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WIP - US: TSA - Rental Overview
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Transcript
Rentals / Leases
Complete Overview
START
Updated 10.02.2024 Internal Staff Use Only
Go To:
What is a Rental/Lease?
Click to enlarge
A Rental (also referred to as a "Lease") is an agreement where a payment is made by a tenant (lessee) for the use of a property owned by the landlord (lessor), over a fixed period of time. A Lease Agreement is signed to establish the roles and expectations of both the tenant and landlord.
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Initial review
SkySlope
Topics Covered:
- Document Verification
- Sale Price
- Full Lease Value (FLV)
- Commission Tab
- Lease Listings
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Document Verification
Initial Review: SkySlope
Look at all documents, these two in particular, while doing the Initial Review in SkySlope. You must verify the information within each document against the information entered into SkySlope.
Lease Invoice
Lease Agreement
A financial document that outlines the expected commission for the lease. This cannot be used in lieu of a traditional lease agreement.
Includes details about the lease including the monthly rental amount and lease terms (length of lease in months). The look and layout of these will vary per state.
What to look for:
- Representation type
- Landlord and tenant names
- Property address
- Commission due date
- Commission due
What to look for:
- Landlord and tenant names
- Property address
- Monthly rent amount
- Rent due date(s)
- Rental term (in months)
- Fully executed
See an example HERE >
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Go To:
Sale Price
Initial Review: SkySlope
Next, verify the SkySlope Sale Price🔎. Use the SkySlope file creation dates below as your guide on how to calculate the Sale Price.
July 1, 2024 and after
June 30, 2024 and prior
Sale Price:
- Expected Commission Amount
Sale Price:
- Full Lease Value (FLV)
- Must have a fully executed Lease Agreement uploaded to SkySlope
- No Lease Agreement? Sale Price is the expected commission amount.
What's the SkySlope file creation date?
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Go To:
Full Lease Value (FLV)
Initial Review: SkySlope
Below are some additional considerations when working with files created July 1, 2024 or after where the Sale Price should be the FLV.
Installments
Variable Leases
Calculate FLV
Use the Rental/Lease Calculator to calculate the FLV.
Use the Rental/Lease Calculator to calculate the FLV.
Use the Rental/Lease Calculator to calculate the FLV.
Initial Installment File:
- Sale Price: Combined FLV (see Variable Leases)
- Sale Price: expected commission amount
Calculate the FLV for all terms and then combine:
- Term 1: $2,000/mo x 12mo ($24,000)
- Term 2: $2,500/mo x 12 mo ($30,000)
- Term 3: $3,000/mp x 12 mo ($36,000)
- Sale Price = $90,000
You may also use this formula:
- Monthly rent x Rental Term (Months) = FLV
- $2,000/mo x 12mo = $24,000
- Sale Price in SkySlope: $24,000
Rental/lease calculator
NEXT
Go To:
Commission Tab
Initial Review: SkySlope
Confirm any referral details, commission splits, TC fees, and any Additional Commission Information entered by the agent on the file.
Remember: Expected commission must be entered as a flat amount under the Sale Commission on the Commission Tab in SkySlope.
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Go To:
Lease Listings
Initial Review: SkySlope
If you are working a Lease Listing file, you must confirm if there is a tenant's agent who will be paid through eXp. This may require confirmation from the listing agent.
If YES:
If NO:
- Add the listing + tenant side commission in the “Sale” commission field
- Obtain a W9 for the tenant agent's brokerage (2024 version, signed & dated)
- eXp will pay the tenant side amount due as an outside referral added to TRX
- Add the listing side commission only in the "Sale" commission field
If different eXp agents represent each side of the rental transaction (1 listing / 1 tenant), confirm that both agents have created their own SkySlope files. Reach out to your Lead/Manager to determine if it is appropriate to assign both files to the same TSA.
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Go To:
Initial review
TRX
Topics Covered:
- File Setup
- RRBPO Fee Chart
- Mentor Program/Personal Leases
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Go To:
File Setup
Initial Review: TRX
2. Add referrals, TCs, eXtend a Hand donations, or agent splits.
1. In the "Details" tab of TRX, select "Lease/Rental" in the menu.
CDAs are not sent on Rental/Lease transactions
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Go To:
RRBPO Fee Chart
Initial Review: TRX
Click to enlarge
Configure fees in the "Commission Breakdown" tab of TRX using the RRBPO fee chart here. Note for Rentals/Leases:
- Company Dollar: 20% or Capped Transaction Fee
- Transaction Review Fee/Risk Management Fee:
- only charged if commission is $1,000 or more
Be mindful of an agent's performance and capping status. It is best practice to review the Capping Dashboard during the Initial Review.
