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Business Support & Accounting
Business Support—Available Services*
| COST | |
|---|---|
| TRANSACTION SERVICES | |
| ESSENTIAL TC SERVICES☂ (formerly Premium TC Services) | $450/transaction |
| ELITE TC SERVICES** (formerly BA Services) | $400/transaction: Umbrella agents $600/transaction: all other agents |
| DATABASE | |
| PRE-IMPORT DATABASE CLEANUP Formatting existing database contact list to best match and work with PorchLight’s CRM import sheet. | DATABASE AGENTS: Up to 2 hours included additional hours: $50/hour |
| NON-DATABASE AGENTS: original list of: up to 250 contacts: $100 251 – 500 contacts: $200 501 – 750 contacts: $300 |
|
| DATABASE ON-BOARDING | DATABASE AGENTS ONLY: Up to 2 hours included additional hours: $50/hour |
| DATABASE SERVICES | DATABASE AGENTS ONLY: database under 250: $200/month database 250 – 400: $250/month database 401 – 550: $300/month |
| SOCIAL MEDIA MANAGEMENT | |
| STANDARD | $20/month
|
| ENHANCED (Posting to one platform included in Elite TC & Database Services) | $60/month
|
| CUSTOM (3-month commitment) | $250/month
|
| FB CREATION/OPTIMIZATION ADD-ON | $50
|
| PERSONAL ASSISTANT PROGRAM | |
| QUARTER-TIME ASSISTANT (10 hours per week) | $1,688/Month + .75% GCI |
| HALF-TIME ASSISTANT (20 hours per week) | $3,335/Month + 1% GCI |
| FULL-TIME ASSISTANT (40 hours per week) | $6,670/Month + 1.25% GCI |
Essential TC services are included for all Umbrella agents. *All services require a one-year commitment (agents can level up to a higher level of service at any time, but cannot decrease transaction service level or opt out of database services until their next commission anniversary date). **Must have LTM production of at least $5M to qualify for Elite TC Services. View the Business Support Services Brochure for more information
General Accounting
Calculating Sales Volume
We calculate sales volume using the industry-standard method, matching the guidelines DMAR and SMDRA use in establishing production for their annual awards. You can find details of How Sales Volume Is Calculated here.
Direct Deposit
- All Commissions will be funded through direct deposit within 48 hours of closing.
- All commission checks will be paid via direct deposit. Agents will receive an email when their direct deposit has been processed with the following information:
- Commission Amount
- Check Amount
- Any Deductions
- Balance Paid into PorchLight Year-to-Date
- Balance Left to Next Split Level
- It may take up to 48 hours for the funds to be available in your account (in most cases it will be 24 hours). Please note this is from the time the Accounting Department receives the paperwork, NOT when the paperwork is turned into a transaction coordinator. The bank takes 2 to 7 business days to validate your account after direct deposit is set up. PorchLight is not responsible for any delay in payment as a result of delays by the processing banks. To enroll in this service, complete the Direct Deposit Authorization form located on The Hub and return to the Accounting Department.
Credit Card On File
Monthly Fees:
All monthly fees will be automatically charged on the 10th of each month. Agents will receive an invoice for these fees, but payment will automatically be collected. These fees include the Technology Fee and Monthly Executive Membership Fee.
Transaction Service Fees:
All transaction fees will be invoiced when the transaction closes, and will automatically be charged on the 10th of each month.
Listing Fees:
All listing services fees will be invoiced once they occur, and will automatically be charged on the 10th of each month.
Agent Invoices:
For any receivable an agent may incur outside of the ones stated above, these will be invoiced as they occur. The agent will have the option to go in and make a payment for these expenses once they receive the invoice, or the fees will automatically be charged to the card on file on the 10th of the month. These fees include, but are not limited to additional printing, postage/mailing costs, custom marketing services and PorchLight event space cleaning.
Credit Card Expiration/Declines:
In the event that an agent’s on-file credit card expires or a charge is declined, the agent will get an email notification and be charged a $25 additional processing fee. Accounting will attempt to process the charges on a weekly basis, charging an additional $25 processing fee for each unsuccessful attempt, up to four total attempts. After 30 days, if a new credit card hasn’t been filed with Accounting, all agent services will be suspended and any remaining charges will be taken out of the agent’s next commission transaction. Agent services will resume once a valid credit card is on file.
