Reporting on splits is a problem that’s been the source of many clunky spreadsheets and throbbing headaches. How do you report and manage the different splits and commission payouts for each of your agents? It can get complicated.
We’ve made strides towards this with our splits manager, a feature for admins. Go to your admin>transactions sheet, where you’ll have a list of each of the deals your agents are tracking. If you click the arrow, you’ll see a “splits” button. This can also be managed from the left-hand panel if you click in to edit a transaction.
Here’s what you’ll need to understand to manage splits:
- GCI means the gross commission on the deal, before any splits. Let’s say the deal grossed $9,000 in commission
- Paid Income is the total amount paid to your agents. Let’s say that this transaction has a 40% split, so the paid income to agents is $3,600. By default, this $3,600 will be allocated to the primary agent on the deal.
- You can add a split for that paid income and specify the reason for that split. Let’s say that in this case, it’s an ISA who set the appointment and will receive $200 for their efforts. You would add a new split for $200, so that the ISA will show $200 in their reporting and the primary agent will now show $3,400 ($3,600 minus $200)
- There is also an option to split the credit for the deal. So if you were to put in 20% for credit, the primary agent would show .8 of a closed deal on their dashboard, while the ISA would show .2.
- You can get a detailed breakdown of team income (GCI minus Paid Income) in reports>team income report.
- When a referral split happens, you can adjust the GCI coming into your business from the splits form (If the total GCI is 10,000 but I'm paying another brokerage 2,500, I would want to just enter 7,500 for the GCI coming into my firm)