Creating and getting paid for a lease transaction is super simple! It is very similar to a sale transaction, but there are a few key differences to keep in mind. Follow the steps below to create and get paid for a lease transaction.
If you are representing the landlord, be sure to enter the lease listing first, then go to Step 2. You can find instructions to do so here: How to Enter a Lease Listing
Step 1: Create the transaction by going to My Transactions and clicking Create Transaction.
Step 2: Enter the property address, year built, and MLS number (if applicable) and click Next.
Step 3: Enter the Transaction Type, Price, and Commission. Be sure to select “Lease” as the Deal Type. If you are representing both the Landlord and the Tenant, make sure you select Dual as the Representation Type. You will not be able to change this once the transaction is entered. Then click Next.
PRO TIP: If your commission amount exceeds 1 month’s rent, enter the price for the entire term of the lease rather than the monthly rent as the Lease Price. reZEN will not allow you to add a commission amount that exceeds the lease price
Example: Brittany is representing the landlord for a lease transaction. The lease is for 1 year and the monthly rent is $3800. Brittany and the Landlord agree that the listing commission for this unit will be $5000 which exceeds the monthly rent. Instead of entering $3800 as the lease price, Brittany will enter $45,600, the price for the entire term of the lease.
Step 4: Enter the information for the landlord and the tenant. Be sure to designate whether each is a person or a company. Then click Next.
Step 5: Select whether the other side is represented. If they are, be sure to add their information here. Then click Next.
Step 6: On pages 6 - 9, you will select whether you owe any referrals, enter the referral agent(s), and adjust the splits. If you miss this now, don’t worry, you can always add any referrals, fees, or rebates later.
Step 7: Choose who should receive the invoice for this transaction. For lease transactions, in most cases, this is either the landlord (Seller) or the tenant (Buyer.) Then click Next.
Step 8: Review the information you entered and make any corrections. Don’t worry, you can always go back and fix any mistakes later. If everything is correct, click Create.
That’s it - you’ve successfully entered your lease transaction! Now, you can follow the standard steps to upload your paperwork for a compliance review, approve your commission calculation and send the invoice, and transfer commission funds to Real.
Step 2: Upload Transaction Documents
Step 3: Calculate & Approve Commission
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