Hi !FirstName,

Due to valuable client feedback we have made some important changes to the new Property Occupations Form 6's since their initial release on 1st December 2014.

Changes implemented, in order of where they appear in the form, are:

• Part 4.4 (Instructions/conditions) - List feature for 'Additional Instructions' & 'Special Conditions' has been added.
• Part 7 (Commission) - This has been made an editable text field with default wording referring to the Commission Item in the Item Schedule.
• Part 7 (When Commission is Payable) -
  • For Sales Appointments, by default, the 'Other' tick box is ticked and there is default reference to the Commission Clause in the Terms of Appointment.
  • For Property Management Appointments, by default a reference to the Commission Item in the Item Schedule and the Commission Clause in the Terms of Appointment is added to the 'For all other types of appointment' section.
• Part 8.1 (Advertising/marketing) - The 'When Payable' field is now a normal text field, rather than a date field.
• Part 9 (Schedules and Attachments) - This field has been made slightly bigger to accommodate more attachments where required. It will now also automatically refer to 'Addendum A' when ADLForms automatically prints an Addendum.
• Item Schedule Heading - The Item Schedule heading now indicates the type of Appointment the attached schedule is used for (ie. Sales or Property Management, Residential or Commercial)
• Commission Item in Item Schedule (Property Management) -
  • The 'Payable' section for 'Letting' has been changed to an editable field, which defaults to 'On Invoice'
  • Where a Rent Collection commission item is shown, it now reads as 'Rent Collection and Management'. This is to keep in line with the option 'Letting / collection of rent / management' in Part 4.1 of the PO Form 6, which appears to indicate that Management is a Commission and NOT a Fee.
• Additional Fees & Charges Item (Property Management) - sub-item (1) has had the label 'Management Fee' removed.
• Additional Instructions Item - This item in the item schedule has been removed. You now need to use Part 4.4 of the official form.
• Special Conditions for this Appointment Item - This item in the item schedule has been removed. You now need to use Part 4.4 of the official form.
• Prior Appointment Item - This item has been added to help ensure compliance with s21 of the Property Occupations Regulations 2014.
• Terms of Appointment Heading - The Terms of Appointment heading now indicates the type of Appointment the attached terms are used for (ie. Sales or Property Management, Residential or Commercial)
• Terms of Appointment Clauses - Various clauses have been amended or added in respect of the above changes.

1. Help with Commissions

Part 7 of the official Property Occupations Form 6 deals with Commission and When it is Payable. This part is quite specific in relation to how Commission should be expressed:

1. Commission is to be stated Including GST
2. Commission is clearly expressed
3. The client fully understands the likely amount
4. The client fully understands when commission is payable

To help ensure that you comply with these requirements in every situation we have:

1. A Commission Item in the Item Schedule that:
   • requires you to enter the commission including GST (whether as a percentage or dollar amount)
   • automatically calculates the commission for you, based on an estimated rental or sales value, to ensure the client 'fully understands the likely amount' of commission.
2. A Commission Clause in the Terms of Appointment that helps ensure the client 'fully understands when commission is payable'.
3. Inserted default text in Part 7 of the official form.

Even though ADLForms will allow you to complete Part 7 however you wish, to ensure compliance and to offer the greatest protection of your commission, it would be prudent to:

1. Leave the ADL default text and settings in Part 7 of the official form; AND
2. Insert GST inclusive values in the appropriate Commission Method/s in the Commission Item forming part of the Item Schedule.

GST Inclusive Percentages

To add GST to a percentage simply use a calculator to:

• Multiply the ex GST value by 1.1 (eg. 8*1.1 = 8.8); OR
• Add 10% to the ex GST value (eg. 8+10% = 8.8)

2. Sample Forms by Real Estate Dynamics

Real Estate Dynamics have provided completed samples of forms to ADLForms users.

Real Estate Dynamics are industry leaders in Real Estate Training & Coaching and consulting and are specialists in Rent Roll & Agency Brokerage and industry products.

Renowned for:

• Innovative Agency products
• Procedural resources for both sales & property management
• Rent Roll coaching and consultancy services
• Training and professional development courses
• Rent Roll & Agency Sales

Real Estate Dynamics is close to being a 'one stop shop' for your Agency's development requirements to ensure ongoing success and profitability.

Click here to find out more about Real Estate Dynamics

Real Estate Dynamics have currently made available to us samples of the new PO Form 6:

Click here to view Completed Samples of PO Form 6
by Real Estate Dynamics

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