If you owe money to your previous Brokerage (e.g. for deals you brought from your previous Brokerage), you will need to add them as a referral on your transaction. Keep reading for step-by-step instructions:
How to pay your previous Brokerage:
- Before starting, please ask your previous Brokerage to:
- Provide a copy of their W9; and
- Confirm the amount owed to the previous Brokerage. This can be done in a Listing Transfer Agreement provided by your previous Brokerage. If nothing is provided, ask them to sign a Referral Agreement that stipulates the amount owed to them.
- If you haven't already, make sure you enter your deal in reZEN or mark your listing under contract:
- Now that the deal is created, we need to add your Previous Brokerage as a Referral. Go to the Payment Participants section in reZEN and click Click + Adjust Commission (%) / splits.
- Click + Add Participant
- In the module that opens:
- Select External Participant as the type
- Select Referral as the role
- Type your previous brokerage name, EIN, and contact information.
- Attach a copy of the W9 for your previous Brokerage.
- Adjust the commission split for the referral, then click Update.
- For example, if you owe 25% to your previous Brokerage, enter 25% for them and 75% for you.
You should now see the payment to your previous Brokerage entered as a Referral on the deal.