Overview: How to coordinate your Lease - US

Congratulations on your Lease!

Leases are similar to full residential transactions, but there are a few key differences.

Follow this step-by-step guide to learn how to coordinate and get paid for a Lease transaction with Real:

1. Set up the Lease in reZEN
2. Upload documents to the Checklist, approve the Commission Calculation, and get Broker Approval
3. Send the Invoice to the Landlord or Tenant
4. Send Commission Deposit payment to Real
5. Upload Proof of Payment
6. Confirm the transaction has been closed out and receive your Outgoing Payment
    

Step 1: Set Up the Lease in reZEN

It's easy to set up a Lease! 

• If you are the Buyer Agent representing the Renter/Tenant:
  • Set up a Lease Transaction in reZEN
    • How to Create a Lease Transaction
• If you are the Seller Agent representing the Landlord:
  • Set up the Lease Listing in reZEN
  • Then mark it Under Contract to create the Transaction
    • How to Create a Lease Listing

Step 2: Upload your Lease documents to the Checklist, approve the Commission Calculation, and get Broker Approval

After your transaction is set up in reZEN, follow the steps to upload the transaction documents to the Checklist, approve your Commission Calculation, and get Broker Approval. 

To learn more about each step, click on these links for videos and step-by-step guides:

1. Upload Transaction Documents
2. Approve Commission Calculation
3. Get Broker Approval
    

Step 3: Send the Invoice to the Landlord or Tenant

Once your Lease transaction is approved, reZEN will generate an Invoice for you.

• You can send the Invoice to the Commission Payer through reZEN
• Or you can download the Invoice and send it to the Landlord or tenant directly

To send the Invoice to the Commission Payer through reZEN:

1. First, check to make sure you set up the Landlord or the Tenant as the Commission Payer:
   • Go to the Details tab in your transaction in reZEN
   • Locate the Commission Payer information on the right side of the Details tab and make sure there is an email address listed
     
     
      
   • If the correct Commission Payer is listed:
     • Move to the next step and click on the "Send Commission Document" button
   • If you do not have a Commission Payer set up in reZEN:
     • Go to the Details tab in your transaction in reZEN
     • Click on the Change button in the Commission Payer box
       
     • Select either the Landlord's or Tenant's name in the pop-up box
     • Then click the Save button
     • Make sure the email address is listed for the Commission Payer
2. Then click the "Send Commission Document" button to send the Invoice to the Commission Payer. Once you click this button, the Invoice will be emailed to them automatically!
   
   

You can also download the Invoice and send it directly:

1. To download the Invoice, click on the View Invoices button in your transaction in reZEN:
   
   
2. Then click on the Download button to download the Invoice to your computer. You can then email it directly to the Commission Payer:
    

Step 4: Send Commission Deposit payment to Real

After you have sent the Invoice, it's time to send the Commission Deposit to Real.

There are 5 ways to send payment to Real  - click on the links below for full details:

1. If the Landlord or Tenant has the Check, You can send a Deposit Link to the Landlord or Tenant to pay the Invoice
2. If you have the Check, You can use Real Deposits to upload the Commission Deposit to your transaction in reZEN
3. Wire Funds to Real
4. Deposit at Chase Bank
5. Mail the Paper Check to Real 

One of the best ways to get the funds sent to Real is by sending a Deposit Link to the Landlord/Tenant to pay the Invoice:

• The Landlord or Tenant can easily take a photo of the front and back of their check to deposit funds directly to your transaction in reZEN
• This is one of the fastest ways to get funds to Real, and will help get your transaction closed faster!
• Click here for full instructions: How to send an External deposit link
   
  1. Go to your Lease Transaction in reZEN and click on the Deposits tab
  2. Then click on the Get External Commission Deposit link 
      
      
  3. This will open up a module with a unique link and instructions. Copy the external payment link in reZEN and send it to the Landlord or Tenant to pay the Invoice
  4. When your Landlord or Tenant opens the payment link, they will be asked to fill out some information, including: their name (depositor's full name) and contact information, closing date, the check amount, and images of the check.  
  5. The Commission Payer will then be able to upload a photo of a check and deposit the funds electronically to pay the Invoice to Real for the Commission Deposit. Once they submit a photo of their check, Real will receive the funds electronically.
  6. If you would like to monitor the Commission Deposit, to make sure it is received and confirmed, click here for more information: How do I know that my check was successfully deposited?
      

Step 5: Upload Proof of Payment

Once your Commission Payment has been sent to Real, please upload a copy of the Proof of Payment to your transaction in reZEN.

If you do not have a copy of the check or wiring confirmation, please contact your Commission Payer and ask them for a copy.

This will help you get paid faster! 

1. Go to your transaction in reZEN
2. Click on the Checklist tab
3. Go to the Proof of Payment - Real checklist item
4. Click on the Upload button and upload a copy of the check or wiring confirmation that the Commission Payer submitted to Real 
   
   
5. If the funds were sent via check and you are not able to obtain a copy of the check from the Commission Payer: Please add a Comment for the Transactions Team with the Check number - Click here for additional information: Mention @Transactions Team in reZEN

The Transactions Team will then locate the payment and apply it your transaction.

This will help get your transaction closed out quickly and will enable our team to issue your Outgoing Payment.

To learn more, click here: Proof of Payment
 

Step 6: Confirm the Transaction has been closed out in reZEN and receive your Outgoing Payment

• Please note: Lease Transactions are paid directly by Real via Single Check.

  This means Real will collect the Commission Deposit and once the file is closed out in the system, you will then be paid via direct deposit by Real. 

• Please check your Tax and Payout settings in reZEN to make sure you have the correct bank account set up in reZEN for your Outgoing Payment. 

  Click on this link for step-by-step instructions: How do I change my banking information (where I am paid)?

• How Outgoing Payments are coordinated:
  1. Once your file is Broker Approved and we have received the Commission Deposit and it has been confirmed, your transaction will be processed for closing and payment.
     • It can take 24 - 48 business hours for commission deposits to be confirmed.
  2. After the transaction has been closed in reZEN, your Outgoing Payment will then be sent to the payment system
     • Standard bank processing times apply. It may take up to 3-5 business days before funds reach your account once it has been sent to the payment system, depending on your financial institution. 
     • To view your Outgoing Payment information and the date your payment was sent to the payment system, click on the Outgoing Payments tab in your transaction in reZEN:

       

  3. Your Outgoing Payment will be sent via direct deposit to the bank account that you have set up in reZEN, in your Tax and Payout settings.  

Congratulations! Your Lease has closed in reZEN, and your Outgoing Payment has been issued!
 

Have additional Lease questions?  Click here to learn more: Lease FAQs