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January 2010 Bill Rawlings MDC CHAIR – ATLANTA BOARD OF REALTORS ® 2010 Million Dollar Club Committee Changes to the Atlanta Board of REALTORS Million Dollar Club for 2010 Million Dollar Club

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Bill Rawlings MDC CHAIR – ATLANTA BOARD OF REALTORS ®

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January 2010

Bill RawlingsMDCCHAIR – ATLANTA BOARD OF REALTORS®

2010 Million Dollar Club Committee


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Changes to the Atlanta Board of REALTORS Million Dollar Club for 2010

Million Dollar Club


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As we embark upon the second century of the Atlanta Board of REALTORS, the Committee and Board of Directors decided it was time to make changes to the Million Dollar Club to more accurately reflect the cooperation necessary to sell property in today’s environment. 

The two major factors in this decision were 1) to eliminate the amount of commission as a factor in measuring performance in order to be open to all types of business models and 2) to encourage members to be consistent in their advertising of closed sales volume reported to the public.

Overview

Million Dollar Club


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First Change:Calculation of volume credit will now be based exclusively on GROSS VOLUME

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Second Change:Minimum Volume for 2010 Transactions will be $3 MILLION(based on gross volume)

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Third Change:Name of the Club will change to The Multi-Million Dollar Sales Club

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Fourth Change:The Award Year of the club will reflect the year the transactions occurred.(2010 transactions will be recognized at the 2010 Multi-Million Dollar Sales Club Banquet in March, 2011.)

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How will Credit be Calculated Now?

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Members participating on each side of the transaction may claim the final sales price as reflected on the HUD1 as the volume credit toward membership.

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Example:Closed Sales Price = $200,000 Both the Listing Agent and the Selling Agent can claim $200,000 in volume credit on the MDC application.


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Million Dollar Club

The Committee made these changes based on numerous requests from the membership and believes the overall application process has been simplified and will be a more accurate reflection of the volume produced by our members.


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Million Dollar Club

For additional information:www.abr.org/mdc404-250-0051orFrequently Asked Questions in the following slides:


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If I am a Life Member of the Atlanta Board of Realtors Million Dollar Club, will I automatically become a member of the Atlanta Board of Realtors Multi-Million Dollar Sales Club?

Yes, All Life Members of the MDC shall automatically become Life Members of the MMDSC.

FAQs

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What about the MDC Logo that appears on my Marketing Materials?

Feel free to continue to use the MDC logo until it is time to re-order your marketing materials such as business cards. When it is time to re-order, you can replace the old logo with the new logo.

FAQs

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Can I double the volume if I am the only agent involved in the transaction?

No, you may not. Your reward for securing both sides of the transaction is the additional compensation that you may have received. Going forward, it has been recommended that the practice of doubling sales volume for ranking purposes within each company be discontinued as well.

FAQs

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What if I co-list the property with someone else in my office, may we both claim the final sales price as volume credit?

No. In this case, the volume must be divided evenly between the number of people on the listing side of the transaction. The same would hold true of there were multiple agents on the selling side of the transaction.

FAQs

Million Dollar Club


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How do I calculate credit for leases under the new guidelines?

Using the same model as with Sales Transactions, the total of the lease payments as stated in the executed lease may be used as additional volume credit for Multi-Million Dollar Sales Club credit.

FAQs

Million Dollar Club


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Are things different if I am on a team?

No, using the same model as Individual Sales Transactions, the total sales price as reflected on the HUD shall be the credit given to the Team Leader.

FAQs

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How may I use this in my personal marketing?

We encourage you to use your accomplishments when marketing yourself to your clients. In order for us to uphold our the highest of ethical standards, we recommend that you use the following language…

“In 2010, I participated in $x Million in closed home sales.”

FAQs

Million Dollar Club


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Thank you!

Million Dollar Club


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