*PREP AGENTS ESSENTIALS - (ONE STOP RESOURCE)


Notice: Reporting Policy - Zero Tolerance

Late Reporting of Sales:

Any firm sale (upon waiver being signed) must be reported to the brokerage along with all compliance documents as per the compliance checklist. Failure to report a firm sale (either representing the Seller or Buyer) within 3 business days will result in a late reporting fee owed to the Brokerage. This fee will accrue at a rate of $50 per week until the sale is reported to the brokerage.

Late Listing Reporting:

The listing of a property must be reported to the brokerage along with Agency documents & FINTRAC ID within 3 business days. Failure to report will result in a late reporting fee to the Brokerage. This fee will accrue at a rate of $50 per week until the listing is reported to the brokerage.

Trust Deposit Reporting Policy:

Trust deposits must be reported and/or submitted on the same day to the brokerage along with a copy of the bank draft, buyer’s name, and property address. An initial fee of $50 applies, with an additional charge of $10 for every subsequent day of not reporting the required details via email to [email protected].


Commission Payouts


At PREP Realty, agent payouts occur twice each month, on the 15th and 30th.

  • For deals paid to the brokerage between the 1st and 15th of the month, agents will receive disbursements on the 15th, with funds expected in their bank accounts within 5 business days.

  • For deals paid to the brokerage between the 15th and 30th of the month, agents will receive disbursements on the 30th, with funds expected in their bank accounts within 5 business days.

It's important to note:

  • All compliance requirements must be fulfilled for payment processing.

  • After possession, the timing of brokerage payment receipt depends on the policies of the closing lawyer, the other brokerage, or the builder's accounting department.

Additional reminders:

  • A minimum deal fee of $300.00 + GST applies, even for agents on Plan 1.

  • For Builder Deals, commission release occurs ONLY AFTER POSSESSION, irrespective of any commission amounts provided by builders before possession. No early/pre-possession payments will be made to agents (NO EXCEPTIONS).

  • Agents must update the brokerage with changes to possession dates and confirm possession completion via email or a message in the deal. This facilitates timely follow-up on commission payments from other brokerages, builders, etc., and ensures prompt payment to agents.

Protocols: Termination of listing 

The protocol for terminating a listing is outlined as follows:

  • Since listings are typically submitted in a timely manner to the brokerage through Deal Manager, the compliance documents should already be in possession of the brokerage 😊. This includes the FINTRAC ID, seller representation agreement, consumer relationships guide, politically exposed person form, and land title.

  • If the listing was not submitted to the brokerage with all the compliance documents, please forward those documents to [email protected].

  • Once all the necessary documents are received, the office will proceed with completing the termination of the listing.

Collapsed Deals vs. Non-Waived Deals

The distinction between a "collapsed" deal and a deal that did not proceed due to a non-waiver being signed is as follows:

  • A collapsed deal refers to a deal that, for various reasons, does not proceed to completion after it becomes firm.

  • If the buyer signs a non-waiver (indicating the deal does not become firm), it is termed a non-waived deal.

As you're aware, once a deal becomes firm, the brokerage conveys it to the relevant parties. Therefore, agents are reminded that conveyance fees are applicable for "collapsed" deals:

  • For sellers' agents, the fee will be $300.00.

  • For buyers' agents, the fee will be $200.00.


Additionally, please keep in mind that as outlined in term 10.8 of the seller representation agreement, the seller's agent will receive a commission amount in the event of a collapsed deal.

Lead Generation System

Here's how the program operates:

Participation in the program is voluntary. If you choose to participate, leads will be assigned to you based on a rotation schedule and client preferences. Your responsibility is to contact the lead and convert them into a prospective client. Upon conversion, you will retain 50% of the transaction proceeds, with the remaining 50% going to the brokerage. Subsequently, all ongoing dealings with the client are yours to manage. Please note: Even if you are not actively using the leads system but are assigned a client who reaches out through it, the transaction is still split with PREP 50/50.

Rules for participation:

  • You must contact the lead within 3 days and update the dashboard with notes and the lead's status ("Heat"). This ensures that contact attempts are documented and keeps the brokerage informed about the lead's progress. Failure to update the dashboard within one week of lead assignment may result in lead reassignment.

  • Utilize dashboard reminders for better organization, which can greatly aid in staying on top of leads.

    If you're unable to pursue a lead due to various reasons, contact the office, and the lead will be reassigned to another agent.

  • Leads marked as "Cold" will be removed from the system by the brokerage.

  • Leads lacking notes, contact, or acceptance will be reassigned.

When submitting the deal to the brokerage via Deal Manager, it's essential to indicate that the deal originated from the lead system.

For Mortgage

  • CIBC - Aakash Grover - 587.439.5777 or Ashish Khurana - 587.969.4758

  • Servus Credit Union - Kamal Marzara - 825.509.6252

  • TD Canada Trust - Bhawandeep Singh - 403.370.7149

  • BMO - Manhar Rana - 403.383.3070

  • Alka Shangari (Mortgage Broker) - 403.589.4630

For Pictures, Videography or Measurement (RMS)

For Home Inspection

For Closing

  • Mohar Law Office - Mandeep Mohar - 403.455.6147

  • Lawyer G - Gurpreet Aulakh - 403.454.5294

  • Sidhu Law Office - Kuldeep Sidhu - 403. 470.7072

  • North Pointe Law - Tom Kelley - 587.775.0791

  • Bench Law - Jived Sood - 587.738.1000

  • Virtual Law Group - Harwinder Johal - 825.437.8777

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