NEW RULES
2017
Columbus REALTORS Million Dollar Club
Rules and Regulations
ALL INFORMATION CONTAINED HEREIN + FORMS ARE AVAILABLE ON
HOW IT WORKS:
Methods of application:
Method A:
TO OBTAIN THE:
ONE MILLION DOLLAR AWARD:A minimum sales volume of $1,000,000 in the year of application, coupled with participation in a minimum of five (5)closings for the current year.
FIVE MILLION DOLLAR AWARD:A minimum sales volume of $4,000,000 cumulativeafter gaining admission to
(obtainable only after achieving thethe One Million Dollar Club (including any excess volume from previous sales),
which One Million Dollar Awardshall include at least $1,000,000 in verified sales for the
current year. Additionally, the applicant must show participation in a minimum of five
(5) closingsfor the current year.
TEN MILLION DOLLAR AWARD:A minimum sales volume of $5,000,000 cumulativeafter gaining admission to
(obtainable only after achieving thethe Five Million Dollar Club, (including any excess volume from previous sales), whichFive Million Dollar Awardshall include at least $1,000,000 in verified sales for the current year. Additionally, the applicant must show participation in a minimum of five (5) closingsfor the current year.
25 MILLION DOLLAR AWARD:A minimum sales volume of $15,000,000 cumulative after gaining admission to
(obtainable only after achieving thethe Ten Million Dollar Club, (including any excess volume from previous sales),
which Ten Million Dollar Awardshall include at least $1,000,000 in verified sales for the
current year. Additionally, the applicant must show participation in a minimum of five (5) closings for the current year.
LIFETIME ACHIEVEMENT AWARD:(See for award qualifications)
(obtainable only after achieving the
25 Million Dollar Award)
Method B:
TO OBTAIN THE:
For those individuals who have obtained a minimum of ten (10) years of Realtor membership in the Columbus REALTORS* and who hold primary membership with the Columbus REALTORS at the time of application* to apply for the Five, Ten or 25 Million Dollar Awards.
FIVE MILLION DOLLAR AWARD:A minimum sales volume of $5,000,000
TEN MILLION DOLLAR AWARD:A minimum sales volume of $10,000,000
25 MILLION DOLLAR AWARD:A minimum sales volume of $25,000,000
LIFETIME ACHIEVEMENT AWARD:(See for award qualifications)
(obtainable only after achieving the
25 Million Dollar Award
*Criteria will be considered met if applicant presents evidence they have satisfied equal criteria with a REALTOR association that has merged with Columbus REALTORS.
- For the member applying under Method B who has never applied for and received a Columbus REALTORS sales award, calculation of sales production will begin with the first year the applicant could have qualified for the One Million Dollar Award*
*Criteria will be considered met if applicant presents evidence they have satisfied equal criteria with a REALTOR association that has merged with Columbus REALTORS.
- For those members applying under Method B who have applied for and received a Columbus REALTORS sales awards, regardless of level, calculation of sales volume produced prior to these award years will begin with the first year the applicant could have qualified for that award*.
*Criteria will be considered met if applicant presents evidence they have satisfied equal criteria with a REALTOR association that has merged with Columbus REALTORS.
