Partner with us for your Property Management referrals and make more money than doing it yourself!
The Broker Partnership Program has been created to offer a continuous and outlined source of referral business between RentWerx and its Real Estate Broker partners.
ARE YOU DOING YOUR CLIENTS JUSTICE BY MANAGING HOMES?
In the past, perhaps you or your agents have leased out homes for themselves and charged the owner a fee. Are you fully compliant with:
- Marketing Homes For Rent, and Common Fees Associated with Residential Leasing
- Application Procedures and Proper Handling of Consumer Credit Reports
- Compliance with ADA, Fair Housing Laws, and Assistance Animal Guidelines
- Using a Strictly Written Lease Agreement (we use an attorney approved custom lease)
- Rent Collection and Owner Funds Disbursement (we do this like clockwork)
- Lease Enforcement (we have a zero-tolerance policy on rent collection)
- M A I N T E N A N C E!!! (we have an entire staff dedicated to maintenance)
- Inspections (we conduct move in, annual, and lease end inspections)
- Move Out Procedures and Security Deposit Itemizations (Ever been sued over a security deposit?)
- Landlord-Tenant law (we have a local San Antonio attorney on retainer)
- IRS Compliance – Each Home Owner Must Receive a 1099 (we complete this every year)
PROPERTY MANAGEMENT IS A TOUGH BUSINESS
DOES THIS FIT INTO YOUR PUBLIC PERCEPTION OF WHAT YOU WANT TO BE KNOWN AS?
Most Realtors want to be everyone’s friend and go to person when it comes to buying and selling homes. Managing homes as a 3rd party is a tough business that inherently creates less than friendly situations. In dealing with peoples most prize possessions – their homes, and their money – there is always conflict. Can your business sustain negative reviews on line? Can you or your agents deal with threats of lawsuits over not fixing an Air Conditioning inside of 60 minutes? Is your company’s public perception going to be that of a do it all company – or a specialist selling homes?
—FACT: One out of Five TREC complaints are Property Management related—
PREFERRED BROKER PARTNERSHIP (20% Program)
- Earn 20% of all Management Fees for all Referred Homes (Earn $240 to $600 Per Year / Per Home)
- Referring Agents Earn a $555 Referral Fee Once the Home Is Leased
- Broker must agree to update company policy to send all Property Management referrals to RentWerx
- Broker will allow for joint-marketing efforts as their preferred partner for Property Management
- Broker will allow for periodic office presentations to offer Property Management education
RECOMMENDED BROKER PARTNERSHIP (10% Program)
- Earn 10% of all Management Fees for all Referred Homes (Earn $120 to $300 Per Year / Per Home)
- Referring Agents Earn a $555 Referral Fee Once the Home Is Leased
- Broker will recommend RentWerx for all Property Management referrals
WHO IS THE IDEAL BROKER PARTNER?
This program was specifically designed to forge a long-lasting relationship with fellow Real Estate Brokers who want to focus strictly on assisting their clients with buying and selling homes. This creates a trusted resource to refer clients to who need Property Management services to rent and manage their home.
WHY IS THIS PROGRAM A GOOD DEAL FOR A BROKER PARTNER?
The Broker Partnership program has been created to offer a solid solution to the dilemma of needing to offer Property Management services, but being stuck with the headache, liability, expense, and inability to conduct that service at a high level. To be able to share in the monthly revenue stream – for the life of that management agreement – by a referral will hands down beat having to open and run a Property Management division. Even a well-run property management business may only ever achieve a 20% profit margin!
IT JUST MAKES SENSE! REFER US YOUR PROPERTY MANAGEMENT CLIENT AND MAKE MORE THAN DOING IT YOURSELF!
WHO MAY QUALIFY? To qualify for this program, the Broker Partner must meet the following criteria:
- Be the Broker of record with TREC for their organization —or—
- Be the decision-making authority (owner) for their organization
- Individual or teams may qualify for this program if:
- They contain two or more licensed Realtors
- Annual production exceeds $10M in Gross Annual Sales
- Their broker of record will allow this program under their current agency agreement
WILL MY CLIENT BE SENT BACK TO ME WHEN THEY WANT TO SELL? YES!!! We Guarantee to return the referred client back to the Broker when that client is ready to sell their home.
HOW DO WE MANAGE THIS REFERRAL SYSTEM? When we complete this agreement, RentWerx will set up a jointly owned portfolio inside of our software. Any referrals from your organization will go into that separate portfolio and managed by one of our Portfolio Managers who will be your referrals single owner point of contact through their stay with us. If your agents have any questions on the status of the home or homeowner, they can reach out to the portfolio manager anytime for an update.
CAN I SEE THE NUMBERS INSIDE OF THE PORTFOLIO WE SET UP? Absolutely! We want to offer full and open accounting to any of our Broker Partners. This way, you can see what we bring in and know what you are getting is the real math.
WHEN DO YOU DISTRIBUTE FUNDS FROM THIS PARTNERSHIP? We will distribute funds via check or ACH every quarter directly to the Broker Partner along with an annual IRS Form 1099.
DO MY AGENTS STILL GET THE $555 REFERRAL FEE? This may be the best part – YES! Broker Partners in this program will receive the benefit of the advertised $555 flat fee referral for sending us an owner that we work with for Property Management services.
SHARE IN THE PROPERTY MANAGEMENT REVENUE — AND — YOUR AGENT COMMISSION SPLIT ON OUR REFERRAL FEE! — YOU WIN TWICE!
IF I DECIDE TO BACK OUT OF THIS PROGRAM – CAN I CANCEL ANYTIME? Absolutely – Yes. Should your company decide it’s best to part ways for any reason, you can cancel at anytime. We will still honor the $555 referral fees for any future referrals, and our client return guarantee.
IS THERE A BUYER’S REFERRAL FEE IF WE SEND INVESTOR REFERRALS? Yes! At some point, all Realtors run into the home investor that wants the “good deal”. If your investor client would be better served to work with our team to assist them in purchasing an investment home, we will pay a 25% referral of the gross commission earned from that sale – and honor all of the terms below to include the $555 if we manage the home for that investor.
DO YOU HANDLE IRS TAX COMPLIANCE? Yes. At the end of each year, we will send the Broker Partner the IRS required form 1099 to illustrate any earnings that must be reported. We will require an IRS form W-9 to be filed upon sign up.
WHAT IS THE DIFFERENCE BETWEEN “PREFERRED” AND “RECOMMENDED”? The difference in the two program is significant in a 10% swing of potential earnings. The preferred program is for Brokers who can work directly with us, or has a team they can instruct to work directly with us. The recommended program is for larger teams / companies where the Broker may not be able to make policy that their agents send all Property Management referrals to RentWerx.
SHOULD THE BROKER JUST BAN ALL PROPERTY MANAGEMENT INSIDE THEIR OFFICE? This is a possible and a very smart solution. One easy technique for some Broker’s is to simply make policy that no Realtors will conduct Property Management services of any kind. It’s that easy! This would encourage the agents to bring all of their referrals to the preferred partner – RentWerx.
DO YOU HAVE AN EXISTING PROPERTY MANAGEMENT DIVISION? Perhaps you would be willing to create a joint venture with RentWerx for the management of those homes? We are always looking to acquire Property Management accounts with negotiable terms.