Lease FAQs

Need help with your Lease Transaction?

Here is a quick guide to help answer Real's most common Leasing questions.
 

Why am I not able to set up a Lease Transaction in reZEN?

If you a US Agent, you can easily set up a Lease in reZEN.

If you are in Canada, Ontario is the only province where Agents are able to set up Lease Transactions.

• These 3 provinces do not support Lease Transactions:
  1. Alberta
  2. British Columbia
  3. Manitoba
      
• If you are in Canada and you are not able to set up a Lease transaction, please enter your transaction as a standard Residential Transaction in reZEN and check with your Broker team if you have any Checklist or transaction questions
   

How do I change my Transaction from a Sale to a Lease?

Transactions can not currently be changed from a Residential Sale to a Lease in reZEN.

If you input your Lease transaction as a Sale, you will need to terminate the Sale Transaction and set up a new Lease Transaction in reZEN.

To get this resolved - follow the these steps:

1. Please terminate your residential Sale Transaction
2. Then set up a new Lease Transaction in reZEN.
   • When setting up the new Lease Transaction, be sure to choose Lease as the Deal Type.
     
     
      

Click on the following links for additional information:

• How do I Terminate a Transaction
• How to Create a Lease Transaction
   

How do I change my Listing from a Sale to a Lease?

Listings can not currently be changed from a Residential Sale to a Lease in reZEN.

If you input your Lease Listing as a Sale, you will need to terminate the Sale Listing and set up a new Lease Listing in reZEN.

To get this resolved - follow the these steps:

1. Please terminate your Residential Sale Listing
2. Then set up a new Lease Listing in reZEN
   • When setting up the new Lease Listing, be sure to choose Lease as the Deal Type.
     
     
      

Click on the following links for additional information:

• How to Terminate a Listing
• How to Create a Lease Listing
   

How do I update my Checklist to display Lease documents? The Checklist is displaying documents for a Residential Sale, not a Lease. How do I fix this?

Lease Checklists are different than Residential Sale transactions in reZEN. 

If your Checklist is displaying Residential Sale documents that are not required for Lease transactions in your local area, double-check to make sure you have your Lease transaction set up properly in reZEN. 

To get this fixed, Simply update the Property Type from Condo to Residential in your transaction settings. The correct Leasing Checklist will then display.

Here is a quick guide to show you how to fix this:

1. Go to your transaction in reZEN
    
2. Click on the Edit Transaction button:

   

3. Then click on the Edit Deal Information button:

   

4. In the pop-up box, change the Property Type to: "Residential":
   
   
    
5. Then click on the Save button
    
6. Once you change the Property Type from Condo, to Residential, then the Checklist will update to a Lease Checklist. This will resolve it for you!
    

How do I create a multiple-unit Commercial Lease?

Please contact your Broker to help answer this commercial Lease question. Your Broker team can help clarify how to coordinate a commercial Lease in your local area.  

• Click on these links for additional information:
  • Commercial Division
  • How do I contact my broker?
     

If I am receiving commission for a Lease in installments, how do I set this up in reZEN?

If your commission payment will be issued in installments, please set up a separate Lease transaction for each installment that you will be paid.  

• For example, if you are being paid a sub-total of $3,000 for a Lease Transaction, and if your Commission Payer plans to pay you in 3 installments of $1,000 each, then please set up 3 separate Lease Transactions in reZEN and enter $1,000 as the Gross Commission for each transaction.
• Click on this link for additional information on how to set up a Lease Transaction in reZEN, for each installment:  How to Create a Lease Transaction
   

What is the Minimum Transaction Fee for a Lease?

The Minimum Transaction Fee for Leases are:

• For US Lease Transactions:
  • $125 per lease
• For Canadian Lease Transactions:
  • $175 CAD - Pre-Cap, per lease
  • $125 CAD - Post Cap, per lease

Good to know: 

• Just like Residential Sale transactions, Lease transactions require splits and fees to be paid to Real.
  • For example, in the US, Lease transactions are subject to a 15% split to Real, or $125, whichever is greater, until you reach your cap. After you cap, Real charges a $125 lease transaction fee, or 15%, whichever is less.
• Real will also assess the CBR or BEOP fee and a Brokerage Fee if you have not yet paid all 3 brokerage fees for this anniversary year.
• Click on these links for additional information:
  • How much does it cost to hang my license with Real (US)
  • How much does it cost to hang my license with Real (Canada)?
     

I am about to hit my Cap. How is a Lease closing date determined when the transaction is closed out in reZEN?

For Lease transactions, the closing date is determined by the date the funds are received in reZEN. 

• This is good to know if you are close to Capping!
• Once the Commission Deposit is received and confirmed in our system, the Transactions Team uses the date the funds were received as the Actual Closing Date in reZEN for Lease Transactions
  • If Real receives the funds before your Anniversary Year resets, then the Lease Transaction will count towards your Capping status.
  • If Real receives the funds after your Anniversary Year resets, then the Lease Transaction will count towards the following Anniversary Year.
     

Does Real have access to Leasing Vendor Portals? The Leasing Company is requesting to receive the Invoice and facilitate payment through a Vendor Portal. Who can help me with this?

