COLORADO POLICY AND PROCEDURES MANUAL REALTY K E D I T I O N

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1 REALTY K E D I T I O N 1

2 TABLE OF CONTENTS Logging into the Online Office 3 Updating Your Agent Profile 4 Referring Another Agent 4 Newly Licensed Agents 5 Brokerage Relationships 6 Errors and Omissions Insurance 6 Commissions 7 Direct Deposit 7 Required Documents - Sales 8 Submitting Docs to Broker 9 Accessing Paperless Pipeline 9 Commission Invoicing 10 Approved Forms 11 Business Cards 11 Yard Signs 12 IDX Websites 12 Broker Price Opinions 13 Care of Client Personal Information 13 Entering Listings to MLS 14 Training and Professional Development 14 2

3 Logging into the Online Office Visit either kcorealty.com or jointhekcompany.com click Agent Login at the top of the page. Use your address and password set during registration to log in. If you do not remember your password, you can use the Live Chat Feature or contact the corporate office to communicate with someone from the office and reset your password. You can alternatively click Forgot My Password and proceed to reset your password via . Please remember your and password are defined by you when signing up. We do not have access to view your password, but can reset it to a default password on your behalf. Remember that your and password are case-sensitive. 3

4 Updating Your Agent Profile Once you log-in to your account, you can update your profile. Click on the Edit Profile button in the upper middle section of the Agent Dashboard. If any of your contact information changes this is where you will edit it. This is also where you upload your headshot (image file name must be all one word with no symbols or spaces). Know this is where all Colorado K Company Agents go for referrals leads. Be sure to add information such as your locations, designations, languages spoken, etc. Since we have hundreds of agents throughout the state refer to this information, it is highly recommended to complete to the best of your ability. Agent Referrals The K Company s growth is primarily driven by agents like you who make us great and give us a good name in the industry. For each agent referred that joins the company, your monthly fee will be reduced by $10 per month. This continues every month as long as the agent remains in good standing with the company. To ensure that you are credited for the referral, have the referred agent enter your name during registration under How Did you Hear About Us? or register the referral with the office by clicking Refer an Agent on the Agent Dashboard when you log into the website. The button is located on the Menu Bar at the top of the Agent Profile page. 4

5 Newly Licensed Agents Definition: If Licensee has held a Colorado Real Estate license for less than two years, or has not successfully completed at least four transactions including at least one listing (Seller Side). All newly licensed agents are subject to and agree to a 70/30 commission split on their first four transactions to cover training and mentoring service costs. The Company and/or Employing Broker can approve Licensee out of mentor program with these three options. 1) Licensee successfully completes four transactions. At least one needs to be representing a seller and three representing a buyer 2) Licensee hires a professional transaction coordinator approved by the company or Employing Broker to oversee the compliance of their transactions. 3) Licensee test out of the mentorship program by meeting with the Employing Broker and passing a compliance and transaction review with a series of mock transactions. 5

6 Brokerage Relationships We allow both agency and transaction brokerage relationships. If you are a new agent, or you are unsure what agency type you want to act as you are responsible to bring this to the attention of the employing broker to help you determine the most appropriate agency type for your specific transaction. Errors & Omissions Insurance The Colorado Division of Real Estate Commission Rule D 14 requires that all active, licensed real estate brokers obtain a policy of errors and omissions (E&O) insurance to cover all acts that require a license. DORA contracts with Rice Insurance Services (link) to obtain insurance for licensees but we found CRES Insurance Services to be a bit less expensive (link) for same coverage. You will need this Certificate of Independent Coverage form with your DORA license application. 6

