TRANSACTIONS & COMMISSIONS
FAQ
Resources
How To Cancel A Deal
(Where To Check For Mailed Funds)
Learn what is required in the event of a cancellation.
Sales Contract Cancellation:
If Compass is holding earnest money we will require a fully executed Release of Earnest Money Request.
If an Attorney letter, executed by both sides attorneys' is received, the letter must include verbiage giving Compass direction on how to disburse the funds since the cancellation of the contract doesn't automatically mean the release of earnest money.
If we represent the buyer and are NOT holding earnest money, we do not need a cancellation agreement.
Lease Cancellation - only applicable when funds have been received:
A written document executed by all parties is acceptable.
Correspondence from landlord and tenant, not agents, acknowledging the cancellation is also acceptable.
Please refer to Sales Contract Cancellation process and utilize the same email format for release of First Month's Rent.
**We cannot accept email correspondence between attorneys in replace of mutual cancellation when Compass is holding funds. We will need signatures and a clear direction of funds.
**License law requires the agreement of BOTH parties for cancellations. We cannot accept attorney correspondence from only one side if the documents or adjustments require acknowledgment from BOTH sides.
Other directives should not be an issue as long as it does not violate license law. If you are unsure whether correspondence is adequate to cancel, please verify with the management team/sales manager.
**If Compass represents the seller and is NOT holding earnest money, notification from only the seller can suffice to cancel the deal in SKYSLOPE. In order to reactivate in the MLS, a cancellation executed by both parties is required.
For a more in-depth look at Cancellations review: Cancellations - Return of Earnest Money
How to Cancel a Deal in Business Tracker - Step by Step
1. Please log into Business Tracker and make your way to the Overview Page.
2. Next, please select the deal that is ready to be canceled
3. Once selected, navigate to the Offer tab to the far right.
4. Next, please select Cancel Offer, and enter the reason the deal is being canceled
5. Next, select upload to the far right of the page under Cancelled offers
6. Once selected, you will be navigated to the Compliance tab
7. Next, please upload the fully executed cancellation agreement under the Cancellations/Withdrawals section
8. From here, the Transactions team will review the information and forward the cancellation to finance for processing.
All information pertaining to funds being mailed will be under the comment section of the uploaded doc.
FAQ
Cancelled Listings and Offers
What if I need to cancel an offer?
If your offer is canceled after you have entered the details, you can cancel it from the “Offer” tab by clicking “Cancel Offer.” After the offer is canceled, go to the “Compliance” tab and click on the button “Cancellation Documents.” You will need to upload the required documents in the Compliance tab.
What if I need to withdraw a listing?
If you need to withdraw a listing, click on “Withdraw Listing” within the Listing tab in Business Tracker. After the listing is canceled, go to the “Compliance” tab and click on the button “Cancellation Documents.” You will need to upload the required documents in the Compliance tab.
What if my listing expires and is extended?
If your listing expired but has been extended, email your local Transactions team to re-activate the listing in Business Tracker. You will need to upload the new listing agreement and can do so in the same Business Tracker folder.
What if I selected the wrong property type?
If you select the wrong property type when initially entering the Listing or Offer details, you can edit them by pressing the ‘Edit’ button on the top right of the tab. If you have already uploaded documents, they will still stay in the Compliance tab.
What if I cancel an offer or listing in error?
Please notify your Compass Transactions team that the cancellation was by accident. Your Compass Transactions team will mark all “Cancellation Documents” as not being required and you can add in the offer details again. Note that you will still see a screen that shows “Cancellation Documents.”
How can I delete a Business Tracker folder?
