Relocation Overview
Table of Contents eRelocation…………………………………… 3 Broker to Broker……………………………. 14 Corporate……………………………………… 34 Lender & Referral Programs…………… 87
eRelocation
eRelocation • eRelocation houses all Relocation referrals • Walk through an example Agent Dashboard • Access eRelocation through www.erelocation.net • Username: yourname@c21affiliated.com • Password: Will be emailed to your username
• Create your eRelocation Profile • Add up to 25 areas you service, beginning with most knowledgeable • Fill in all blanks, add you photo, and note all professional designations • Check / include hobbies and interests • Tell your story!
Receiving a New Relocation Referral
Initial Contact Updates
Scheduled Updates • Initial Contact • By 12pm the next day regardless of when referral was placed
• Initial contact form sent via eRelocation • Initial contact report due in 1 business day regardless of “Live” Contact • If you did not make "live" contact with the customer, an additional initial contact action will be automatically scheduled due the next day • This will leave you with up to three total initial contact requests that eRelocation will automatically send you • Once you make live contact, no further initial contacts will be automatically scheduled • Use phone, email, and text for each attempt
• Bi-Weekly / Monthly
• Every 14 days – until contract is executed • Every 30 days - until contract is executed
• Pending to Close
• Every 2 weeks until transaction has closed
Initial Contact Updates Continued • Use all contact methods provided • Counselors will follow up within 48 hours to ensure agent contact has occurred • Highest complaint voiced by Relocation clients • “No follow up/lack of communication by agent”
Initial Contact Updates: Contact Made
Initial Contact Updates: Contact Not Made
Bi-Weekly / 30 Day Update
House Hunting Trip
Pending to Close Update
Post Closing Actions • Closing documents & copy of the commission check must be sent within 24 hours • Email to relohud@c21affiliated.com • No transaction fees or admin fees….or else • At closing all MLS fees, transaction fees, and/or bonuses must be itemized on the closing disclosure. If these fees/bonuses are not itemized, the referral fee will be taken off the total amount listed as commission. • Don’t mark as closed in eRelocation
Broker to Broker Referrals
Why use the Relocation Department?
Agent Assignment – We are partnered with brokerages across the country. We have built relationships with these brokers and know they will take great care of your customer! We will help in assigning an agent in the area that is the best fit for your customer’s needs.
Referral tracking – We will track the progress of the referral, including gathering initial contact information between the assigned agent and your customer, and monthly updates. We will also update you when the customer is under contract.
Referral Fee - If the referral goes to one of our Affiliated agents, you will receive 100% of the 25% referral fee, less the 8% C21 Service Fees.
Why use the Relocation Department?
Payment Processing – We will work with the Receiving Brokerage and the Accounting Department to ensure you receive payment for your outbound referral.
Monthly Prizes – If your outbound referral closes, you will receive a $20 gift code to the Affiliated Bling Store.
Office Contests - We have a yearly contest for all our offices and agents. When you send your customer through our department and the transaction closes, it will count towards your office goal. The office that closes on the most outbounds wins a party paid for by Relocation!
Company Policy – All Outbound Referrals must be placed through the Relocation Department.
What is an Outbound B2B Referral? • An Outbound B2B Referral is anyone who needs assistance outside of your service area. It could be a relative, friend, past client, or even someone you met at an open house… Think of how many people you could help buy or sell a home by placing an Outbound Referral! • Can be submitted by anyone within the Century 21 Affiliated Family
Relatives: Weddings, Holiday Gatherings, Birthday Celebrations
Sphere of Influence: Social Media Marketing
Listing/Buyer Presentations
School Activities
Garage Sales
Neighbors
Just Ask in your everyday conversations!
Your Website
Church Functions
When do I submit an Outbound B2B Referral?
• As soon as you know the client’s needs in the other area, you can submit the referral • We will need as much information on the clients regarding their listing/home finding as possible. Just think if you received a referral… what would you want to know about a client? • Please remember to ask your customer for permission to have an agent reach out to them
The Outbound B2B Referral Process You get your client’s permission and submit the referral to the relocation department. (Please do not reach out to any Realtors/Brokerages)
Our B2B Coordinator receives the information and begins placement with a brokerage.
You will receive an email from the relocation department with the assigned agent’s contact information. You should receive a call from the agent that the file has been assigned to and the agent will connect with your client.
You will receive frequent updates throughout the duration of the transaction
Once the file closes, a check will be mailed to us and you will be paid for your OGR
BONUS: C21 Affiliated Gear!
