Market Center Frequently Asked Questions

In the situation of an estate, it's important that you've identified the correct person, which oftentimes means if it's unclear then usually you need to get them to get you something from the attorney handling the estate to ensure that we're dealing with a person who has the capacity to sell the property.

With LLCs, it's best that the agent has a copy of the operating agreement so that we can confirm that if Sam Smith from 123 LLC is able to sign on behalf of 123 LLC, and the only way to confirm that is with the operator.

In a divorce decree, or in a situation where ownership is changed in actuality but not on title, there's a court document for those situations that would confirm that the person you're dealing with has the authority.

You can find an updated Point of Sale list HERE!

A) As soon as earnest money gets deposited, the holder of the earnest money and the contract are the only two things that have authority over it. Neither buyer or seller has any authority to dictate what can happen with it at that point in time. Our contract, and most contracts, say that the only way earnest money ever gets released if a deal does not close is if both parties sign a mutual release.

**If the seller doesn't sign the release, the buyer doesn't get their money back at that moment. Our contract and most contracts also say that you get it back two years from the date of deposit if there's been no court order or closing that has happened that either dictates who gets it or obviously if it closes, it gets liquidated as part of funds to close.

**Writing on the contract, earnest money to be non-refundable does not ensure the seller's going to get it from the holder of the deposit.

B) If I'm representing a buyer and we get under contract, then the deal falls apart and the seller won't release the earnest money, and then the seller turns around and sells the house, does that hang around for two years, or when they sell the house, does that earnest money get released?

**The sale of the property does not guarantee the release of the earnest money, so we should play by the rule of two years as the only guarantee.

C) Before the contract is accepted, it's the buyer's money. Once the contract closes, it's distributed as a part of all the funds and it becomes the seller's money. While you're under contract, it's the contract’s money.

A day in the contract is any calendar day, holiday or otherwise; there's no day excluded. The day the contract is signed is identified as day zero. So it's important that you understand that day count that's in the contract ahead of time and that if you need to get it extended to do so in writing if it's gonna take more time.

A) Usually a date in time. It's important as a buyer's agent or a listing agent, that you're aware of that date, and that you're getting something from the lender before that date to be able to share with the other party, especially on the buyer's side. But I would say if you're on the listing side and the buyer's agent's kind of non-existent, then you need to be chasing that information down either way, whether you're getting it from the buyer's agent or from the lender .Because the contract says if we don't have a loan commitment, that the seller has the right to cancel the contract if they choose.

B) In order to protect your clients on both the buyer side and the seller side, It's really important to keep your eye on the target of the loan commitment date because the seller has the right to end the contract if that loan commitment isn't met. It rarely happens, but it can.

The rule of greater prominence: no team name or licensee name can be as prominent or more prominent than the words Greater Metropolitan; this refers to size, boldness, and/or brightness. However, logos are not regulated by prominence, as long as the logo does not contain the team name or licensee name.

You will need a confirmation email from the seller regarding: changing a price, changing an expiration date, taking something off the market to another status (whether that be temporarily off market or sold).

You can send the email to the seller saying, please just reply to an agreement that you'd like to extend our listing agreement to this date for your property at 123 Main Street, Cleveland, Ohio, and then all the seller has to do is respond back saying, I'm in agreement with that. And then you just need to make sure you don't delete that email and store it somewhere so that if you get audited, because you change the date that you've got that documentation.

A) Get the listing agreement signed first

B) Get an offer written from a buyer

C) Get that offer signed by the seller and turned into a contract

D) Put the listing in the MLS and make it pending

1. Inform buyer they will be breaking the agreement which leaves them exposed to potential legal ramifications and at the very least risking losing their earnest money

2. Let buyer know you need to inform the other side if they do not change their mind of their intentions not to perform.

3. Let the other side know what is happening and send over whatever mutual release the buyer request (losing, splitting or keeping earnest money).

Really important not to advocate against your clients wishes, but reasonable not to fight for them either if they are breaking the agreement.

Congratulations! To receive your commission, you must have 2 things - a Commission Request submitted, and your Compliance Documents submitted - this is all within KW Command (agent.kw.com).

That means you are missing a required document, or missing a signature on a required document! To see what Documents are Required, go to Opportunities and the ones that are Required will be marked as such. Please check your email for the Property Address - as you should have received an email from the AMCA with what you are missing.

This could happen 1 of 2 ways, the Tenant sends their security deposit to KWGM which is used as your Commission, or the tenant sends the security deposit to the landlord or Landlord's brokerage - who then send us a check for your commission.

Keep in mind, for Rental commissions, if we received a Cashier's Check or Money Order, we can process it day-of (if Compliance / Commission Request is Complete). We must hold Personal Checks for 10 days in our Trust Account.

To ensure you have the most up-to-date version of this, you can email our Pepper Pike Front Desk Coordinator, AMCA, MCA or Director of Agent Services for this info!

