6.1 Agent Commissions
6.2 Key Realty Policy for Co-Broke Commissions
6.3 Escrow Deposits
6.1 Agent Commissions
The commission is defined as any amount an agent receives for services related to real estate services including but not limited to any commission received, BPO payments, Home Warranty compensation payments, transaction or admin fees charged to the client and payable to Key Realty. The total commission is defined as the commission received plus any admin or transaction fees charged.
6.1.2 Discounting Commissions
Key Realty is not a discount brokerage. If on a rare occasion an associate wishes to offer a discounted commission or perform services for no commission, they may do so under the following condition(s):
- If the closing date falls within the agents current cap period and the agent is on the Key Monthly, Key Yearly or 50/50 program and has no outstanding payments owed.
- If the agent is on the 50%/50% payment plan for their annual brokerage fee and the agent has an outstanding balance on this fee, a 1.5% commission based on the sales price, per transaction side, up to the outstanding balance owed by the associate, will be owed and 100% of this fee will be paid to Key Realty and applied to the agent’s annual brokerage fee.
- The agent does not have any outstanding board or MLS dues, referrals owed to Key Realty or other brokerages and no other fees owed to Key Realty.
6.1.3 Purchase or Sale of Personal Residence
For client protection and risk reduction, all transactions are to be processed and handled by Key Realty.
Key Realty agents may be eligible to not charge and/or receive a commission as an agent/principal when buying or selling a personal residence. Please note that the appropriate co-broke must be offered on listings per the Policy for Co-Broke Commissions. Please refer to 6.2 Key Realty Policy for Co-Broke Commissions.
If a Key Realty agent does not want to charge and/or receive a commissions for a personal transaction and pay taxes on the income, they may do so under the following condition(s):
- If the closing date falls within the agents current cap period and the agent is on the Key Monthly, Key Yearly or 50/50 program and has no outstanding payments owed.
- If the agent is on the 50%/50% payment plan for their annual brokerage fee and the agent has an outstanding balance on this fee, a 1.5% commission based on the sales price, per transaction side, up to the outstanding balance owed by the associate, will be owed and 100% of this fee will be paid to Key Realty and applied to the agent’s annual brokerage fee.
- The agent does not have any outstanding board or MLS dues, referrals owed to Key Realty or other brokerages and no other fees owed to Key Realty.
6.2 Key Realty Policy for Co-Broke Commissions
Key Realty has the following commission policy:
Key Realty is not a discount brokerage firm, recommended total commission is 6% - 7%
Recommended minimum commission is $4,000.
For agent-purchased properties, normal commission schedules apply and will be imputed in the transaction, regardless of any purchase contract arrangements to the contrary. The agent is reminded that licensing and disclosure requirements dictate that they disclose the fact that they are licensed real estate agents in the state.
Co-Broke Offering through the MLS to buyer brokers only
Co-broke will be established and maintained as regional policy. Cooperating Key agents shall be entitled to no less than this amount. Please refer to the regional Policy for Co Broke commission in your dotloop account for region specific guidelines.
Under $150,000 - 2.75% or minimum $1,000 (whichever is greater)
Over $150,000 - 3% of first $100,000/ 2% on the remainder
New Construction: 2.5% (minus lot costs)
It is understood by Key Realty management that special circumstances can and do apply such as family members, multiple property owners, bank-owned and short sales.
Commissions payable to real estate agents will be disbursed once the company is in receipt of an entire, complete file that is compliant with company policy and applicable state laws and guidelines.
6.3 Escrow Deposits
Time is of the essence when depositing earnest money/escrow checks. All escrow deposits should be immediately turned over to the title company, or other entity named in the contract. Key Realty does not hold earnest money checks and no agent shall deposit an earnest money check into the commission or operating checking accounts at any time. Please contact your manager for further information regarding escrow deposits.