How do I submit an Outbound B2B Referral? • eRelocation “Submit a Referral” tab • Affiliated Connection “Place Outbound Referral” link • Any email from the Relocation Department will have a “Click here to submit an Outbound B2B Referral” in their email signature
Outbound Form
Outbound Referral Introductory Email
• Email from your coordinator that states the Assigned Agent’s information • If you don’t hear from the Assigned Agent by this point, you should reach out to develop a relationship between you, your clients, and the Assigned Agent • If you feel as if this isn’t a good fit for your clients, please let us know and we can work on a reassignment
Agent Exchange – Download the App #1: Search in the App store & Download #2: Open the App & Select CENTURY 21
#3: Log in with C21 Credentials
Agent Exchange Program Benefits • Use your Listing Presentations to connect them with an agent in their new location. Win the Listing! • Agent Exchange allows you to connect with another agent immediately, for both buyer and seller clients, 24 hours a day! • Increase your referral business with instant access to the Realogy Advantage Network • Simplify referral submission, tracking and management of your referrals • Flexibility to manage your referrals on the go • Efficient and real time communication with the receiving agent
Types of Outbound Referrals
CENTURY 21 Affiliated Footprint
• Intra Office
• We assign an agent within Century 21 Affiliated • 25% referral fee: 100% to the Referring Agent (less Century 21’s 8%) • In Network / Agent Exchange • We assign an agent within our Realogy Advantage Network • 35% referral fee: 21% to Referring Agent at 100% agent split (less Century 21’s 8%), remaining 14% to the Realogy Advantage network
• Out of Network • We assign an agent out of network if there is no opportunity to place as an intra office or in network referral • 25% referral fee: of the 25%, 40% to Cartus, 60% to the Referring Agent
Agent Exchange Incoming Referrals: How it Works
Step 1: Accept Incoming Referral by phone or text (203.456.2836) Step 2: Relocation Department will be notified of your referral acceptance Step 3: Relocation Department will send you a Referral Acknowledgement from eRelo
Agent Exchange Performing Updates in the App
#1: Sign in & click on Incoming Referral on Home Page
#3: Agent can update the status at any time
#2: Select the referral to view the customer info
#4: Agent inputs all relevant info & submits status update
#5: Relo Dept will approve update
Agent Exchange Performing Updates in the App
#9: Status changes to Property Closed & Relo Dept will review
#6: Relo Dept will accept status updates including listing & pending info
#7: Referral Timeline displays under contract info
#8: Agent updates status to “Property Closed”
#10: Relo Dept accepts status update
Agent Exchange Performing Updates in the App
#11: Property status changes to Closed
#12: Notification is sent to the Referring Agent
What is an Inbound B2B Referral? • An Inbound Referral is coming from an agent / broker for assistance in an area they’re unable to service • Three types of Inbound B2Bs • Intra office • In Network / Agent Exchange • Out of Network
Inbound Broker to Broker Referral • Contact the Referring Agent first • If you reach out to the RA and don’t make contact, don’t call customer yet • If you are unable to connect with the referring agent before your initial contact update is due, you can put this information in your update • Stay in touch with the Referring Agent
• Set communication expectations • Update them during key moments
• Don’t forget about the survey! • Only in network referrals • Filled out by the Referring Agent, not the customer • Receiving agent contacted referring agent • 90% or greater • Agent Satisfaction • 95% or greater
Inbound Broker to Broker Flips
• Customer originally came through as a Broker to Broker but is eligible for a Lender Program (example: Navy Federal Credit Union) • Referral “Flips” from Broker to Broker to Lender Program
eRelocation: Closed File
• Closing documents & copy of the commission check must be sent within 24 hours • Email to relohud@c21affiliated.com • No transaction fees or admin fees
Corporate Listings
Types of Relocation Transactions • Buyer Value Option-BVO • No Guaranteed Buyout Offer • Customer markets property and verbally negotiates sale terms • Cartus signs contract with the outside buyer • Amended Sale • Guaranteed Buyout Offer is offered • Customer markets property and verbally negotiates sale terms • Cartus signs contract with the outside buyer • Cartus “amends” their Guaranteed Buyout offer to the outside sale price • Direct Reimbursement-DR • No Guaranteed Buyout Offer • Customer markets property and negotiates sale terms • Customer signs contract and attends closing • Customer submits for reimbursement of closing costs
