Set minimum exchange commission/fee - configuration option

Owned by Fiona Hardy, created
Last updated: Apr 30, 2024
3 min read

This guide has been reviewed against our global client base and classed as relevant to all regions

A configuration option is available which, when enabled, allows a minimum exchange commission/fee to be specified for all properties

To enable this configuration option, click here to contact Reapit Support

1. Minimum commission/fee configuration

When enabled, your business can decide how the minimum commission/fee configuration will work: 

  • It can be set to a specific figure a specific figure
    OR 
    It can be based on property price, for example: 1% of the property price

  • An individual user, or group of users, can be set-up to be able to change the minimum fee value, per property

 

2. Minimum fee amount

Access the property financial screen:

  • On the property record, click Financial 

  • The Min Fee field displays the minimum figure that will be used on exchange

    A configuration setting may restrict access to edit this field, as outlined in step 1

 

In this example:

  • Minimum fee configuration is set to 1% of the property price

  • This user is allowed to edit the Min Fee field
    (Where not enabled, the field is greyed out)

3. Property exchanged

When processing the exchange and the Commission Details stage of the Exchange Wizard is reached

When the fee the agent is due to charge is less than the minimum fee permitted:

  • The Company's fee figure will use the Min Fee value
    As set in the property Financial screen

 

In this example, the property is exchanging at £600,000 and the fee was set to be 0.75% of the price (i.e. £4,500), however, the minimum fee configuration is set to 1% of the exchange price

Therefore, when reaching this stage, the Company's fee is automatically changed to 1% of the exchange price (i.e. £6,000)

4. Changing the Company's fee at exchange

If the user processing the exchange attempts to change the Company's fee figure:

  • A prompt will be displayed

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