Eligibility for Teams
Eligibility for Teams
PLEASE NOTE: A Specialty TEAM Application is required if MORE than 50% of your listings were purchased for INVESTMENT PURPOSES.
DEFINITIONS: Top Team Volume and Top Team Sides – Three or more REALTORS®, regardless of whether they are independent contractors or employees of a team, who combine sales for awards or commission sharing in any fashion. A team includes those who refer to themselves as partners or any other term and those who supervise others in any sales capacity for a team. Employees or independent contractors employed by a team in non-selling (clerical) activities are not counted as a member of a team. Only the production of PRIMARY OR SECONDARY MEMBERS OF SMDRA, in good standing can be included on the submitted Team Production Report/Team Tally Sheet. Production Reports/Tally Sheets must be submitted for each eligible team member.
Individual team members WILL NOT be recognized as Individual Diamond Circle Club Members,
but all team members whose production is included in the team total will be recognized as
Team Members of the Diamond Circle Club.
DEADLINES: To be considered for ANY carat level of the Diamond Circle Club, or any of the Top Producer Awards, each team member must submit the following by the March 7, 2022 deadline:
WHAT IS THE PROCESS?
Rules for Team Applications
Production – Categories for each amount of production are listed in the table below.
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 SMDRA PRIMARY or SECONDARY MEMBERSHIP will be confirmed upon receipt of the application. Your 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.
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, I qualify 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 Production Reports is accurate and complete.
DEADLINE IS MONDAY, MARCH 7, 2022. Your Team Application for the Team Award and $175 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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