Q. What is the difference between co-broker and outside broker? When would you use one over the other? Are they tied to different fields in WinMORE?
A. A co-broker is the other company in the deal (representing the other side). Co-broker information is input into the DA page two Co Broker field and is useful in tracking which companies you do business with. If the Market Center is issuing the commission check to the co-broker (some states don’t fund at title or closing and the Market Center must disburse), you also input the dollar amount here and the system tracks it for 1099 purposes. An outside broker is a company that is being paid a referral fee, usually another real estate company (including another KW Market Center elsewhere). The outside broker referred the buyer or seller to you or it is a relocation company that requires a fee for their buyer or seller’s portion of commission. This fee is input in the DA Part 2 Outside field. The Market Center retains the 1099 liability on all outside referrals.