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What is the FMLS Rebate Sharing Program?
As you're aware, the FMLS in Georgia has a fee that they take on every closed transaction that was listed with them, of which a portion is then rebated back to the brokerage to help with operating expenses. In the spirit of Real sharing our revenue with our agents, we want to allocate a third of this rebate back to you. We will reconcile all fees paid by agents along with the rebate received back to the brokerage, and then share a portion of this with you two times per year.
How is the rebate divided among agents?
We will calculate what percent of all FMLS fees paid were paid by each agent, and then apply that percentage to the portion we are allocating for our agents, which is a third of the total rebate.
When is the rebate paid to agents?
Rebates are paid to agents in February and in August, to ensure we have enough time to receive all rebates for the previous 6 months, process all transactions, and calculate the appropriate amount for each agent. Exact payment timeline and method to be determined as we get close to the first payout in February 2024.