An important part of the system is managing agent commissions to ensure that all reporting sales figures populate correctly thought-out sections of Vault.

We allow each user to set up and apply their specific commission structure. Once a commission structure has been applied, it will automatically be calculated within the agent allocation of a sale.

You will need access to financials to allocate the commission.

Step by step

You can allocate and lock the commission at any point after the property has been made Conditional (Under Offer) until you settle the property. Below is a step-by-step guide to this process.

1. Once the sale details/splits have been applied and all deductions have been added, you can allocate the agent commission. This can be done by entering the example property and clicking on the Financials tab > Agent Allocation.

More information on the sales details and deductions can be found via the Property - Listing to Conditional (Under Offer) process & Applying Deductions knowledge articles

2. Once in the Agent Allocation tab, this will populate all listing agents within the commission split with the allocated commission minus any added agent deductions

3. You are then able to apply either a fixed net % or net $ amount based on the agents entitled commission for the sale

Using the above example, We have one listing agent attached, which has been manually applied a 50% entitlement of the total commission minus any deductions. The system has then allocated the remaining amount to go to the office. If a commission structure has been applied to the user, the above will automatically apply the entitled amount based on the structure applied, removing the need to manually apply.

If a conjunction office has been added to the split, they will be entitled to 100% of the agent allocation, as the office does not receive part of their commission. 

3. Once you have reviewed and allocated the commission, you are then able to click on Save & Lock Allocation (The agent allocation will need to be locked in order to settle the property)

4. If at any point you need to update the sales details/splits, deductions or allocation, you can simply click on Unlock Allocation