DOCUMENTATION YOU WILL NEED:
FOR CLOSINGS OCCURRING PRIOR TO NOVEMBER 1, 2008:
Taking Credit for:Submit the Following: / LIST / SALE / LEASE
(2 OF 3
required) / COMPANY
LISTING / NON-MLS
TRANS-
ACTION
Copy of MLS Agent Full Report (with “sold” status) with required items highlighted / √ / √ / √
Copy of HUD/settlementstatement with required items highlighted / √ / √
Copy of commission agreement letter from lessor/owner
showing applicant as agent and required items highlighted / √
Copy of commission check or invoice to applicant from
broker for that transaction / √
Copy of Offer to Lease or the Lease with applicant’s
name highlighted on it as listing or leasing agent / √
Written verification from Broker indicating the agent(s)
within the firm assigned to the project / √
Closing dates MUST BE indicated on the Transaction Summary Form in chronological order and all documents collated in the same chronological order. Order of documentation for each transaction to be as follows:
1. MLS Agent Full Report (with “sold” status) with applicant’s name, date, address, and price highlighted
2. (When taking credit for Company Listings and Non-MLS Transactions -- COPY OF HUD/SETTLEMENT STATEMENT with applicant’s name, date, address, and price highlighted
FOR CLOSINGS OCCURRING AFTER OCTOBER 31, 2008 TRANSACTIONS WILL BE COMPUTER GENERATED WITH NO DOCUMENTATION REQUIRED. (FOR LEASES AND NON-MLS TRANSACTIONS – SEE DOCUMENTS REQUIRED IN GRIDS INDICATED ABOVE.)
HOW CREDIT IS DETERMINED:
CREDIT EXAMPLES
DOLLAR VOLUME:Obtained by dividing sales price by number of salespeople participating.
EXAMPLE:
A.Listing & Selling$100,000100%Total$100,000
B.Listing Only$ 50,00050%Total$50,000
C.Selling Only$ 50,00050%Total$50,000
D. Two or more listing agents$ 25,000 25% (PRIOR TO NOVEMBER 1, 2008)
E.Two or more selling agents$ 25,00025% (PRIOR TO NOVEMBER 1, 2008)
F.Beginning November 1, 2008 credit will be computer generated (See Team Credit below)
CLOSING CREDIT:
(METHOD A)Applicant must indicate participation in a minimum of five (5) closings for the current award year (November 1 through October 31).
*EXCEPTION: On application submitted based upon 70% of the total dollar volume derived from commercial, investment and industrial transactions, the closing credit requirement does not apply.
TEAM DEFINITION: Member is considered a team agent if the member conducts business with the assistance /support/partnership of any licensed agent or licensed assistant regardless of level of involvement. All members of a team must belong to the same brokerage.
TEAM CREDIT:
For closings prior to November 1, 2008: Teams consisting of more than one licensed agent will be awarded ¼ credit per team member per transaction side.This method of credit calculation is retroactive to the receipt of the team member’s last award.
For closings beginning November 1, 2008 team credit will be computer generated with the Transaction credit distribution of the list and/or sell side being divided equally by the number of members assigned to the transaction by team leader. Team leader must take an equal portion of the credit not greater than 50% of each transaction side, based upon the number of members on the team.
Standard documentation required as per Submission Rules indicating team members.
EXCESS SALES VOLUME CREDIT:
1. Excess Sales Volume will be defined as the difference between the excess volume gained from the previous award year, plus
sales volume accumulated since receiving the previous award, less the amount of dollar volume required for the current award
being applied for. (See example Excess Sales Volume Credit)
2. Any excess volume awarded prior to 1990 will remain as computed at the time of application.
3. Unused sales volume from any year(s) prior to the 1984 year, may not be used for credit toward any sales award.
4. All excess volume must comply with all applicable rules.
5. ALL TRANSACTIONS FOR THE AWARD YEAR MUST BE SUBMITTED AT THE TIME OF APPLICATION IN
ORDER TO BE COUNTED AS EXCESS VOLUME.
6. Disputes pertaining to excess volume must be submitted in writing no later than December 31 of the year in which the sales
award is presented.
