How To Pay A 3rd Party Contact Or Referring Agent


In this video, I am going to be showing you how you can add a payout item to a third-party contact or a Referring Agent (a Referring Agent is an outside Agent that is not within your office/brokerage. If the Agent is within the same office or company, you should select the option that says Add Co-Agent/Team Member).

The first step you are going to want to do is make sure that you are in the Financials tab (inside of a transaction file) and then you are going to scroll down where it says Add Payout Item. After you click on that, you are going to scroll down to the field where it says Payout Transaction Contact. As soon as you click that field, you have the option to click Add Contact or Add Co-Agent/Team Member (we have a video in the library called How To Add a Co-Agent/Team Member To A Transaction that you can watch to learn more).

If you click Add Contact, a window will pop up and will ask you to enter the Contact Type (Buyer, Referring Agent, Closing Agent, etc.). After you assign a contact type, next is you would want to fill out the Company field > then the Name of the contact. If the contact is already in the system, if you type in just a few letters of the name, the system will give you options and all you need to do is select from the choices. Once you make the selection, the system will auto-populate the rest of the fields for you, and now, all you need to do is hit Save. If the contact has already been added to the transaction file when you click Payout Transaction Contact, you should already see the contact there and all you need to do is select the contact.

Now, in the payout item window, you would also need to fill out these fields: Payout Description (this can be a credit to a third-party contact, etc.), Payout Amount (put in the agreed amount), Payout Amount Type (this can be a flat fee, % of commission or % of total commission) and Payable To.

Once you have filled out all the fields and hit Save, the payout item is going to be deducted from the commission of the Agent in the Agent Commission field and get passed over to the third-party contact or the Referring Agent.

If you have any questions, please feel free to email us at support@realtybackoffice.com or call us at (305) 517-3836.

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