Commission plans

Overview

Brokermint takes the stress out of team-based commission tracking. We provide an intuitive and easy-to-use functionality for simplifying the real estate commission structure and making it (really) manageable.

Getting Started with Commission Plans

The lifecycle of a commission plan is simple: you create it, set commission templates, and assign these templates to users.

Adding a commission plan

Create a commission plan by going to the Commission plans page and clicking the Add plan button. Enter a name for your plan and click Add

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Configuring a commission plan

Once added, you must configure the split and add pre-split or post-split deductions. When you have a plan selected, click split under the Paid by agent section. In a split window, enter either % or flat fee – an amount that the company pays to the agent. 

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Simple Split Commissions: Video Tutorial

 

If you have a complex commission structure, click the simple calculation link and select sliding scale. This option lets you select a base for your sliding scale, and then select a period. Add all tiers, enter splits, and once finished click Save.

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Adding pre-split and post-split deductions

On the same Paid by agent section, click add and select the needed option:

  • Pre-split is something that you deduct before the split, examples include business tag, state or city taxes, or company Franchise/Royalty Fees
  • Post-split is deducted from agent's commissions, for example, E&O fee, transaction fee, etc

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Adding Deductions to Commissions: Video Tutorial

You can customize and duplicate your templates or build new plans from scratch.

Assigning a commission plan

From the Users page, select the needed profile and click add plans under the Commission plans tab. On the opened window, select one or multiple needed plans and click Save.

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Commission caps

Commissions will only cap based on closed transactions. After an agent reaches cap, any remaining pending deals should be manually recalculated. You can do it by opening any deduction and clicking Save.

When agent is capped, pending deals will not be automatically updated.

When an agent closes a transaction, the platform automatically finalizes commissions and pulls them to the agent's cap. If there are any changes done to commissions within an already closed transaction, they become unfinalized commissions. This way, even when the deal is closed, the system no longer counts toward an agent's cap, until commissions are finalized.
If you edit finalized commissions, their status will become draft.
If an agent is near cap, and has several pending deals, every deal will be calculating the commissions based on the current closed transactions (with finalized commissions). For each deal, the user must manually recalculate the commissions to update, as stated at the bottom of this section.

Buyer/Seller Transaction Fees: Video Tutorial

 

 

Special Commission Scenarios: Video Tutorial

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