• Closing Services Only-CSO • No Guaranteed Buyout Offer
• Customer markets property and negotiates sale terms • Customer signs contract with the outside buyer • Cartus facilitates closing
• Inventory
• Customer accepts Guaranteed Buyout Offer • Home goes into inventory
Overview: Home Marketing Process
Referral & BMA Assignment
Relocation Authorization
Listing & Marketing
Offer & Closing
• Corporate Client approves an employee’s job transfer • The Corporate Client contacts HR
• HR informs their referral management company to start the relocation process • Referral management company sends the employee’s information to 2-3 brokers • Brokers compete to win the listing by completing a listing presentation and a broker market analysis • Employee and referral management company discuss and select a broker to list the home • Agent lists home & submits listing paperwork • Agent provides Market Updates
• Agent procures an offer & submits offer paperwork • Agent completes contingencies and closes property
Listing Presentation • Reach out to customer to make an appointment to view the home, give marketing presentation & gather the information you need to complete and broker market analysis • This is a 1 step appointment • Dress for success • Bring marketing material and CMA for employee to keep • You can give a range of list prices to the employee but please don’t discuss actual prices until you submitted BMA • Interior and exterior photos of the property are required (non- professional) and are submitted, along with your completed BMA, on the Photomount Page
Broker Market Analysis (BMA) • The BMA is the analysis of the home through the agent’s eyes and experience. • The goal is to tell a complete “story” of the subject property and how it relates to the current housing market. • Be honest but tactful on this report • All BMAs must be submitted through eRelocation to your Corporate Referral Coordinator for review
ERC BMA Considerations • Property condition and appeal • Location/neighborhood/area development • Property functionality/layout • Supply and demand • Over/under-improved for the area
• Power lines • Busy street
• Environmental hazards • Severe weather issues • Smells or Mold • Rural property, etc. • Overall market conditions • Stigma
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Photomount How do I upload photos in eRelo with a BMA for corporate listing referrals? • Submit your BMA through eRelo • When you complete your BMA form through eRelo and submit, it will ask you to upload your photos.
• If you add photos at a later time • Go into eRelo • Click on the customer’s name
• Click on Attachments in the blue tool bar on the left • Click Upload BMA Photos • Click Add More Files to upload your photos from your computer • Remember to rotate any photos that are sideways & label your photos
Corporate Listing Performance Metrics • BMA Variance 4% or less • Do not “buy” a corporate listing • Typed BMA report and photos due within 2-3 days of appointment date • Total Direct Expenses (TDE) not to exceed 10%
• Amended Sale Rate of 93% or greater • Days on Market not to exceed 120
What’s In It For Me? Conversions = Commission $$ Award Status = More Referrals!
Amended Sale Overview • The Amended Sale program was developed by the Employee Relocation Council (ERC) and is recognized under IRS ruling 72-339 • There are 11 steps which must be adhered to in order to minimize tax exposure. If not followed the customer and corporate client are subject to additional taxes • There must be two distinct and separate sale transactions • Customer sells home to Relocation Management Company • Relocation Management Company sells the home to the third- party buyer • The customer’s name, signature, or initials CANNOT appear anywhere on the contract, binder, counter-offer, repair request, or any addendum • If you don’t know, ask! • If the customer signs in error, they violate the IRS Ruling. This jeopardizes the eligibility of the sale for the program and VOIDS the tax protection.
Broker Liability if Customer Signs Contract Tax Gross Up Consequences
Amended Sale Transaction
Taxable Transaction
$400,000 (Sale price) x 8% (Typical closing costs) = $32,000 (Total reimbursement to customer, but considered as business expense for corporate client)
$400,000 (Sale price) x 8% (Typical closing costs) = $32,000 (Taxable income) x 60% (Tax reimbursement) = $19,200 (Broker pays to cover tax burden)
Overview: You won the listing!