The Leasing / Apartment company you are working with may use a Vendor Portal to submit Invoices and coordinate Lease Commission Payments (ie: NetVendor).

Real is currently able to assist with Lease Vendor Portals for transactions located in Texas only.
 

If the Apartment/Lease address is located in Texas: 

• Please reach out to the Texas Designated Broker directly for assistance.
• Texas is the only State/Province where the Real Broker team is piloting Renter Vendor programs.
• In Texas, any Lease Vendor or portal questions should be directed to the Texas Broker team. The Texas Broker team can assist you with this!
• Click here to learn how to contact your Texas Broker team: How do I contact my broker?
   

If the Apartment/Lease is located outside of Texas:

• We do not have the capability to pay Leasing companies through Vendor Portals, in states or provinces outside of Texas, at this time.
• To coordinate Invoices and Commission Payments, please notify the Apartment Leasing company to pay Real directly via a wire or check, as noted in the Invoice. 
   

What is the Supplier Code for Real?

The Leasing or Apartment Locator Company may request Real's Supplier code. 

• If the Apartment/Lease address is located in Texas: Please reach out to the Texas Designated Broker directly for assistance. Texas is the only State/Province where the Real Broker team is piloting Renter Vendor programs. In Texas, any Lease Vendor Portal or Supplier Code questions should be directed to the Texas Broker team. They can assist you with this!
   
• If the Apartment/Lease is located outside of Texas: We don't have the capability to pay Leasing companies through Supplier Codes or Vendor Portals, in states or provinces outside of Texas. To coordinate Invoices and Commission Payments, the Apartment Leasing company will need to pay Real directly via a wire or check, as noted in the Invoice.
   

Why can't I generate a Split Check Invoice for a Lease?

Leases are paid via Single Check.

• Lease Invoices are only able to be generated as Single Check payments in reZEN. We are not able to generate Split Check Invoices for Lease Transactions.
• If you are in a Split Check state, you will be paid via Single Check for Lease transactions and the Invoice will show the entire Commission Deposit to be paid directly to Real
• This means Real will collect the full Commission Deposit. Once the file is closed out in the system, you will then be paid your commission by Real via direct deposit. 

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 can I add my client's name or Agent's name to the Invoice - as required by the Leasing/Apartment Company?

You can easily add your Client's name, the Agent's name, or any information required by the Leasing Company to the Invoice. 

The best way to do this, is by adding this information to the address in reZEN:

1. Go to your transaction in reZEN
    
2. Click on the Edit Transaction button - it is located above the "Road to Success" tab:
    
3. Select the Edit Address, MLS & Escrow button in the pop-up box:
   
   
    

4. Add the client's name, agent's name, or any information required by the Leasing Company, to the end of the address:

   For example: 1234 Main Street Boulevard, San Antonio, TX, 78229 - Tenant: James Dean | Agent: Marilyn Monroe
   
   

5. Then click the Save button
    

6. To update your Invoice, you will then need to Recalculate Your Commission and re-approve your Commission Calculation

   Click on this link for instructions: How do I Recalculate my Commission?
    

7. A new Invoice will then be generated. The information you added will then be updated on the Invoice.
   
    
    

How can my client pay the commission directly to REAL?

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

1. If the Landlord or Tennant has the Check - You can send an External 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 

For Lease Listing Transactions, when the Real Agent represents the Landlord: Should the Landlord pay the full commission to Real, and does Real then pay the Agent who is representing the Tenant directly?

Yes! If you are the Lease Listing Agent and your client, the Landlord/Commission Payer, is only writing one check - you will need to add the Tenant Agent as a Payment Participant. 

Real will then pay the Tenant Agent directly and a check will be mailed to them, once the transaction is closed out in reZEN.

• In most cases, it is recommended for the Landlord/Commission Payer to issue two seperate checks to each Agent/Brokerage Firm when dispersing Commission Deposits. This helps seperate the payments and is easier to coordinate.
   
• However, if the Landlord prefers to write one check to Real: 
  Please add the Tenant agent as a Payment Participant to your Lease transaction in reZEN. Real will then send a check to the Tenant agent for their commission payment.
   
  1. Click on this link for a step-by-step guide: How do I add co-agents, team members, or a team lead to a deal?
      
  2. If the Tenant agent is an external participant (someone outside Real who need to be paid on the deal), once you add them to the transaction as a payment participant, please be sure to upload a copy of their W9 and EIN number so that we can issue payment to this External Payment participant.
     • You will need to enter their information, EIN, and upload a copy of their firm's W9 so we can authenticate the participant and pay them.
        
  3. Once the file is marked compliant, the Commission Deposit is received, and the file is closed out in reZEN, Real will then send a check to the Tenant agent, through the mail.
     • The check will be mailed via USPS.
     • Please note: It can take up to 12 business days for the checks to be processed and received by the Tenant Agent - due to USPS standard mail processing time lines.
     • You can track the Outgoing Payment information in your Transaction in reZEN, by clicking on the Outgoing Payment tab:
       
       
        

Coordinating a Lease?  Click on these links to learn more: 

• Overview: How to coordinate your Lease - US
• How to Create a Lease Listing
• How to Create a Lease Transaction