This is a step-by-step breakdown of the collaborative process between two agents.
The Scenario:
- Agent A: Has a lead (a homeowner who wants to sell their property) but the property is located in a different area (e.g., Eastern Sydney).
- Agent B: Is a local agent in that area (e.g., Western Sydney) who can service the lead.
The Step-by-Step Process
Phase 1
The Referral & Agreement
1. Agent A Connects with Agent B: Agent A uses Carrin to find and contact Agent B, who operates in the area where the lead is located.
2. Submit and Deposit: Agent A submits the vendor/property details into the system.
3. Agent B Reviews: Agent B automatically views it if the property is available in a referral (eg. not already listed).
4. Negotiate Terms: Agent A and Agent B negotiate the referral fee (typically 20-30% of the commission). Both agents sign a written referral agreement (template available on Carrin).
5. Agreement Finalized: Both agents formally agree to the terms on the platform.
Phase 2
The Execution & Contract
1. 72-hour Window: Agent A has a window 72 hours to contact the vendor and introduce Agent B.
2. Agent B Takes Over: Once introduced, Agent B takes over to sign the official agency agreement with the vendor.
3. Upload Final Signed Contract: Agent B uploads the signed agreement and marks the lead as "converted" on the Carrin platform.
4. Agent A Monitors: Agent A can monitor the status through the Carrin platform (listing and viewing progress).
Phase 3
The Sale & Payment
1. List and Sell: Agent B lists the property, markets it, and works through the sales process.
2. Property Sells: Once the property sells, Agent B collects the commission from the vendor's trust/escrow account (e.g., their office's trust/lawyer funds - Called "Trust" in technical terms-Strictly followed in Australia - Seller, Buyer) gets the entire commission. Which is split - For ex: 70% Buyer's Agent Office + 30% seller's agent office).
3. Referral Fee Paid: After the property settles, Agent B pays the pre-agreed referral fee (e.g., 20-30%) to Agent A. Carrin acts as an intermediary to track and facilitate payment, ensuring both parties know when the payment is due and when it has been completed.
Key Features:
• Geographic Networking: Connects agents across different regions to leverage local expertise.
• Built-In Negotiation Tools: Facilitates and records the commission split agreement.
• Time-Bound Action: The 72-hour rule creates urgency and ensures deals are acted on promptly.
• Document Management: The upload of the signed agency agreement acts as a crucial milestone and proof of execution.
• Transparency: Both agents can track progress through Carrin's system, ensuring accountability and smooth payment.
This is a very robust system that builds trust and efficiency between partnering agents.