Portfolio Development
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      1. Best Practices & Standard Operating Procedures
      2. Portfolio Development

      Realtor Referrals

      How does a Real Estate Agent refer a homeowner client to ACME and potentially receive a referral fee

      ACME offers a referral fee to licensed Realtors who refer homeowner clients to ACME for management. The Realtor becomes eligible for payment after their referred client signs a management contract with ACME, and the listing subsequently goes live and hosts its first paid guests. 
       
      How much is the referral fee?
      • 2% of the first year's projected gross rent, which is determined by the BD rep that signed the property and entered the projection on the deal in Hubspot. This number may be adjusted and finalized by the Dir. of Revenue & Portfolio Management when the listing goes live. Example: a property with a $100,000 gross rent projection would make the referring Realtor eligible for a $2,000 referral fee.
       
      How do Realtors submit their referral inquiries:
       
      Where to log the referral in Hubspot:
      • Attach the Realtor contact to the deal and make a note in the deal detailing any conversation that was had with the Realtor regarding the referral.
       
      What we need from the Realtor:
      • Completed IRS Form W9
      • Invoice from the Realtor's Broker showing:
        • the Realtor's license number
        • the referral fee amount
        • the Broker's license number and mailing address
          • Note: Cal DRE requires referral fees are paid to the referring Realtor's Broker, who will then pay the referring Realtor
      • The ACME BD rep should attach all paperwork to the deal with notes on status
       
      When is payment initiated:
      • After the listing for the referred property goes live, and its first paid guests check out, the BD rep that secured the signed contract can forward the paperwork to Accounting with a request to process the payment, via check mailed to the referring Realtor's Broker. The ACME BD rep can email to Accounting using: AcmeHouseCo@Bill.com 
       
      Closing the loop, the ACME BD rep should:
      • make notes in the deal that the request for payment has been initiated
      • email the Realtor to thank them again for the referral, inform them the referred property just hosted its first guests and that payment for their referral fee has been requested