not considered part of the Buyer Associates' personal sphere of influence.  All Listing Transactions will be handled by Tony and Suzanne Marriott (Rainmaker Team Leaders).  A xx% Buyer Referral fee will be paid for Buyer referrals generated by Rainmaker Team Leaders from their personal sphere of influence, the commission split will apply to the balance after referral fee.

The following clauses document how commissions are split - a key element in all Buyer Associate agreements.

Money 

It is agreed under the terms and conditions of the contract between Rainmaker Team Leaders and Keller Williams Realty Professional Partners that 100% of commissions earned are to be assigned to Rainmaker Team Leaders. 

Commission splits per the Commission Matrix below will apply to all commissions from Buyer transactions involving a Buyer Associate based on the commission per MLS or Builder (if new construction) even if the buyer is from a Buyer Associate contact/personal sphere of influence.  Commission splits are based on annual GCI, and revert annually to the XX/XX split on the Buyer Associate's anniversary date.  Buyer Associate is responsible for all transaction related fees assessed by Keller Williams.

Annual GCI earned by Buyer Associate

Buyer Associate / Rainmaker Team Leader

$0 - $25,000

XX/XX

$25,001 - $50,000

70/30

$50,001 - $100,000

XX/XX

$100,001 - and up

XX/XX

Any reduction in commission to close a transaction that has been approved by Rainmaker Team Leaders, including, but not limited to, repairs, appraisal problems, home warranties, etc. will come off the top of the commission before split is made to Rainmaker Team Leaders and Buyer Associate.  The commissions and fees for services rendered in the sale, rental, trade, or lease of real estate shall be those determined by the Rainmaker Team Leaders in conjunction with the broker.  Buyer Associate understands that the splits are based on the Market Center stipulation that Rainmaker Teams are not permitted to offer a better split to a Buyer Associate than that offered directly by the Market Center if the Buyer Associate were not a member of a Rainmaker Team.

Having something to refer to - particularly about money - is essential for a long term association!

Money

Here is a link to Part 5

About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty

Comments

You run the office we like run our home.  Always check with DAD. J

Mele Kalikimaka  (Merry Christmas in Hawaiian)

Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 12 years ago
Absolutely - however - in this case I'm not DAD - that honor rests with Rich Pieropan!
Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 12 years ago
Tony - A truly excellent series on this agreement which I know went through many drafts and revisions, edits from several brokers, and has passed the legal counsel "test"!  Wonder if anyone else out there has some ideas to contribute that would enhance it even more?
Posted by Suzanne Marriott, Associate Broker, CLHMS, e-PRO (Keller Williams Arizona Realty) over 12 years ago

Tony,

 Agents sometimes don't realize all that is involved in drafting and finalizing these types of agreements. Would all the effort that goes into developing them, you would think that more people would read them!

 

Maybe this is a start.

Posted by Rich Pieropan (Richard Pieropan PLLC) about 12 years ago

Rich Pieropan I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain!   

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - try this one - Peacocks and Pickles for Christmas 2015!  Wishing you a prosperous and Happy New Year!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Enjoyed this post and want to read more - visit our website  - HavenExpress.com - where all your questions about buying and selling residential real estate in Arizona are addressed!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) over 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

Planning to sell your home in Scottsdale, Arizona?  Give us a call for a free, no obligation, consultation!  Haven Express

Listed, Sold and Closed 100% of listings taken (dozens of them) since June 2011!

Real Estate.  It's What We Do. Best!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (BVO Luxury Group @ Keller Williams Arizona Realty) almost 3 years ago

This blog does not allow anonymous comments