• Sell property in accordance with client’s relocation policy • This information is provided in the listing agent instructions • MAKE SURE YOU KNOW IF YOUR SELLER IS ALLOWED TO SIGN THEIR OWN OFFER CONTRACT • Deliver Exceptional Service • Understand and manage the property to referral management company’s performance requirements
Within 24 Hours of Listing:
Referral & BMA Assignment
Listing & Marketing
Offer and Closing
Relocation Authorization
Send your relocation coordinator the following documents ( listing paperwork should not be sent directly to the counselor ) 1. The Listing Agreement executed with the customer • Delayed Listings: If the actual date the property is going on the MLS is delayed, please include in the listing agreement 2. Completed State Property Disclosures 3. Blank copies of State Property Disclosures 4. Signed Broker Exclusion Clause 5. Copy of MLS listing sheet as a PDF with commission split identified
Disclosures
• Once your listing paperwork has been reviewed, the referral management company will send disclosures to include for an outside buyer • If you receive the disclosure package and do not see your relo coordinator on the email, please forward to them ASAP • Read all the attachments and contact your relo coordinator if you need additional direction
Agent Contract Tool
• This is for you to complete when you get a verbally accepted offer. • The 2nd page is a detailed list of what paperwork you need to send to your relocation coordinator. You do not need to send to the buyer’s agent. • Outlines Sale Terms • Identifies Cartus Contract Requirements
Buyer Expectation TipSheet
• This should be provided to the buyer • It gives them an idea of how Cartus is involved and that there will be some additional hoops to jump through • You don’t need to return this document
Sellers Real Estate Disclosure (SRED)
• This is a list of all the disclosures that Cartus needs to provide the buyer. The buyer needs to initial next to each saying they received them from Cartus. • This is important because we need to prove we provided the signed disclosures without the buyer actually signing those disclosures because that will put the sellers’ benefits in jeopardy.
Affiliated Business Arrangement
• Send to buyer so they know what relationships the Referral Management Company has with other ancillary services • We only need the last page back from the buyer signed and dated
Homeowner’s Real Estate Disclosure (HRDS)
• This should be provided to the buyer. We do not need this back. • The buyer does not need to sign or initial this document. They only need to initial the SRED saying they received it.
Main State, Radon, LBP and LPD
• These should be provided to the buyer. We do not need these back. • The buyer does not need to sign or initial these documents. They only need to initial the SRED saying they received them.
Standard Addendum / Purchase Agreement Addendum • This should be provided to the buyer if they are using a local contract for the offer. • We need pages 1-4 back with the buyer signing and dating page 4. • This document cannot be altered in anyway.
The NonOccupant
• This is a disclosure the buyer needs to sign and date saying they understand Cartus has never occupied the home. • There are usually places on the NonOcc for the buyer’s agent to sign/date as well as you so review this document carefully before sending to your Relo Coordinator.
Lead Paint Addendum
• This is a disclosure from Cartus the buyer needs to complete and send back if the home was built before 1978 • The top of page 1 needs the date and the buyers’ names • Page 2 needs the buyers to initial sections 4 and 5 • They need to check either box A or B • You need to initial 6 as the listing agent • The buyer’s agent needs to sign/date 7 • The buyers need to sign/date 8
Expediting Contracts
This is an informational document for you that we do not need back or signed.
Marketing the Home
Referral & BMA Assignment
Offer and Closing
Relocation Authorization
Listing & Marketing
• Periodic Marketing Update Reports will be required • Submit to your Relocation Coordinator who will review and send to the referral management company • If after review your coordinator requests changes, please respond within 24 hours • Agent proactively communicates with both the Customer and the Relocation Department on all marketing activities and strategy recommendations
Marketing Update Report (MUR) • It is key to have the most updated information for any Referral
Management Company to be able to assist you in influencing the customer • The Counselor is required to deliver marketing information to the Corporate Client (the employer). They rely on the agent for complete updated marketing information. • Buyer and agent feedback is very important to update after each showing • Make sure the # of showings reflected on the report is accurate
MUR: Comparable Sales • The comparable sale information should be updated when competing homes sell in your market • This information is key to knowing if the home is priced correctly for the market • Knowing there have been no new sales in the last 6 months or longer in the subject’s market area is critical to educating the customer • We often hear that there are no new sales comps in the subject’s area. Maybe look further out to see what is happening in surrounding areas. (In other words, going more “macro” as opposed to “micro.”) Is only our area affected? Why?
