There are a few reasons you might have an outstanding balance on your account:
- Please ensure that you have calculated the fee correctly. Referral fees vary based on home price. Transactions that are less than $150,000 have a lower referral fee than homes priced greater than or equal to $150,000. If your brokerage is part of the Broker Lead Accelerator program, the fee may be different. For specific details on your referral fees please refer to your Cooperative Broker Participation Agreement. If you're an agent, please contact your broker for referral fee details.
- Have you sent the closing statement showing broker commission earned on the sale? Opcity assumes broker commission of 3% if the agent or broker does not indicate otherwise in their Referral Manager. Sending the closing statement that shows broker commission will allow Opcity to recalculate its fee to the correct amount. If the closing statement does not list commission, please provide a copy of the broker commission check.
- Did you include all commission in your fee calculation? Opcity’s fee is based on gross commission including any and all administrative fees. If your brokerage charged an administrative fee and did not include this in Opcity’s fee calculation, that is likely what is creating the outstanding balance. Please send payment for the outstanding balance at your earliest convenience.
Closing documentation is required to process and calculate the balance of an Opcity referral. The referral will be recalculated from the actual gross commission once all documentation has been processed. Please submit all closing documentation to [email protected]
Please allow up to two weeks for payments to be processed by Opcity.