That is how we collect the Additional Fee ($249) listed on the Escrow Letter that is paid by your client, it is a passthrough and not charged to you, the agent.

Follow-up question: The Additional Fee charged to my clients is $249, why is the Agent Transaction Fee line on my DA not $249? That is because you are either uncapped, only capped on CO$ (the 30%), only capped on royalty (the 6%). When you are not fully capped, we do not collect the full $249. We collect the amount proportional to your current cap status.

$159 (Uncapped) or $174 (capped only on Royalty) or $234 (capped only on Company Dolar).

If you are unsure of your Cap Status, please refer to the above question!

Depending on your bank, it may take an additional business day from when the DA form is sent, for the deposit to post. If it has been more than 2 business days, please contact us.

On all Real Estate contract paperwork (whether it be for listing or purchase), if your client is an LLC or S-Corp, they MUST sign the document in their own name, and their own name MUST be written into the document (ex. they can not sign as just the company itself). It is important that you advise your clients to sign paperwork correctly, as it will protect both you, as the realtor, and them as the buyer or seller.

Although the property ownership may be in the name of the LLC or S-Corp - your clients can not sign documents as the entity's name, and must sign as their personal name, as the designated signer for the company.

The proper way to write an LLC or S-Corp (or similar company) within documents, and how they should sign those documents is modeled in these examples,

Write within the contract/document: Jean Smith, Managing Member, JS Property Group, LLC

Signature should be: Jean Smith, Managing Member

Write within the contract/document: The Jonah Smith Irrevocable Trust, Jonah Smith TTEE

Signature should be: Jonah Smith, TTEE

Write within the contract/document: Jimmy Smith Properties, Inc., Jimmy Smith, Sole Member

Signature should be: James Smith, Member

Being coached by somebody who is in the business to extract your maximum potential by helping keep you accountable and helping you understand what it really is to be a successful real estate agent.

You've got now someone in your corner that can help you to overcome obstacles, teach you and show you the right things to do to be successful, and to hold you accountable to the activities that are going to get you there.

10% is across the board what it typically costs. The market center has been generous enough to pay for it for your first year. Although, that cannot and will not be extended if you do not choose to start until three months in, six months in, or nine months in. It ends at 12 months.

Agents who end up succeeding through coaching typically put in about 10 hours of time between sessions and work.

Understanding the 80-20 principle, 80% of what you are going to be doing is coming from 20% of the time in coaching. So if we need 80% effort outside of coaching, 20% learning from the 20% in class.

Agents who do very well have a dedicated coaching notebook that they can go back to.

A coachable mindset; be prepared to look for errors in your own thinking.

Ask the right questions. (i.e. growth mindset questions; the coaching relationship should be one that is interdependent, and needs-based questions are rooted in dependency)

East Side agents - Eric Uchbar.

West Side agents - Wesley Croft.

Finding problems I didn't know existed. Understanding what it means to be a real estate agent. Answer your questions.

Contact your coach and request a meeting and/or contract.

12 months from your license being active at the brokerage.

Absolutely, the compensation then becomes the responsibility of the agent then.

Lead generate, lead follow up, go on appointments, negotiate contracts, script and role play, and become more educated.

Refer to question 10. (What is the job description of a real estate agent?)

I don’t know where to start lead generating? Open your phone and start calling today.

I don’t know what to say? Here are the scripts for your database (link)

Shiny objects. Anything that are purchased leads. Anything outside of the 5 during your work day. No more than one hour of skill building per day. No skill building until you have done your lead generation and lead follow up

Conference rooms are available at both office locations and can be reserved through Sarah Rehner (Pepper Pike) or Kelly Mahon (Rocky River). Room reservations can only be made up to 1 month in advance.

The market center sells Keller Williams branded signs, riders, frames, lockboxes and more! You can contact Sarah Rehner (sarahrehner@kw.com) for more information.

License renewals can be submitted online through the elicense center website (elicense.com.ohio.gov) or mailed to the Ohio Division of Real Estate at 77 S High St., 20th FL., Columbus, OH 43215.

All details regarding license renewals can be found on the elicense center website (elicense.com.ohio.gov).

Both offices are open to agents 24/7. If you are planning to use the office outside of normal business hours, please reach out to Sarah Rehner (Pepper Pike) or Kelly Mahon (Rocky River) for office door codes.

New agents should schedule a time to meet with Sarah Rehner (Pepper Pike) or Kelly Mahon (Rocky River) to have their computer connected to the printer.

Yes! All virtual training sessions are recorded and uploaded to our https://www.youtube.com/channel/UCeaMvKPdHuXGXyHg6xNG7nQYoutube channel.

To reactivate your license from a renewal suspension, you must do the following:

Complete the renewal.

Fill out both the renewal and reactivation form.

Bring both forms and a check for the reactivation fee into the office (Pepper Pike or Rocky River).

The office will mail both the paperwork and payment to the division.

Please note that you cannot practice real estate with a suspended license.