Commission point of contact
- Add your commission's point of contact in your dashboard under the “commissions” section in your account settings.
- The commission’s point of contact is sometimes also referred to as a “conveyancing contact.” The provided contact should be the best person at your brokerage to receive invoices and send payment.
Property information
- As soon as a conditional offer is accepted, enter the new transaction in the leads profile. More information on this can be found here.
- Any changes to transaction details should be updated as soon as possible within the existing transaction you entered at the conditional offer accepted stage. More information on this can be found here.
- Keeping your dashboard up to date with the most current information ensures our closing team is notified of changes necessary in processing your transaction and facilitates a smooth closing process while increasing your lead opportunities.
Referral fee structure
- Per your contract, the referral fee is 25% of the total gross commission paid to your broker, prior to any reductions or discounts, plus applicable taxes.
Minimum commission
- Per your contract, the referral fee calculation minimum requirement for the brokerage agent commission is 2% of the sales price. The referral fee is invoiced at the greater of the 2% brokerage agent commission minimum or the referral fee percentage of the total gross commission received by the broker.
- The referral fee is calculated as the greater of:
- the Referral Fee Percentage of the actual Gross Commission received by the broker (Referral Fee x Gross Commission received by the broker, prior to any discounts or reductions)
- the Referral Fee Percentage of 2.0% of the total sales price of such real estate transaction (Referral Fee x 2.0% of the total sale price)
Minimum exception for buy-side transactions
- On buy side transactions only, provide an MLS sheet that confirms the offered brokerage agent commission falls below the 2% contractual minimum and we will waive the 2% minimum brokerage agent commission requirement.
- This exception does not apply if commission is voluntarily reduced.
Closing timeline
Conditional offer acceptance
- Add new transactions to your dashboard as soon as a conditional offer is accepted. Do not wait until the offer is firm to notify us of the deal.
- If transaction details change, update the details in your dashboard as soon as possible. Any changes to transaction details should be updated within the existing transaction you entered at the conditional offer accepted stage.
- Return the required referral disclosure form for your province to closings@houseful.ca
Find Houseful closing guidelines here.
Referral fee disclosure form
Submission process
- As part of Houseful compliance and Canadian real estate regulation, it is required to disclose the referral relationship between yourself, Houseful and RBC.
- Download and return the referral fee disclosure form to closings@houseful.com
- You will find the required referral disclosure form for your province here: https://www.houseful.ca/referraldisclosure/
Closing coordinator contact
Confirmation and review
- 48-72 hours after a conditional accepted offer is added to the agent dashboard, a Houseful closing coordinator will reach out and confirm any additional transaction details required to process your transaction and facilitate a smooth closing experience.
Proforma invoice
- 48-72 hours after entering a conditional accepted offer in your dashboard and confirming necessary details, a proforma invoice will be emailed to the agent on the transaction AND their provided commissions contact (also sometimes referred to as a conveyancing contact).
- If any transaction details change, be sure to update the information in your dashboard as soon as possible.
- Providing transaction updates ensures our closing team is notified of any changes necessary to processing your transaction, facilitating a smooth closing process while increasing your lead opportunities.
Payment instructions
Email Notification
- 3–5 days before completion, our closing team will email payment instructions to you and your provided Commissions Contact (also sometimes referred to as a Conveyancing Contact).
- After the transaction completes, through your agent dashboard, confirm the transaction information is correct and accurate and update the deal status to closed.
Completion notification
Payment deadline
- Referral fees are due NET30 from the completion date. Payment terms are outlined on the invoice sent to the Agent and the agent provided Conveyancing Contact.
- Include invoice number, property address, and agent name for timely payment application. Failure to do so may result in a past-due status and pausing of lead opportunities until resolved.
- We recommend adding the proforma invoice to the commission authorization form to be dispersed at the time of closing.
- Payment options include wire, ETF and paper cheque options.
Refer to our FAQ’s for more detailed information and answers to these questions:
- Where can I find more information on the referral fee or contract?
- What are the procedures when closing a lead?