Ensuring the Referral Fee is Paid After Closing a SOLD.com Deal

Overview

When an agent closes a SOLD.com referral deal, the referral fee must be paid promptly. SOLD.com has an integration with the MLS to monitor transactions and a dedicated Transaction Coordinator to assist agents in completing this process smoothly.

Process for Ensuring Referral Fee Payment

1. MLS Integration:

   • SOLD.com tracks updates via MLS integration.
   • When the MLS reports a new listing, SOLD.com’s system flags the transaction for follow-up.

2. Portal Notification:

   • Agents can also notify SOLD.com directly through their agent portal when a deal progresses, such as adding a new listing.

3. Transaction Coordinator Outreach:

   • Once the transaction is flagged, a SOLD.com Transaction Coordinator will reach out to the agent with a congratulatory email.
   • This email will request information about the closing company and other details necessary to process the referral fee.

4. Coordination with Closing Company:

   • The Transaction Coordinator will liaise with the agent and the closing company throughout the process to ensure payment is finalized.

5. Payment Methods:

   • Wire Transfer (Preferred): Referral fees are ideally paid via wire transfer, coordinated through the closing statement.
   • Check Payment: If a wire transfer is not possible, agents or brokers can mail a check to SOLD.com’s address.

Payment Details

Mailing Address for Checks:

SOLDCOM, LLC
999 Corporate Drive, Suite 215
Ladera Ranch, CA 92694

ATTN: PJ Mitchell
Phone: 949-581-5310

W9 and Wiring Instructions:

Agents can download the necessary W9 and wiring instructions provided by the Transaction Coordinator or access them via the email sent during the closing process.

Best Practices

• Proactive Updates:
  Notify SOLD.com of any progress via your agent portal to streamline communication and avoid delays.

• Communication:
  Respond promptly to the Transaction Coordinator’s emails or calls to provide closing company details.

• Keep Documents Handy:
  Have the SOLD.com W9 and wiring instructions ready to share with the closing company.

• Follow Closing Timelines:
  Ensure the referral fee is included in the closing statement or prepare a check payment immediately after the deal closes.

Key Points for Reps

• Reassure agents that SOLD.com’s MLS integration and dedicated team ensure a seamless process for managing referral fees.
• Encourage agents to keep their portal updated and maintain open communication with the Transaction Coordinator.
• Provide clear payment instructions to avoid confusion and ensure timely receipt of the referral fee.

By following these steps, agents can rest assured that their referral fee obligations are handled efficiently, ensuring compliance with SOLD.com’s terms and conditions