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Go To:
Mentor Program / Personal Leases
Initial Review: TRX
Below are some additional considerations for Rental files with the Mentor Program and Personal Leases.
Personal Leases:
Mentor Program:
There is NO limit on the number of personal leases allowed per year
- $75 company dollar
- Transaction Review/Risk Management fees are only charged if total commission is $1,000 or more. See more HERE >
Lease/Rental file types DO count toward the Mentor Program provided that:
- The transaction meets the minimum fee threshold of $250 toward the Mentor
- The transaction meets the minimum fee threshold of $250 toward the Program
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Go To:
settlement
SkySlope & TRX
Topics Covered:
- SkySlope file
- TRX file
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Go To:
Settling a Lease/Rental File
Settlement
Below is a list of items to review in order to settle a Lease/Rental transaction:
TRX
SkySlope
- Type of sale detail reads "Lease/Rental"
- Review the Capping Dashboard if close to capping
- All fees are calculated correctly using the RRBPO fee chart HERE >
- If Rental Listing, it has been confirmed if eXp is to pay the tenant's agent commission
- If applicable:
- Referrals are added
- TC fees are added
- Commission splits are added
- Legible and valid check copy is uploaded
- If electronic payment, review the DepositLink guide HERE >
- COE: Use check date
- Sale Price:
- June 30, 2024 and prior: check amount
- July 1, 2024 and after: Full Lease Value if Lease Agreement is present to verify
- Commission Amount: flat rate "sale" box
- SkySlope file is Broker Approved
- All documents in checklist are accepted
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Go To:
knowledge check
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Question 1 of 5
Knowledge Check
Which document lists monthly lease amount and length of lease?
Lease Terms
Lease Agreement
Lease Invoice
Go To:
Question 2 of 5
Knowledge Check
The SkySlope Sale Price = the Full Lease Value as of what date:
July 1, 2024 and after
June 30, 2024 and before
July 1, 2023 and after
Go To:
Question 3 of 5
Knowledge Check
What is the SkySlope Sale Price on this file?
Expected Commission: $250 SkySlope File Creation Date: May 22, 2024
Monthly Rent: $2,300 Rental Term: 12 months
$27,600
$250
$2,300
Go To:
Question 4 of 5
Knowledge Check
What is the SkySlope Sale Price on this file?
Expected Commission: $250 SkySlope File Creation Date: July 16, 2024
Monthly Rent: $1,800 Rental Term: 18 months
$32,400
$1,800
$400
Go To:
Question 5 of 5
Knowledge Check
The total number of allowable Personal Leases per year is:
Unlimited
gREAT job
Presented by:
Start Over
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
The SkySlope file creation date is June 30, 2024 or before, so the Sale Price in SkySlope = the expected commission. TIP: the SkySlope file creation date can be found in the SkySlope Log and TRX Details tab.
NEXT
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
ALL Rental/Lease files with a SkySlope creation date of July 1, 2024 and after should have a Sale Price = to the Full Lease Value. TIP: Full Lease Value is also called "FLV"
NEXT
Lease Agreements include details such as the monthly rental amount and lease terms (length of lease). TIP: remember that the look and layout of a Lease Agreement will vary per state.
NEXT
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
SkySlope File Creation Date
There are TWO ways to determine the SkySlope file creation date:
1. SYSLOPE LOG
- Verify the date on the first TXN entry where it says "New Transaction".
2. TRX DETAILS TAB
- Verify the "Date Entered" under the "Important Dates" section
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
An agent may take as many personal leases per year as they'd like. TIP: personal leases DO carry fees:
- Company Dollar: $75
- Document Review & Risk Management are only charged if commission is $1,000 or more
NEXT
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Check
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
Sorry, try again!
Sorry, try again!
Sorry, try again!
Overview
What is a Rental/Lease?
Initial Review: SkySlope
Document Verification
Sale Price
Calculate Full Lease Value (FLV)
Commission Tab
Lease Listings
Initial Review: TRX
TRX File Setup
RRBPO Fees
Mentor / Personal Leases
Settlement
SkySlope and TRX
Knowledge Checks
Question 1
Question 2
Question 3
Question 4
Question 5
Sorry, try again!
The SkySlope creation date is July 1, 2024 or after, so the Sale Price = the Full Lease Value: TIP: if there are multiple lease terms, or if you are ever in doubt, use the Rental/Lease Calculator.
$1,800/mo X 18mo = $32,400
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