Changes In Name, Address And Telephone Number
- All changes in name, address, and/or telephone number(s) of Broker Associate must be reported immediately by the Broker Associate to the accounting department and the following entities:
- The Colorado Real Estate Commission;
- The Broker Associate’s E & O insurance provider;
- The local Board of Realtors.
- Broker Associate is responsible for any and all fees incurred in updating his or her personal information with the above referenced entities.
Top Producer Benefits: Get help with real estate related showings and errands from fellow PL agents without having to take on the overhead of full-time help. In addition, they build relationships with agents for the future.
Building Agent Benefits: Build relationships with Top Producers while earning $50/hour and keeping busy with real estate work.
Benefits to FrontRunner Agents: They can get help or offer help depending on where they are in their business.
All Agents Automatically In Group: All agents are automatically in the “Showings & Errands Group” on Workplace (WP), and if they participate by posting or responding in the group they are subject to the following policies and procedures.
- Who is eligible to participate?
- Requesting Agents: Any PorchLight agent who is interested in paying for in-the-field services.
- Fulfilling Agents: Any PorchLight agent who would like to be paid for in-the-field services.
- How do you get on the list to participate?
- All PL agents are in the Showings & Errands group on WP
- What services are generally expected?
- Showing help
- Put on lockbox
- Deliver/Put up marketing materials
- Delivering Earnest Money checks
- Sitting for Inspections
- Any other real estate related errand
- How does a “PorchLight Requesting Agent” request a service?
- All are a part of the WP group Showings & Errands Service. The “PorchLight Requesting Agent” will post a request here for another “PorchLight Fulfilling Agent” to pick up. By requesting in this group, the agent is agreeing to pay $50/hour.
- How does a “PorchLight Fulfilling Agent” respond to a request?
- If a “PorchLight Fulfilling Agent” sees a request that they are available to fill within WP Showings & Errands Services, the “PorchLight Fulfilling Agent” will respond to the WP request inside of that WP group.
- How does payment work?
- Payment is $50/hr billed to the nearest half hour. The minimum charge is $50 (one hour).
- “PorchLight Fulfilling Agent” will track their time from the start of the particular showing or errand through completion.
- “PorchLight Fulfilling Agent” will fill out the Showings & Errands Time Tracking Form with their info, the “PorchLight Requesting Agent”’s name that they are doing the service for, nature of service, date of service and total time of service. “PorchLight Fulfilling Agent” will also provide any feedback necessary to the “PorchLight Requesting Agent” regarding the service.
- Submission of form will go to ASM of the submitting “PorchLight Fulfilling Agent.” ASM will log hours for Accounting and forward to the “PorchLight Requesting Agent.” “PorchLight Requesting Agent” should handle any discrepancies with the “PorchLight Fulfilling Agent” asap.
- Accounting will invoice the “PorchLight Receiving Agent” and charge their credit card on file on the next monthly billing cycle.
- Accounting will process payment to the “PorchLight Fulfilling Agent” in the form of a check. Checks will be mailed within 7 business days, once all information has been verified through ASM.
- Scenarios
- Showing help: Request for “PorchLight Fulfilling Agent” to show 2 properties at 5pm.
- Clock starts when “PorchLight Fulfilling Agent” meets client at 5pm
- Both showings end at 5:50pm
- “PorchLight Fulfilling Agent” charges for 1hr of time or $50
- Delivering Marketing Materials:
- Clock starts when “PorchLight Fulfilling Agent” picks up materials at office
- Delivery to client’s home takes 20 minutes
- “Porchlight Fulfilling Agent” charges for minimum of one hour of time or $50
- Sitting at Inspection
- Clock starts when “PorchLight Fulfilling Agent” arrives at Inspection to meet client
- Inspection takes 2hrs 30 min to complete
- “PorchLight Fulfilling Agent” charges for 2hrs 30 min of time or $125
- Showing help: Request for “PorchLight Fulfilling Agent” to show 2 properties at 5pm.
- Obligations of “PorchLight Requesting Agent”
- Clear direction of what the request is for the “PorchLight Fulfilling Agent”
- This service is for real estate related purposes and should not be utilized for personal services (ie- picking up dry cleaning or children)
- Review all time sheets in a timely manner. Any discrepancies reported after the Accounts Payable has occurred will not be credited back through PorchLight.
