What is the cost of the Circle of Excellence℠ application?
The HRRA Circle of Excellence℠ application fee is $100, which covers the processing and auditing of the application.
GCI is defined as gross commission income to the company. For example, the amount of the commission check going to the company plus the EMD (if applicable), which may be inconsistent with the commission listed on the HUD statement.
Who signs the application form?
Each applicant signs his/her own application and the Principal or Managing Broker and Team Leader (if applicable) sign as well, certifying the accuracy of the information, the applicant’s status (team, mega-team or individual) and adjusted GCI calculations on the application.
Do I have to pay when I turn in my application?
Yes, all paperwork and payment must be received by January 14, 2019.
If two agents split a listing or sale, do they split both the final sales price and GCI, or just the GCI?
Looking at the Property Data Form each agent will have the same “Final Sales Price” & the same “Total GCI”. The difference will be noted in the “GCI Reduction” columns & the “Adjusted GCI” columns, depending on the arrangement made between the two agents. Whatever percentage the commission was shared (i.e. 50/50 or 80/20) will be the way it is noted on the form.
Example: Agent A & Agent B are splitting the sale of a house. The information will appear the same in the columns on both of their Property Data Forms (address, closed date, final sale price, total GCI). The rest will be determined by the % of their commission split, for example, say the total GCI that was split was $10,000 and they split it 80/20. Agent A, who made the $8,000, would show the $2,000 in the “GCI Reduction” column and the $8,000 in the “Adjusted GCI” column. The same would be true for Agent B only vice versa.
If an agent has both sides of a transaction, do I double the final sales price?
The final sale price would remain the same. The agent would list whatever total commission was earned for listing and selling the property.
I have chosen not to pay for the plaque, or have my photo in the paper. Will I still have achieved an “award”? How will I know what award?
There is no award without an acceptable COE application with required attachments. The application fee includes the multi-media publicity, but the plaque is optional.
I need to find out if an agent needs to have sold enough to be at a Bronze level to qualify for an Outstanding Rookie Award, or does that not matter?
Yes, in order to receive an Outstanding Rookie Award, there are two criteria which must be met:
- In the awards year, the Agent’s Adjusted GCI must equal that of a Bronze Award, as a minimum.
- In the agent’s first 12 months after licensure (in any state), he must earn enough Adjusted GCI to qualify for a Bronze Award, based on the criteria requirements in effect in the year he was licensed.
I am trying to use a HRRA award spreadsheet for every one of my agents to have for the end of the year. However, I am very confused about how to calculate the GCI and the AGCI. On my spreadsheet there is a total GCI, reductions and then AGCI. Are reductions applicable only if there was a referral between agents, but not if there is a relocation involved? And is AGCI the same as the GCI if there aren’t any reductions or is the AGCI the total times their commission rate?
GCI is total commission “in the door” plus the EMD (if applicable). The AGCI is the GCI less referrals to any other HRRA member. .
For the Distinguished Property Manager's Award, do both Commercial and Residential properties count?
The Property Managers Guidelines states: “Gross management, leasing, rental and referral fees from all types of real property shall be counted. Revenue gained from the sale of real property shall NOT be counted toward the Distinguished Property Managers award.
Who constitutes a “Mega Team?”
A Small Team is defined as: two or three HRRA members working together, on a regular and on-going basis, practicing real estate sales and/or property management. A Large Team would consist of four to six team members, and a Mega Team would consist of seven or more team members.
My husband and I are both licensed agents, but he only does ministerial acts. Are we considered a team?
Not necessarily. As of January 1, 2019, all real estate teams in Virginia need to be registered with the Virginia Real Estate Board. Teams must obtain a business entity salesperson’s license from the REB before transacting real estate as a team. Prior to applying to the REB for a business entity salesperson’s license, there must be a formal business entity established with the SCC. It is the responsibility of the Associate to consult appropriate resources regarding setting up a business entity, the form it should take, where to file, etc. A “team” is designed as two or more individuals who:
- Work together as a unit within the same real estate firm,
- Represent themselves to the public as working together as a unit, AND
- Designate themselves by a fictitious [team] name
Note: All three elements above must be met in order for an entity to be considered a team and be required to be registered.
If you submit a team application and are found to not have a business entity license filed with DPOR, you will be notified by HRRA and will be given 15 business days to show your proof of filing with the state or your COE application will be declined.
If an individual joins my team, may his/her GCI earned prior to joining the team count toward total team GCI?
No, prior production does not count.
If I have won 9 awards as an individual, but have joined a team this year that qualifies for a COE award, am I still eligible for my 10 year Longevity Award?
Yes, you retain your award history, whether the award was earned as an Individual or a Team Leader/Member.
An agent will be transferring to our company as an Individual agent. She was on a team with the previous company and that association continued for a couple of years. In the last month or so, she became an individual agent at the previous company. Is she eligible for an Individual award?
This agent could be eligible for an Individual award. If an agent is a member of one or more Teams during the award year, their earned GCI from the time they were on those teams during the award year will remain with those Teams. If the individual withdraws from team activity the GCI going forward as an individual remains with the individual and cannot be included in the Team GCI.