Staged Commissions

• Staged Commission Payments can be used to record the amount of commission due prior to settlement, either in installments or in total. E.g.
  • The full commission may be able to be drawn if there is an early release of deposit under Section 27 (VIC)
  • The commission may be due in stages/installments for off-the-plan, project, development sales at various construction milestones
• Stage commission payments are entered on the Offers/Contracts tab under the 'Commission Payment Schedule' section. 
• Stage payments can be entered as a percentage proportion of the total gross commission due – e.g. 50%, 100% etc OR as a flat figure e.g. $10,000.
• If the total gross commission defined for the sale is inclusive of GST, the value of all stage payments will also be inclusive of GST. If the total gross commission defined for the sale is exclusive of GST, the value of all stage payments will also be exclusive of GST.
• In order to add stages, the Contract must have a current status of Unconditional.
• The User must have full edit access to the listing and permission to edit listing statuses.
• Stage payments must be between the unconditional date and settlement date.
• All stages must be marked paid prior to settlement. A sale cannot be settled until all outstanding stages are marked paid or else deleted.
• A sale cannot be fallen over until all outstanding stages are deleted.
• If the total value of all stages entered is less than the total amount of gross commission due, the system will assume the remainder will be paid on the settlement date.
• The total gross commission defined for a sale cannot be less than the total value of stage payments defined.
• Paid commission stages are included in the Agent Net Commission Payment Report (if you have the Debit & Credit Commission Module) and are proportional to their listing split and agent/office split.

2. Search for your Property and open the property card and select the Agents & Contacts Tab.

3. Ensure the Listing Agent, Selling Agent and any Referral Agents are added to the Agents and Contacts tab on the property card.

4. Ensure all the property sale details e.g. Sale price and commission fee or % have been added to the Offers/Contracts Tab.
 

5. Under Commission Payment Schedule tick the tick box Commission to be paid prior to settlement (in part or in full).

6. Click

7. Add Commission Stages.

1. Status - Pending, Invoiced or Paid/Received.
2. Due Date.
3. Stage - Under Contract, Unconditional, Settlement or Other (if other you can specify).
4. Amount Due - % or flat fee.

8. Repeat step 6 until all staged have been entered. If you need to edit the stage, simply click on the relevant stage and update status, date and amount as applicable 

9. Add any commission fee's to the commission tab then select Save & Proceed to Specify commission split details at each stage - Refer to Commission for a more detailed look at entering commission splits.

10. Click Finish to complete and Print Commission to print a report for the agents.

Useful Facts
- In order to add stages, the contract must have a current status of unconditional.

- Stage payments must be between the unconditional date and settlement date.

- All stages must be marked paid prior to settlement. A sale cannot be settled until all outstanding stages are marked paid or are deleted.

- A sale cannot be fallen over until all outstanding stages are deleted.

- If the total value of all stages entered is less than the total amount of gross commission due, the system will assume the remainder will be paid on the settlement date.

- The total gross commission defined for a sale cannot be less than the total value of stage payments define.

FAQs

Q: What happens if my staged payment doesn't equal the total commission value?

A: The balance will be allocated as 'Due on Settlement'

Q: How can I edit a staged payment?

A; Simply click on the status and a popup will appear for you to update the staged payment 

Q: Can I delete a staged payment? 

A: Once a stage payment record has been used as part of the submission of at least one Agent Net Commission Payment Report, that stage payment record will be locked and cannot be edited or deleted. however, if this has not been completed you can simply click the icon to delete.