EXAMPLE;
(APPLYING FOR THE ONE MILLION $ AWARD)
$1,635.000(accumulated volume)
1,000.000(less required sales volume for the award)
$ 635.000(excess volume gained from award)
(APPLYING FOR THE FIVE MILLION $ AWARD)
$ 635.000(excess volume gained from previous award)
4,875.000(plus sales volume accumulated since receiving previous award)
$5,510.000
4,000.000(less required sales volume for the award which includes $1,000,000 required in sales for the current year)
1,510,000(excess volume gained from award)
(APPLYING FOR THE TEN MILLION $ AWARD)
$1,510,000(excess volume gained from previous award)
5,350,000(plus sales volume accumulated since receiving previous award)
$6,860,000
5,000,000(less required sales volume for the award which includes $1,000,000 required in sales for the current year)
$1,860,000 (excess volume gained from award)
NOTE: For past recipients of the One Million Dollar Award who were unable to claim sales production prior to that year of application, credit for this sales production will now be considered. Members wanting to receive credit for this past sales production will be required to complete the same application process. This production, once approved, may be applied toward the next award level at time of application or excess volume on record.
IMPORTANT!:
ELIGIBILITY
Any REALTOR member in good standing of their Board/Association ofREALTORS during the time all transactions were performed. Applicant must hold primary membership in the Columbus REALTORS at the time of application.*
*Criteria will be considered met if applicant presents evidence they have satisfied equal criteria with a REALTOR association that has merged with Columbus REALTORS.
MLS-ONLY MEMBERS – Individuals holding only Multiple Listing Service membership with the Columbus REALTORS but primary membership with other Realtor Associations, are not eligible for the sales awards.
SUBMISSION DEADLINE
Applications must be received at the office of the Columbus REALTORS no later than November 7, 2016, 5:00 p.m. NO EXCEPTIONS.
TRANSACTION DEADLINE
Time-frame for the One Million Dollar Award is those sales closed fromthe time the applicant became an Association member through October 31, 2017.
Time-frame for the Five, Ten and 25 Million Dollar Awards are those sales closed between November 1 of the year in which the previous award was achieved through October 31, 2017*
*Criteria will be considered met if applicant presents evidence they have satisfied equal criteria with a REALTOR association that has merged with Columbus REALTORS.
APPLICATION FEE
Application must be accompanied by an application fee (check or money order) in the amount of $75.00 payable to the Columbus Realtors.
FRAUDULENT MATERIAL
If any form or documentation submitted for the awards is found to be altered/fraudulent, applicant will be disqualified from receiving the award.
BUYER BROKER TRANSACTIONS FOR ALL TRANSACTIONS PRIOR TO NOVEMBER 1, 2008
In those cases where a buyer broker is not compensated on a closing statement, acceptable proof ofcompensationbeing received by the applicant must be submitted.
COMPANY LISTINGS FOR ALL TRANSACTIONS PRIOR TO NOVEMBER 1, 2008 (TRANSACTIONS WILL BE COMPUTER GENERATED AFTER THIS DATE.)
Listing credit will be granted for transactions involving new homes, new lots, and new condominiums, commercial & industrial projects for sale or lease, assigned to a real estate brokerage.
Company Listings that are new homes, new lots, new condominiums and commercial & industrial projects for sale or lease shall be credited to the listing agent who is responsible for servicing that listing. Applicant for listing credit shall receive ½ of total dollars sales volume.
Applicant for selling credit shall receive ½ of total dollar sales volume.
CONDOMINIUM CONVERSIONS AND SUBDIVISION DEVELOPMENTS
For two or more agents assigned to condominium conversions or subdivision development transactions please refer to rules for TEAM CREDIT. (See Reporting Form for Condominium Conversions & Subdivision Developments.)
UNLISTED NEW CONSTRUCTION & UNLISTED PROPERTY
Credit for unlisted new construction and unlisted property (including “For Sale by Owner”) can only be given for the selling portion of the transaction.
(BEGINNING NOVEMBER 1, 2000 NO LISTING CREDIT WILL BE GRANTED FOR NEW CONSTRUCTION OR UNLISTED PROPERTY.)
LEASING – Only dollar total of rental payments over the prime written lease period are eligible. Renewals, extensions, and/or the exercise of purchase options become eligible at the time exercised.