If you have a folder in Business Tracker that was submitted for compliance (Listing tab completed, Offer tab completed, Compliance and/or Commission tab completed), the folder cannot be deleted. You can remove it from your pipeline by changing the status of the folder to ‘Inactive’ by:
Click into the folder in Business Tracker
In the top right corner, press the dropdown and adjust stage to ‘Inactive’
How To Submit For Pay When There Is An Error
(Hover Over Button For Reason)
If the ‘Submit’ button is ever grayed out, hover your mouse over the grayed-out button and business tracker will let you know what the issue is.
a. Often times, the issue is that the closing date is set to the future. In Chicagoland, for leases specifically, we consider the date the lease was signed as the closing date and NOT the date the lease starts.
How To Select Dual Agency
When entering an offer, under ‘Add buyer’s agent *,’ select ‘+ Add buyer’s agent’ and then choose ‘Same agent represents both sides of the deal’ (Photo 1)
You will then want to make sure ‘Create a linked buy-side deal’ is selected. Then hit ‘Save’ (Photo 2).
Photo 1
Photo 2
How To Create With A Buyer Who Is Not Represented
When entering an offer, under ‘Add buyer’s agent *,’ select ‘Unrepresented buyer (buyers are not working with an agent.’
How To Create A Referral Deal
In Business tracker, select ‘Create’ in blue on the top right hand corner.
Next, select ‘A Referral ..’
Select the Client Type (buyer, seller, rental, etc)
Select the Stage (Referred, In Contract, etc)
Enter the listing details manually to add for a state other than Illinois
Fill out the remaining information to the best of your ability and select ‘Create.’
Add an Accepted Offer & Select ‘Submit’
Please fill out this information to the best of your ability. We understand you may not have all the information required (eg purchase price, closing date, etc).
Upload compliance documents.
Only the referral agreement is required (the W9 too if we are paying out the referral).
Submit compliance details
How To Add A Checklist Item
Under the Compliance Tab of the file, select the checklist of your choice (Listing, Transaction, Closing).
Then, on the right hand side, select the three dots. Choose “Add checklist item.’
Next, name the checklist item accordingly and select “Add checklist item’ in blue.
How To Avoid The Heat Disclosure Being Required For Non-Chicago Properties
When entering a listing or an offer, be sure to select ‘All other markets’ under the ‘Property market’ section.
How To Request A Commission Statement Via The Folder Link
5-7 business days before closing, navigate to the Offers tab in Business Tracker
2. Click the highlighted email address tc-chicago@compass.com to begin an email to the TC team requesting a commission statement.
3. Include the following information in your email:
Property Address
Closing Date
Title Company
4. Please review the commission statement for accuracy when received. Respond with your approval or changes. Once approved, provide a copy to the seller’s attorney.
Transaction Status - Agent View
VendorCafe How-To
Login: Karen.yee@compass.com
Password: 2023Compass!
Login to vendorcafe.com using the information previously provided.
Once logged in, select the appropriate Mangement Company in the top right corner.
3. Next, click on "create/upload invoice" on the left hand side.
a. Upload a pdf invoice in the center-right of the screen by selecting “Choose File.”
b. Fill in the purple fields below:
i. Type: (Invoice)
ii. Invoice Number: This is for your reference - you can write anything you chose (we recommend street address and client last name - no spaces)
iii. Invoice Description: This is also up to your discretion
iv. Invoice Date: The date you are submitting the invoice
v. Invoice Total: Amount due to Compass
c. For "property name", click on the search icon. There are a variety of ways to find the property location.
d. Once selected, type in the details and hit “Find.” Your property location should show up
e. Select the appropriate property name at hit “OK” above.
f. Continue filling out the Item Description, Quantity and Unit price on the right.
g. Click Save in the lower left corner.
h. Review that the information is correct and then select “Submit.”
Who To Contact
Anything pertaining to Remittance Statements, Commission Related Questions (Direct Deposit, Marketing Costs & Reimbursement, Incentives, Insurance, Commission requests)
Anything pertaining to Listing and Transaction files (Agreements, Contracts, Heat Disclosures, EM, Commission Statements, HUD's, Signed Leases Etc.)
Check dropped at office and you do not receive the receipt within 24 hours of the date it was entered into the log.