7 Commissions The most efficient way for our REALTORS to be paid their commission is at the closing table. All required documents must be turned into the Employing Broker at least three business days prior to closing in order for Employing Broker to sign off on your CDA (Commission Disbursement Authorization). Any file paid at closing will have the $99 transaction fee plus an additional $500 holdback until the agent turns in the final and completed closing package with all required documents to the Employing Broker. The complete closing package must be delivered no later than the close of business three days after the closing took place. Once the complete file has been received and the office has received the $500 holdback from the title company, the agent will be direct deposited or have a check mailed to them for the outstanding $500 holdback amount. If the agent fails to submit a complete package by the close of business the third day after closing, the company will retain the $500 as an administrative fee for tracking down the completed file from the title company. Please make sure this doesn't happen to you by submitting all documents to the office in a timely manner. $500 holdback exemptions: 1. Professional Transaction Coordinator on File 2. Satisfactory history of completed files to Employing Broker s discretion. Direct Deposit One of the easiest ways to get paid commissions is by Direct Deposit from the office. In order to set this up to receive your commissions to an account, please complete the Direct Deposit form available on the Reference Tab of Paperless Pipeline and send into the accounting staff via documents@kcorealty.com along with a copy of a voided check or direct deposit slip from your banking institution. If you change bank accounts, The K Company will not be held liable for deposits being sent to old bank accounts. You MUST notify us to remove any banking information from our systems if you close the account we deposit commissions to. Wire Instructions for Commissions JP Morgan Chase Bank, N.A. Account Name: The K Company Realty, LLC Colorado Routing #: Account Number: Branch Address: 3201 N Federal Hwy, Oakland Park, FL

8 Required Documents - Sales DORA requires all of the below forms to be submitted and held in the Broker s office for a period of a minimum of five (5) years. We require the documents below in completion in order to provide a Paid-at-Closing authorization or process a disbursement to pay out a commission. If you are unsure about a form or if it is applicable, simply contact the Broker for clarification. All of these documents can be submitted to the office by uploading into the Paperless Pipeline system (most efficient/direct method), or by ing them as a PDF attachment to documents@kcorealty.com. 8

9 Submitting Transaction Documents to Broker The most efficient method to submit any transaction documentation to the Broker is by uploading the document directly into Paperless Pipeline. Alternatively, documents can be submitted via to as PDF attachments. For a brief video tutorial instructing how to upload your documents and manage your transaction via Paperless Pipeline, please click the below Agent Introduction Video. Click Me for How to Use Paperless Pipeline All documents upon being completed, must be turned into the Broker according to DORA regulations. Upon turning in the document to the Broker, please ensure Client Personal Information is securely disposed of. Accessing Paperless Pipeline To access our Paperless Pipeline system, log into the Agent Dashboard. Once logged in, across the top menu bar you will see the menu item Documents & Transactions. After you click that menu option, the system should automatically log you into Paperless Pipeline. If you reach a page that gives you an Oops error, please info@kcorealty.com or call the corporate office and we will assist you in getting this corrected immediately. 9

10 Invoices If you complete a transaction with an apartment complex or management company requiring an invoice, complete the Complex Rental Form (available under the Reference Tab in Paperless Pipeline) and turn in to the office by uploading into a transaction or ing as a PDF attachment to documents@kcorealty.com. Once received, we will draft and submit an invoice to the community or management company on your behalf. Once the check arrives, we will process it for disbursement and advise you when ready. We do recommend staying informed on the status of this process, as some communities take longer than others. 10

11 Approved Forms You must use all standardized forms and contracts from your realtor association. These contracts and addenda are available through these paperless systems or under the Reference Tab on Paperless Pipeline. If you have any questions regarding forms, please contact the office and we will advise you on which one to use. Paperless Pipeline does not have every possible form that can be used, however it does have most commonly used forms available for you, including our Office Forms. Business Cards If you choose to design your own business cards, the office must approve all designs prior to printing. The company approved logos and artwork are available for download from your Agent Dashboard. Click on the Marketing menu item and then Logos to download the correct color and file format. Cards are typically delivered within 5-7 business days from the date the art proof is approved by you. Log into the Agent Dashboard and Click Webstore to view the options. 11