OWNER-AGENT – For transactions prior to November 1, 2008,credit for listing or purchasing one’s own property may be taken only three (3) times per year. (Example: 3 listings, or 3 purchases, or 2 listings and 1 purchase, etc.) Credit for owner-agent transactions must show a commission being paid to the applicant.
An exception to this rule would occur when an applicant seeking credit for listing or purchasing his own property or property owed by an entity which is a corporation or partnership owed or controlled by the applicant buys or sells property for a business purpose other than award qualifications. It is incumbent on the applicant to prove that these transactions account for at least 30% of his total transactions. In such event, the committee, at its sole discretion, may credit the applicant for more than three transactions based on the business purpose of the applicant in buying and selling these properties.
TRADES – All properties in an exchange will be regarded as having been separate transactions with eligibility determined by the same rules as individual sales.
BUSINESS SALES VOLUME- Sales of business shall be given full credit if the agent involved provides satisfactory documentation that he or she was the sole agent or cooperating agent involved in the sale of said business. It shall be at the sole discretion of the Sales Awards Committee whether satisfactory documentation was provided.
Such documentation may include but is not limited to:
- closing statement4.correspondence
- sales contract5.copy of commission check
- letter of confirmation
REFERRALS – Outgoing referrals are not eligible for credit.
REMEMBER!:
- Applicant’s signature must be highlighted on all copies of documentation submitted as well as the date, address and price FOR TRANSACTIONS PRIOR TO NOVEMBER 1, 2008.
- An adding machine tape must be attached to each page of the transaction record sheet as calculated unless completing the form on Columbus REALTORS’ website FOR TRANSACTIONS PRIOR TO NOVEMBER 1 2008.
- DO NOT INCLUDE COPIES OF THE INSPECTION REPORTS OR DISCLOSURES.
- When taking credit, applicant’s signature, where required, must appear on documentation and be highlighted FOR TRANSACTIONS PRIOR TO NOVEMBER 1, 2008.
- When a salesperson has worked for more than one office during the eligibility period, the current broker or office managermust certify sales made while in his or her office by signing the application form.
- Advertising as a sales award winner is prohibited until such time you officially receive the award for which you have applied. All sales awards are officially presented at the annual Presidents Ball.
- Any deviation from the statement indicating applicant is a recipient of the Columbus REALTORS One, Five, Ten or 25 Million Dollar Awards is prohibited in any form of advertising. Correct Example: Joe Realtor is a recipient of the Columbus Realtors’ Ten Million Dollar Award.
- In order to maintain the high standards of the Sales Award Clubs, applicants and certifying brokers or office managers’ documentation that appears to be falsified, will be referred to the Professional Standards Committee with the recommendation for reprimand, suspension or expulsion, as deemed appropriate. The Recognition & Sales Awards Committee reserves the right to contact brokers, former brokers and former cooperating agents in clarifying information submitted in application.
- No person may receive the One, Five, Ten and Twenty-Five Million Dollar Award more than once.
- Intra office sales or leases on which you receive an override for supervisory service are not eligible.
- All residential transactions must have been conducted in the state of Ohio. Out-of-State commercial transactions will be accepted for sales award credit with proper documentation.
- Name of applicant must be as it appears on license.
- Only current application form is acceptable. Copies of the form are acceptable. When more than one page is necessary, use additional application forms. Form may be computer generated but must be identical to current form.
- Application must be completely legible. Typed, computer generated, or printed in ink. INCOMPLETE, IMPROPERLY COMPLETED, OR ILLEGIBLE APPLICATION WILL BE DISQUALIFIED.
- Applications become the property of the Columbus REALTORS.
- All decisions of the Recognition & Sales Awards Committee are final.
- In the absence of required documentation, the Recognition & Sales Awards Committee shall have discretion as to the acceptability of alternative verification, including, but not limited to: listing contract, purchase contract, agency disclosure.
- FAILURE TO STRICTLY COMPLY WITH THE RULES SET HEREIN WILL RESULT IN DISQUALIFICATION
REVISED June, 2017
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