www.SellMyHouse.com is excited to offer our Affiliate Network the opportunity to participate in the service of our local auction clientele as an expanded service to our traditional buyer and sellers. Sellmyhouse.com has formed exclusive partnerships and utilizes enhanced marketing strategies to offer our clients top notch marketing solutions through our expanding affiliate network of licensed real estate professionals. As a real estate professional you know how important it is to continually improve your sales initiatives by expanding your marketing reach, staying ahead of the technology curve, and improving your professional image. Our system is designed to centralize all real estate services to one referral source in every zip code/market through our Affiliate Program. The benefits are:
· Become our EXCLUSIVE referral resource to all realty leads in each affiliate zip code (No limit to # of leads)
· Leads encompass all areas of traditional residential real estate and include: Buyers, Sellers, Investors, Home Value Requests, Local Market Info Requests, and more, all geared to helping you generate a significant potential client base.
· Other leads include: relocation, commercial, contract for deed, and pre-foreclosure clients.
· Referred as SellMyHouse.com's 'licensed expert' in your area.
· LEAD GUARANTEE: If you are accepted into our referral network we guarantee that all leads and clients will be referred to you. There is NO COST to join our referral network. You pay no up front fee for our leads!
· If you are a Broker, we may allow you to register more than one zip code and become the dominant real estate professional in your market through our 'Partner Program'!
· Registered Affiliates have 'first right of refusal' to enter SellMyHouse.com's exclusive 'Partner Program' after a trial period to ensure zip code protection on all future services, programs, and lead platforms.
Details of our program can be found here.
Commission structures for our online auction format vary from our traditional referral model described in the Broker Referral Agreement outlined at the above link. The program is described in detail below:
1. Our system is designed to offer our clientele all marketing solutions which include our Powersite™ internet marketing system, the MLS, signage, and an online/onsite auction format. A marketing fee of $159 is collected from the client to begin the process for marketing costs.
2. You will sign a traditional listing agreement with the client to advertise their property on the local MLS for a specific number of days. If an offer is accepted prior to the auction date, the auction is canceled and typical closing procedures will apply. A standard 25% referral fee will be paid to JKR & Associates Inc on all commission earned by the Affiliate. Note: Check with your local MLS to see if they will allow you to add the following in the marketing comments segment: Online Auction scheduled for (date). Details at www.sellmyhouseauction.com.
3. If no offers via the MLS are presented 7 days prior to the auction date, we encourage all Affiliates to remove the listing from the local MLS to avoid Coop Commission disputes. Auction schedules are determined by customer specific needs.
4. On the day of the auction, the Affiliate will schedule an Open House to accomidate any on-site bidders during the scheduled auction period. They will communicate with the corporate office at SellMyHouse.com during the auction to share online and on-site bidding information. If a multiple offer situation occurs, the Affiliate will let the on-site bidders know they will be contacting them to get their final and best offer within a 24 hour window. The seller will have 1 business day to evaluate each offer.
5. Upon an accepted offer the Affiliate will collect the 1% Buyers Premium as an Earnest Deposit, fill out a contract, and coordinate all closing transactions per typical traditional methods.
6. If there is NO Buyer Agent Representation on an offer, the commission paid to the Affiliate at closing will be 4.9% (3.9% from the Seller + a 1% Buyers Premium). A referral fee of 1.9% will be paid to JKR & Assocaites Inc and the Affiliate will retain a 3% commission.
7. If there IS Buyer Agent Representation the fee structure will be divided as follows:
· 1.5% to the Buyer’s Representative
· 2.5% to our Affiliate
· 1% to JKR & Associates Inc.
If a short sale negotiation is required to facilitate the transaction during or after the auction, additional fees may apply. These fees typically equal $1500 or 1% of the sale price, whichever is greater depending on who handles the short sale negotiations.
It is extremely important to set a realistic Reserve price. Unrealistic prices will result in failed auctions. This is designed for motivated sellers who need to sell. The Reserve price should be discounted by at least 10% over your MLS listing price. Remember, by the time of the auction, no buyers where interested at the price advertised on the MLS.
Where required we encourage our Affiliates to get a listing addendum signed by the seller that states, "I agree to have my agent place this property up for competitive bidding online and I agree that I will accept any bid at or above my reserve price of $(price)." This step will provide additional protection for the agent listing the unit.
Local and state laws vary so please check your governing body’s rules as they apply to advertising auctions on the MLS and licensing requirements.
We cannot guarantee that our auction clientele will agree to your company’s standard commission structure. It is our responsibility to work with the client to help them find a system within their financial means. If a sale results in a short sale situation, please note that most banks will only pay a 4% to 5% commission for real estate fees. Therefore we have adopted a fee structure of 3.9% for all auction properties. You may list the property at higher commission prior to the auction per your companies fee structure but must adhere to our advertised rate of 3.9% in seller fees per our website during an auction.