For projects that are "off the plan", an agent's commission is often taken at two stages. Once at the beginning. Once upon completion.
Note: There is no limit to the number of stages (commission payouts) as part of a project.
Step by step
- At the conditional stage, we enter details as per normal (representing the 1st stage of deposit/commission):
- Next, we receipt deposit monies, etc, into the trust (If using the sales trust):
- In the "History" tab, you'll see the following:
- When the property is in unconditional status, you can then utilise the Split Settlement (Part Commission Paid Out) button
- Click this button to confirm you would like to initiate the split of commission payments, and click Yes/Continue to proceed
The transaction (original life) is effectively being "settled" (ensuring commission details are reported for the franchise group's EOM systems).
Unlike Settlement, there’s no need to have a zero balance in the trust ledger, advertising ledger, or to have all advertising invoices fully paid. Any outstanding items are carried over to the property’s new 'life'. - You'll then see the following success message
- After clicking "Proceed to Property", everything will look normal (the property is still at unconditional - awaiting Stage 2 of settlement). However, in the background, a new "life" is active
- Let's now jump back into the history tab to see the results
Note: Remembering there was a deposit (stage 1 life), this has been automatically transferred to the "stage 2" life: - Now you can "Modify Sale Details" and enter new details for Stage 2 - commission payable and revised settlement date. This leaves the original (stage 1 commission payout intact):
The Activity Report will intentionally exclude "settled" lives as part of a Stage 1 / Stage 2 project sale. This report will only use the "settlement" defined @ Stage 2.
Commission-based reports (eg, Cashflow Forecast) will correctly consider the commission earned at Stage 1, Stage 2, etc.