WIP - US: TSA - Rental Overview
Amy Lemnah
Created on October 1, 2024
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Transcript
Updated 10.02.2024 Internal Staff Use Only
START
Complete Overview
Rentals / Leases
Go To:
Click to enlarge
What is a Rental/Lease?
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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Go To:
SkySlope
- Document Verification
- Sale Price
- Full Lease Value (FLV)
- Commission Tab
- Lease Listings
Topics Covered:
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Initial review
Go To:
See an example HERE >
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
Lease Invoice
What to look for:
- Landlord and tenant names
- Property address
- Monthly rent amount
- Rent due date(s)
- Rental term (in months)
- Fully executed
Lease Agreement
Initial Review: SkySlope
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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.
Document Verification
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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?
July 1, 2024 and after
Sale Price:
- Expected Commission Amount
June 30, 2024 and prior
Initial Review: SkySlope
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Next, verify the SkySlope Sale Priceš. Use the SkySlope file creation dates below as your guide on how to calculate the Sale Price.
Sale Price
Go To:
Rental/lease calculator
Initial Installment File:
- Sale Price: Combined FLV (see Variable Leases)
- Sale Price: expected commission amount
Use the Rental/Lease Calculator to calculate the FLV.
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
Installments
Use the Rental/Lease Calculator to calculate the FLV.
Variable Leases
Use the Rental/Lease Calculator to calculate the FLV.
Calculate FLV
Initial Review: SkySlope
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Below are some additional considerations when working with files created July 1, 2024 or after where the Sale Price should be the FLV.
Full Lease Value (FLV)
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Confirm any referral details, commission splits, TC fees, and any Additional Commission Information entered by the agent on the file.
Initial Review: SkySlope
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Remember: Expected commission must be entered as a flat amount under the Sale Commission on the Commission Tab in SkySlope.
Commission Tab
Go To:
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.
- Add the listing side commission only in the "Sale" commission field
If NO:
- Add the listing + tenant side commission in the āSaleā 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
If YES:
Initial Review: SkySlope
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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.
Lease Listings
Go To:
TRX
- File Setup
- RRBPO Fee Chart
- Mentor Program/Personal Leases
Topics Covered:
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Initial review
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CDAs are not sent on Rental/Lease transactions
2. Add referrals, TCs, eXtend a Hand donations, or agent splits.
1. In the "Details" tab of TRX, select "Lease/Rental" in the menu.
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Initial Review: TRX
File Setup
Go To:
- 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.
Configure fees in the "Commission Breakdown" tab of TRX using the RRBPO fee chart here. Note for Rentals/Leases:
Click to enlarge
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Initial Review: TRX
RRBPO Fee Chart
Go To:
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
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 >
Personal Leases:
Initial Review: TRX
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Below are some additional considerations for Rental files with the Mentor Program and Personal Leases.
Mentor Program / Personal Leases
Go To:
SkySlope & TRX
- SkySlope file
- TRX file
Topics Covered:
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settlement
Go To:
- 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
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
TRX
Settlement
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Below is a list of items to review in order to settle a Lease/Rental transaction:
Settling a Lease/Rental File
Go To:
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knowledge check
Knowledge Check
Question 1 of 5
Which document lists monthly lease amount and length of lease?
Go To:
Lease Invoice
Lease Agreement
Lease Terms
Knowledge Check
Question 2 of 5
The SkySlope Sale Price = the Full Lease Value as of what date:
Go To:
July 1, 2023 and after
July 1, 2024 and after
June 30, 2024 and before
Knowledge Check
Question 3 of 5
Expected Commission: $250 SkySlope File Creation Date: May 22, 2024
Monthly Rent: $2,300 Rental Term: 12 months
What is the SkySlope Sale Price on this file?
Go To:
$2,300
$250
$27,600
Expected Commission: $250 SkySlope File Creation Date: July 16, 2024
Monthly Rent: $1,800 Rental Term: 18 months
What is the SkySlope Sale Price on this file?
Knowledge Check
Question 4 of 5
Go To:
$400
$32,400
$1,800
Knowledge Check
Question 5 of 5
The total number of allowable Personal Leases per year is:
Go To:
Unlimited
Presented by:
Start Over
gREAT job
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
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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.
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
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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"
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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.
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
2. TRX DETAILS TAB
- Verify the "Date Entered" under the "Important Dates" section
1. SYSLOPE LOG
- Verify the date on the first TXN entry where it says "New Transaction".
SkySlope File Creation Date
There are TWO ways to determine the SkySlope file creation date:
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
- Company Dollar: $75
- Document Review & Risk Management are only charged if commission is $1,000 or more
NEXT
An agent may take as many personal leases per year as they'd like. TIP: personal leases DO carry fees:
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Check
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
Sorry, try again!
Sorry, try again!
Sorry, try again!
Question 5
Question 4
Question 3
Question 2
Question 1
Knowledge Checks
SkySlope and TRX
Overview
Settlement
Mentor / Personal Leases
RRBPO Fees
TRX File Setup
Initial Review: TRX
Lease Listings
Document Verification
Commission Tab
What is a Rental/Lease?
Calculate Full Lease Value (FLV)
Initial Review: SkySlope
Sale Price
Sorry, try again!
$1,800/mo X 18mo = $32,400
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