MUR: Comparable Listings • It is important to keep the Counselor aware of the current status of the comparable listings used on the original BMA • Days on market will affect our customer. While it is important to be competitive with the other listings it is equally important to recognize that remaining on the market with extended marketing time is not to the customer’s advantage. We need to capture that one buyer who is ready to make an offer! • Please make sure you are updating the current Days On Market for the listed comps • Double check your listed comps to make sure they are still on the market
MUR: Marketing Activity • Customers and clients often say, “the only thing ever recommended is a price reduction.” While price is key, the reinforcement of data, comps and facts are needed to get customers on board. It is important the Customer is made aware of realistic price suggestions up front to shorten this progression. • Customers initially focus on what they paid for their home, the money they spent on extras, and their expected Sale Price. As the marketing progresses, they typically become more realistic. Relocation is time sensitive! The expectation is that homes sell within 120 days or less. • Corporate Clients are very cost conscious. They want the Employee in the new location as quickly as possible and their focus is on keeping homes out of Inventory. • Update what you have done to market the home since your last Market Update Report • Your recommended list price & most probable sale price are very important
You received an offer! • Verbally negotiate until you have come to agreeable terms with the transferee • Review Contract and Terms with the transferee (go over inclusions carefully) • Counter-offers are allowable but must be verbally negotiated and reviewed with transferee. A clean contract should be written and submitted with the agreed- upon terms. • Send the buyer’s agent all the documents that will need to be signed and initialed by the buyer that you received from the Referral Management Company • Do not send any offer paperwork directly to the Referral Management Company. It must be sent to your relocation coordinator for review.
Offer Paperwork In order to receive an executed contract from the Referral Management Company, you will need to submit the following paperwork to your relocation coordinator. *** This may differ depending on the Referral Management Company *** • Agent Contract Tool • Purchase Agreement signed by buyers with the Referral Management Company’s name as the seller o Only submit one contract (State or Cartus Contract) • Standard Addendum • Seller’s Real Estate Disclosure (SRED) • Affiliated Business Arrangement • Non-Occupant State Property Disclosure (if applicable)
• Lead Paint Addendum (if applicable) • Photo of the Earnest Money Check • Preapproval with exact purchase price or property address / Proof of Funds
Tips for Successful Contract Execution
Referral & BMA Assignment
Relocation Authorization
Listing & Marketing
Offer and Closing
• The goal is to have contracts executed in 2 days • Delays in signing include: • Incomplete Contract submission – missing items/paperwork • Program & Policy • Weekends • If your contract has an expiration date, please make the expiration date 3-5 days after offer submitted
Offer Reminders
Referral & BMA Assignment
Relocation Authorization
Listing & Marketing
Offer and Closing
• Can accept an offer contingent on the close of a buyer’s property • Subject to review of buyer’s sale documentation and buyer’s buyer’s preapproval • Avoid same day closings • Cannot accept an offer contingent on the sale of the buyer’s property • No early occupancy • Closing and possession same day
Cartus Contract Specialist (CS) & Cartus Contingency Specialist • Your Relocation Coordinator will submit the offer to the Referral Management Company • Cartus has a Contract Specialist • Your contact from receipt of an offer to the executed contract • Confirms Customer agreement to terms & executed contract/addenda • Reviews the contract for completeness and compliance • Manages receipt of outstanding contract documents and/or changes • Cartus has a Contingency Specialist • The Cartus Contingency Specialist is your contact from the executed contract to closing • Follows up on inspection contingencies and buyer repair requests • Manages walk through issues • The customer MUST NOT sign the contract/addenda as doing so may nullify their relocation benefits and the Broker may be liable for the tax consequences of the sale
Automated Agent/Relocation Email
OVERDUE Contingencies in RED
Property Maintenance If the transferee sells the home to the Referral Management Company and vacates 6 days or more from the close date, we may be asked to perform property maintenance which includes: • Broom Clean Report • You must visit the property within 24 hours of the vacate date and complete this report • If any issues are identified, photos are required • Transfer utilities • Alert Referral Management Company to any unique property utility/maintenance needs (solar panels, smart homes) • Set up lawncare, snow removal, pool and/or other maintenance items necessary • Winterize according to Referral Management Company guidelines • De-winterize prior to buyer’s final walk through • You must visit property every 24 to 48 hours – at this point you are a property manager
Closing Reminders
• Listing agent is to be present at the walk through which is to be completed 3 days prior to closing • If it is customary to have the final walk through the day prior to closing, you can do this in addition to the 3 day walk through • Notify relocation immediately if there are any issues during the walk through • Closings should take place at seller’s title company or attorney • Agents or a representative from their office must attend closing • Send closing documents and copy of the commission check within 24 hours
Expenses • Send all final invoices and paid agent receipts with proof of payment to Inventory Property Management Coordinator within 72 hours of closing • Total reimbursement amount must be on settlement statement as “Broker Reimbursement”. It is your responsibility as the agent to verify this number is correct. • If invoices, receipts and proof of payment are not received by the deadline, agent is responsible for these costs.
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