FAQs
FAQs
Transactions
Q: Who is our Broker?
A: Jerry “Scott” Cooper – DRE# 01841735
Q: Is Scott the Broker over other offices?
A: At this time, he is. However, the way CAR and the board (ie: SRAR) sees it, each
office operates under a unique DRE # and MLS ID # and are treated as different offices.
Q: How does Scott communicate with Agents?
A: Scott has a contract class every week. Please check Office Calendar for times
· New Forms
· Revisions of Forms
· Instructions on how and when to use the forms and how to fill them out
A: Scott has been holding daily Q and A sessions for agents with questions at 9:30 via zoom every morning.
A: Scott’s e-mail is KWVIPBroker@gmail.com or Scott@isellav.com . It is typically a 24 hour turn around for response
A: Scott’s phone is busy – Leave a message if you don’t hear from him. Try to text him if it is urgent. 661-209-1411
A: For a Listing – Listing paperwork is due within 72 hours of taking the listing
A: For Offers – Initial Offer paperwork is due within 72 hours of opening escrow.
A: You MUST hit the submit to Market Center button for compliance to see it.
A: This requirement is in your Independent Contractor Agreement with the Office. Please submit your files promptly. You work under your Broker’s license and your Broker needs to have the opportunity to correct any documents prior to close of escrow.
A: Remember it took a lot for you to get your license and Scott is allowing you to work under his. Please respect that opportunity.
Q: Does Scott have help?
A: YES!!! As the Broker, he works closely with other Brokers throughout the State and the local Boards.
A: In addition, VIP has a Compliance Manager and a team of file reviewers who work directly with Scott to review files.
Q: Once I get a listing or an offer in escrow, how do I send this file to my Broker?
A: We use a system called Command by creating Opportunities for Clients
A: There is a procedure book for Command called: Command Compliance PDF document that will walk you through Command. Check with Denise if you do not have it.
Q: When do I turn my files into the Office/Broker?
A: For a Listing – Listing paperwork is due within 72 hours of taking the listing
A: For Offers – Initial Offer paperwork is due within 72 hours of opening escrow.
A: You MUST hit the submit to Market Center button for compliance to see it.
A: This requirement is in your Independent Contractor Agreement with the Office. Please submit your files promptly. You work under your Broker’s license and your Broker needs to have the opportunity to correct any documents prior to close of escrow.
A: Remember it took a lot for you to get your license and Scott is allowing you to work under his. Please respect that opportunity.
Q: How often do I submit the documents?
A: Ideally you will submit in sections – Initial paperwork, escrow paperwork, disclosures and then closing docs. However, it is never this smooth. As you get closer to closing, submit more often. Once you hit submit, you will not be able to hit submit again until the file is returned to you. However, you are able to upload more documents while it is in submission status and documents uploaded after hitting the submit button will be reviewed also.
Q: I submitted my documents and they were returned to me, but no documents were rejected?
A: Once you hit “Submit to Market Center”, the file will be “returned” to you until it receives the “approved” status. It may be returned with rejected documents, missing documents or just returned waiting for you to upload more documents. As you get closer to closing, your file may be returned with the documents missing that are needed to receive approval. REMEMBER: that those are not the ONLY documents that are needed because there could be conditionally required documents (such as: SIP, FVAC, septic, RCSD, Trust ect….).
A: As long as the file is in the rejected status, there is a file missing or needs correction. Your file is not done until you receive the approved status.
Q: I am doubling ending the deal. Do I need 2 files or Opportunities?
A: You will want to keep 2 different opportunities within command for tracking. However, you do not need to upload the documents twice. Upload all offer documents on the listing opportunity.
A: On your buyer opportunity, put a note in that all documents are on the other opportunity.
Q: What fees am I charged per file?
A: Your company split with the office up to your cap amount
A: Your royalty split with KW international up to the cap amount
A: a $300 transaction Fee per side (Waived for New Construction)
A: a $99 E & O fee per file per side (49.50 for a lease file)
Q: If the deal is dual agency (being double ended within the office), Are 2 files needed? What about the $175?
A: 2 files are required and both agents will have the $175 fee.
Q: Am I able to help a landlord secure a tenant and a tenant find a rental?
A: Yes. However, it is discouraged. In the State of California, the highest number of E & O claims are made by tenants. You have a $20,000 deductible on your E & O insurance claims. Average commission on a rental is $800-1200 bucks. In most cases it is not worth it. We have an in-house Rental Mgmt Company – Rent Source that does not buy and sell. Consider using them because you will get a referral fee on the initial lease and any renewal. In addition, if they become a buyer or a landlord who wants to sell, Rent Source will try to refer them back to you. REMEMBER: You need to communicate that you do not do Property Management.
Q: Am I able to help a buyer or seller in another State with my California RE License?
A: Unless you are licensed in that state, you are unable to help them directly with the transaction. However, do not let that stop you.
A: Referral business can be extremely lucrative for you. Referral fees are not set in stone, they are negotiable. The better the relationship with the client and readiness of the client (needs to move now or already pre-approved and ready) the higher percentage of the commission you can ask for (30-40%). The weaker the relationship, the smaller the percentage (15-25%). Remember if you find the agent through Command, you still need a C.A.R. Referral form signed by the Brokers in each office.