- Obligations of “PorchLight Fulfilling Agents”
- “PorchLight Fulfilling Agent” is acting on behalf of the top producing agent and should not provide their own opinions, thoughts or best guesses to the client of the top producing agent.
- “PorchLight Fulfilling Agent” should direct all questions from the client back to the “PorchLight Requesting Agent.”
- “PorchLight Fulfilling Agent” should provide feedback to the “PorchLight Requesting Agent”, if any.
“PorchLight Fulfilling Agents” and “PorchLight Requesting Agents” understand that this program is at the discretion of PorchLight Real Estate Group. All agents should adhere to the guidelines included here and understand that there may be updates or changes as the program progresses. Any such updates or changes will be posted on PL Hub and in WP group titled Showings & Errands Service. All agents may choose to not participate. Any monetary disputes are to be handled directly with the parties involved in a confidential manner or seek conflict resolution assistance from a PL Managing Broker.
Premium TC Services
Premium TC Policies
Opt-in Period:
Agents can opt in at any time during the year. Once an agent has opted in, they will be required to maintain at least that level of service until their commission anniversary date, at which point they can downgrade to Base TC service (they can upgrade to BA Services, as space in the program allows, any time during the year).
Business Assistant Services
Business Assistant Policies
Minimum Production & Transactions:
Agents must have a minimum of 10 M in production and are required to commit to 20 transactions annually. In the event an agent does not complete a minimum of 20 sides, they will be responsible for the cost of the 20 transactions.
Opt-in Period:
Agents can opt in at any time during the year, based on program availability. Once an agent has opted in, they will be required to maintain that level of service until their commission anniversary date, at which point they can downgrade to Base or Premium TC service.
Use Restrictions:
Business Assistants will be providing the specified additional services outlined above. Some customization of these services is available, but must be approved by management and may incur an additional cost. Business Assistants are not personal assistants and will not be available to help agents with needs outside of the office.
CRM/Database Clean-up:
For all CRM reclassification, clean-up or updating needs, a maximum of 3 hours will be included.
Admin
MLS Syndication
PorchLight as an office has agreed to syndicate our listings to the available options that our MLS providers has made available to us. Each individual listing will also need these options selected. Our office policy is to select all options available unless you direct us not to. Please communicate with your transaction coordinator if you DO NOT wish to syndicate to any available channels for your listings.
Once the listing has been made ‘Active’ on the MLS, the listing information is syndicated to all third-party sites within two to three hours. REcolorado and IRES syndicate listings to several third-party websites, including; LeadingRE, the Zillow Group, Realtor.com, NextDoor, and Homes.com.
Automobile Insurance
For any vehicle(s) used for purpose of conducting business as a real estate agent, Broker Associate shall maintain, at his/her expense, automobile insurance coverage in the face amount of no less than Five Hundred Thousand Dollars ($500,000.00) combined single limit of liability, OR Two Hundred and Fifty Thousand Dollars ($250,000.00) for any one person, Five Hundred Thousand Dollars ($500,000.00) for more than one person arising out of a single accident and One Hundred Thousand Dollars ($100,000.00) for property damage.
Broker Associate shall ensure that his or her automobile insurance policy does not exclude coverage for “business use” of the Associate’s automobile. Broker Associate shall make diligent and reasonable efforts to secure an endorsement to his or her automobile policy naming PorchLight as an additional insured. Broker Associate agrees to indemnify, defend, and hold harmless PorchLight from any and all claims resulting in the use of his or her automobile. If PorchLight is forced to defend itself, it reserves the right to select its counsel with Broker Associate to pay the cost of such defense.
Errors & Omissions Insurance
Broker Associate shall maintain, at Broker Associate’s expense, the mandatory Errors and Omissions (E&O) Insurance required of all real estate licensees pursuant to C.R.S. § 12-61-103.6 (as it may be amended from time- to-time), together with the excess limits coverage as offered under the Colorado group plan, so long as such excess limits coverage is available.
Additionally, the Company may, in the Company’s sole and absolute discretion, obtain additional supplemental E&O insurance. If the Colorado group plan is subsequently discontinued, by repeal of C.R.S. § 12-61-103.6 or otherwise, then Broker Associate shall, at Broker Associate’s expense, comply with such policies for the maintenance of E&O insurance by Broker Associate as the Company may establish at that time or from time to time thereafter, at the Company’s sole and absolute discretion.