GENERAL INFORMATION
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.
Define GCI
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.
I am married to an individual who also holds a license. However, his license is with a commercial Real Estate firm, and he does not handle residential Real Estate. I am a residential salesperson who works for a different firm. Are we considered a team?
No. In this instance, a married couple can apply for a waiver from team status, but production records from both must be included with the application, which will automatically be audited. Please complete the Related Party Waiver Form.
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.
TEAM GUIDELINES
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 five team members, an Extra Large Team would consist of 6-10 team members and a Mega Team would consist of eleven or more team members.
My husband and I are both licensed agents, but he only does ministerial acts. Are we considered a team?
Yes, a married couple or any family members who are both/all licensed and members of HRRA are considered a team. A Related Party Waiver Form could be submitted if both husband and wife worked for separate companies, or each worked in a different field. Example: The wife is a commercial agent, never working in residential sales, and the husband is a residential sales agent, never working in commercial sales. As for family members, an application for a waiver may be made if each conducts his business totally separate from the other(s). Along with the Related Party Waiver Form, the production log (HRRA Property Data Form) for the spouse and/or each family member must be included with the application.
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 would not be eligible for an Individual award if she was with the team at her prior company for 90 days or more during the awards year. Her GCI would stay with the team. The revised 90 day rule states that: “If an agent is a member of any Team for more than 90 cumulative days during the award year, he/she is not eligible for an Individual award.” Prior to the ninety day anniversary of team membership, a team member can leave the team with no penalty. His GCI will go with him and may not be counted by the team. He may apply as an Individual if no other team relationship occurs during the year.
