Agency Pay Procedure

With regards to how you get paid your Property Management income please see some information below.

When am I paid?

We pay Agent's their Property Management income on a monthly basis. This is done following our "mid month payment run" to clients and contractors.

The Mid Month payment run is completed on the 15th of each month or the first business day following the 15th of each month.

We aim to get the Agency Pay Sheets and process completed within a few business days after each Mid Month payment run (e.g. if we run Mid Month on the 17th because that's the first business day after the 15th of that month - we would aim to have you paid by the 20th at the latest).

What do I need to consider?

• Agents can only be paid commission once a client has been disbursed their funds. If a client has requested that funds be withheld (either to cover upcoming bills or from a budgeting and accounting perspective) then the Agent may not receive their full income as we can only disburse once the client has been paid their rental income.

• Owners are paid either once or twice monthly, depending on the agreement you establish with them. If the owner only receives payments monthly this is done at the start of each month (for the month preceding). This may mean that there will be a delay in receiving your first income instalment when new tenancies commence as Agents are only paid once Owners are disbursed their rental income (as noted above).

• If there are additional charges to be put against owners and or property files in our Trust Accounting system (e.g. cost for a Routine Inspection), it is important to ensure that you have notified the Head Office Rental Team of this by the 10th of each month.

• You will be provided a link to the Monthly Invoice. This invoice forms part of your overall invoice file that is shared with you each month and has a breakdown of the monthly income on a separate tab (to the right of the invoice).

GST or no GST?

• As the Management Agreement is signed up in the name of @realty Head Office GST must be noted on each agreement as being charged.

• Please note: As an Agent, if you are not registered for GST you will not be paid the GST component of the income collected from your Clients

What are you paid?

You are paid an amount based on the Rental Agreement you sign with Head Office. Income that is shared with the Head Office Rentals Department may vary depending on what you agree on with each Client and Management Agreement.

It's important to refer to your Rental Agreement to understand what is charged in differing situations.

PLEASE NOTE: It is a contractual obligation to charge your clients the Administration Fee of $6.60 each month per property. If this is not done your Rental Agreement notes that this fee is required to be paid by you as the Agent to Head Office.