How to close out an Opcity Referral correcting - Sending Docs and Payment.
How to Calculate referral amounts
Sending Closing Documents
Sending Payments
Opcity Referral Amounts
Opcity referral amounts are based on the sales price. Please note when calculating the referral amount you must include the total commission and, if any, the admin/sales fee you charge your client.
Sales Price $0 - $150,000 = 30% Referral Fee
Sales Price $150,001 and up Leases = 35% Referral Fee
Example: Sales Price $125,000
3/2% Commission = $3,500 total commission + $199 admin Fee you charged the buyer or seller = $3,699
$3,699 x 30% = $1,109.70 fee to opcity
Opcity Client Rewards Referrals
Please note some Opcity referrals are subject to an additional 3% referral fee outlined specifically when you accept the referral. These special referrals are known as Opcity Client Rewards.
Referral Fees on Opcity Client Reward Referrals: Sales price must be over $150,000 to quality. The referral fee is 38%
More Information about Client Rewards can be found at: https://support.realtor.com/s/article/Client-Rewards-Buyer-Cash-Rewards-FAQs
Opcity Client Platinum Referrals
Please note some Opcity referrals are subject to 40% referral fee outlined specifically when you accept the referral. These special referrals are known as Opcity Platinum Referrals.
More Information about Client Rewards can be found at:
https://support.realtor.com/s/article/Platinum-Referrals-and-Promotional-Referrals
Don't forget to send Opcity a copy of your closing documents:
Email all closing documents to docs@opcity.com. To ensure receipt, please:
- Include the address and Transaction ID in the subject line of the email
- Submit closing documents in PDF format. Documents must include complete commission information. If the HUD does not show the commission to Key Realty, you can send a copy of the check or payment confirmation from the title company.
WHAT TO SUBMIT
Buy/Sell Transactions
Closing documentation should (1) be from a third-party source (cannot be an internal document) and (2) include commission data. Examples of acceptable documents include the following:
• Sell-side closing statement (e.g. ALTA or HUD statement)
• Buy-side closing statement (e.g. ALTA or HUD statement) + Commission data*
• Bill of Sale/ Lease Agreement + Commission data*
• MLS Sheet with commission percentage/fee showing
• Broker commission check(s) showing gross commission
*If the closing document provided does not include commission data, we will need an additional third-party document to verify commission. Examples of acceptable documents include the following:
Leases/Rentals
Please submit both items:
1.) Lease Agreement/ Rental Contract or MLS Listing sheet
2.) Broker commission check(s) showing gross commission
No Commission Received?
If the closing agent did not receive any commission for assisting with a rental, please also submit one of the following:
1.) An email or document from the leasing agency stating that there was no commission paid
2.) MLS Sheet showing no commission was paid
Where to send Opcity Referral Payments
**AGENT ARE NEVER TO SEND A PERSONAL CHECK TO OPCITY**
**NEW - ALL OPCITY REFERRALS MUST COME FROM KEY REALTY**
Due to delays with USPS mail, Key Realty would prefer all opcity referral payments be sent by Key Realty via ACH rather than having the title company pay opcity.
Simply indicate the referral amount to Opcity on the Disbursement Request Form in the referral section and Key Realty will ACH the funds to Opcity along with a payment confirmation. This will result in the funds reaching Opcity faster than the title company sending a check.
For more questions and answers on Opcity please visit their knowledge base here or Contact Key Agent Support: https://support.opcity.com/
https://support.realtor.com/s/article/Where-do-I-send-my-referral-fee-payment