12 Yard Signs We have personalized yard signs available to order and can be delivered anywhere in Colorado. They are available on the K Company Webstore. The standard size comes prepared to be hung on a 6 foot standard wooden post (18x24 sign) that you can place a rider on. The post comes separately provided by a sign installation company at Agent s cost (most charge $25 - $45 per installation). If you order your own signs for your listings with an outside company, you must have them approved by the office. You can send the content and design to the Broker for approval, John@kcorealty.com ORDER SIGNS HERE Personalized IDX Websites All-in-One Digital Marketing Marketing yourself on the web should be a large part of your business, but this doesn t mean it needs to be complex. We offer an easy all-in-one personal website featuring integrated digital marketing tools, for a heavily reduced monthly fee of $25. This suite can also be upgraded for SEO and Google PPC to drive traffic & leads. SEE MORE FEATURES HERE 12

13 Broker Price Opinions (BPOs) BROKER PRICE OPINIONS: By accepting the Independent Contractor Agreement regarding conducting BPOs, agent acknowledge the clause underlined below. Associate agrees to turn any and all paperwork originated from conducting BPOs and the BPOs themselves into the office the day they are completed. BROKER PRICE OPINIONS (BPOs) Associate agrees they are conducting BPOs at their own risk and it is not encouraged by The K Company Realty unless the Associate has been certified or trained by a state recognized institution for conducting Broker Price Opinions. Associate will indemnify and hold The K Company Realty, broker, its officers, directors and employees harmless from all claims, demands, suits, costs and expenses, including reasonable attorneys fees at all levels, of whatever nature and description to the extent based on Associate s representations; acts; omissions; negligence; willful misconduct; or violation of laws, rules, regulations, codes of ethics, any and all claims from Associate conducting Broker Price Opinions (BPOs). All costs and obligations incurred by associate conducting his/her independent business and/or the practice of Broker Price Opinions shall be paid solely by the associate, who will hold Broker harmless from any and all costs and obligations. Documents and Client s Personal Information Protecting our client s personal information is extremely important to us. Please make sure all documentation originated from a deal is turned into our office in a timely manner. Any and all documentation with personal information including, but not limited to, contact information, names, social security numbers, credit information, etc. must be protected and should never be stored by the agent. These documents are secured by K Company Realty. K Company Realty provides shredder stations in our offices should you need. Please note it is against our office policy for agents to handle documentation with client s personal information outside of regular business document transmission or submission. 13

14 Entering MLS Listings Our agents have the ability of entering their own listings into the MLS. The office must have received your written listing agreement and any supporting documents before a listing may be entered. Please make sure you follow all rules with your local MLS. If you need help, do not hesitate to contact the office and we will assist you. MLS listings represent the company, so we have a few requirements that help our agents optimize the exposure of their listings and ensure compliance. All Listings should be thorough and complete. Partial listings will be removed if not corrected. No Contact or Professional Information should be included in the remarks. Please place this information under Broker Remarks. All listings should have the maximum amount of allowed photos (Typically 35 photos) Please maintain the status accurately (Active, Pending Sale, Backup, Closed Sale, etc.) You must disclose all known facts that could affect the sale or leasing of the property. Disclose, Disclose, Disclose! For any listings entered into the MLS, a valid listing agreement must be submitted to the office records or the listing is subject to removal from the MLS by management. Training We offer effective training for real life practices including lead generation, sales, listings, rentals, contracts, and more. We pride ourselves on providing custom and tailored training specific to each individual s needs. Our office offers various training seminars, webinars, and web-based content. We also host informative monthly Professional Development presentations that are voluntarily but highly recommended to all of our agents. This is our venue for covering topics and current events in the our industry. If you would like to schedule a 1x1 training time at the office, please contact us to schedule. Lastly, all newly licensed agents must attend training offered by their local Realtor Association for both How to Use MLS and Real Estate Contracts before we can cover those topics. 14