Eligibility for Specialty Offices
Eligibility for Specialty Offices
Eligible REALTORS® are PRIMARY OR SECONDARY members of the South Metro Denver REALTOR® Association who are in good standing at time of application. Eligible transactions are those closed between January 1, 2021 and December 31, 2021. Eligible properties include sales and referrals of single-family residences as well as condominiums, townhouses, residential lots and multiple dwelling units located in Colorado. Office category Applications must be submitted by the Broker of Record who holds Primary or Secondary Membership status at SMDRA. Minimum production of $5 million or 20 sides is required to qualify.
DEFINITIONS: Specialty Office – Specialty Office category applicants must be a Managing/Employing Broker who holds PRIMARY OR SECONDARY MEMBERSHIP status with SMDRA. Office Category Top Producer Winners will be decided by the Highest Average Production by Agent, AND by Highest Absolute Production recognized by both Volume and Sides. Majority of your listed properties were purchased for investment purposes. If you do NOT wish for your office to be recognized for Highest Average by Agent, you will need OPT OUT in the online application and will not be considered for the averages by agent category.
Recognition will go to offices in eight different categories which represent the size of the office:
Production Reports/Tally Sheets must be submitted for each eligible office member. A summary Production Report/Tally Sheet of combined production will not be accepted.
If you are the Managing Broker of an Office you must submit an Individual Application with separate $55 Individual Application fee if you want to be included in the Diamond Circle Club as an Individual Member.
How to Determine the Specialty Office Category
HOW TO CALCULATE PRODUCTION TOTAL – The SIZE of the office and therefore the category is determined by the number of licensed professionals currently listed under the managing broker’s ID through the REcolorado MLS at time of Diamond Circle Application.
OFFICE SIZE & PRODUCTION EXAMPLE FOR HIGHEST AVERAGE PRODUCTION
Eligibility for Specialty Offices (con’t)
ADDITIONAL INFORMATION – To be considered for either the Diamond Circle Club level award or any of the additional award levels, you must submit the application and registration form to SMDRA on or before the March 7, 2022 deadline. Applications are paperless and an application link will be mailed to you upon payment of the $150 Application Fee. Those who qualify will receive an exclusive marketing package including printable certificate, pre-written press release and downloadable marketing materials. Only those who apply will be eligible.
TO BE ELIGIBLE FOR AWARDS
Rules for Specialty Office Applications
Categories – numbers correspond to licensed agents in the office listed on REcolorado at time of application.
Listing and Sale – REALTORS® who both list and sell a property may take credit for both sides of the sale. For example, a REALTOR® who lists and sells a $150,000 property will earn two sides and $300,000 in production.
Listing or Sale – REALTORS® who list or sell the property can take credit for only one side of the sale. For example, a REALTOR® who sells a $150,000 property will take credit for $150,000 in production or one side. The REALTOR® who listed the property will also receive $150,000 in production or one side. See example tally sheet for reference.
Co-Listing – REALTORS® involved in a “co-listing” (a listing or sale shared with another agent) receive credit for half of the amount of the transaction. For example, agents who co-list a $200,000 property will each take credit for one half of a side and $100,000 in production.
Referrals – When a REALTOR® refers a buyer or seller to another REALTOR®, the referring REALTOR® may claim the same percentage as the actual referral fee paid upon completion of the transaction during 2021.
New Construction, For Sale by Owner (FSBO’s) and HUD’s – REALTORS® who sell new construction, FSBO and HUD homes may claim the gross sales price (100%) as their production figure. The sales price is not doubled for production purposes unless the agent also had a signed listing agreement.
Referrals Example –Example: REALTOR® “A” refers a $100,000 listing to REALTOR® “B”. REALTOR® “B will pay REALTOR® “A” a 20% referral fee. REALTOR® “C” sells REALTOR® “B”’s listing. Since the referral fee is paid out of REALTOR® “B”’s side only, REALTOR® “A” may claim a volume credit of $20,000 (20% of the sales price). REALTOR® “B” may claim a volume credit of $80,000 (80% of the sale price). REALTOR® “C” may claim a volume credit of $100,000 (100% of the sales price).
Example Tally Sheet – You may submit your own, but the categories must be the same:
Verification and Audit
Verification of Membership – Verification of each Office Member’s PRIMARY or SECONDARY MEMBERSHIP with SMDRA will be confirmed upon receipt of the Employing/Managing Brokers application. The Managing broker must certify the application Tally Sheets. When a REALTOR® has worked at more than one office in a year, each managing broker must certify sales made while in each office. The company the applicant works for at the time of the application will be the company recognized at the time of the award.
Review Panel – The 2022 Diamond Circle Application Review Panel, appointed by the South Metro Denver REALTOR® Association, shall make the final decision on disputes concerning rule interpretations and has the authority to assign applicants to their correct category should the applicant misinterpret or violate the intent of the definition of the individual, partnership, team and office categories.
Additional Documentation – SMDRA’s Review Panel reserves the right to verify all Applications and Production Reports, and verification may require additional documentation if requested. Applications of those that are eligible for top awards will automatically be audited.
Final Application Acceptance – Incomplete applications may be rejected or returned for correction. All applications must be received by the SMDRA office on or before March 7, 2022.
Individual Production Reports *REQUIRED* – Applicants may submit their own Tally Sheets, as long as they contain the same categories (column headings) as the SMDRA provided Tally Sheets.
Diamond Circle Awards Sponsor Marketing Notification – In accordance with SMDRA Policies and Operation Procedures, some and/or all of the data collected during promotions at the Diamond Circle Awards that are sponsored by third parties may be shared with the sponsor for the limited purpose of a one-time marketing follow-up by the sponsor.
Managing Broker Certification
By applying for the 2022 SMDRA Diamond Circle Awards, I certify that I have read the Definitions and Rules and that, in accordance with the definitions and rules, my office qualifies in volume and/or sides for the 2021 calendar year.
YOUR MANAGING BROKER MUST CERTIFY THAT THE INFORMATION SUBMITTED IN YOUR APPLICATION IS ACCURATE AND CORRECT. You will be asked to upload a certification letter containing your Managing Brokers signature, verifying that your application and Tally Sheet is accurate and complete.
DEADLINE IS MONDAY, MARCH 7, 2022. Application and $150 application fee must be received by deadline. It is required to receive award recognition including the Diamond Club Membership. Applicants will be recognized by the highest carat they qualify for in either production or sides.
If you do not receive a confirmation email within 72 hours of submitting your application, please call 303-797-3700.
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