You rely on REcolorado Matrix for accurate data and so do your clients. To help ensure the data in REcolorado Matrix is accurate, the REcolorado Board of Directors passed a rule in spring of 2020 that revised how productivity is attributed to teams. Teams now receive credit for 100% of all transactions when the team ID is entered as the listing broker or selling broker.
Change to Team Productivity Reporting
Previously, teams and individuals could split production by including both the team and individual as co-brokers on a listing. This was confusing and artificially inflated production numbers. The rule, which was passed in April 2020, clarified that 100% of the transaction is attributed to the team if a team ID is entered as the Listing Agent or Buyer Agent in REcolorado Matrix. The rule does not apply to listings recorded before the new rule went into effect.
According to DORA’s regulations, all team members should be named on the listing contract, which binds all team members to the same relationship. To supply accurate listing data and productivity reports, REcolorado requires the listing agent and buyer’s agent on an MLS listing to match what is on the contract, including when either is a team.
Are you Part of a Team?
You are considered part of a team if you have a separate team ID that consists of a team lead and team members. Teams must be approved by your Participant or Managing Broker.
If you are already part of a team in REcolorado Matrix, you may have seen a change to your individual productivity on transactions as the change took effect. All transactions from mid-April 2020 forward were attributed to the team.
PRO TIP: If an individual leaves a team, productivity will not transfer to the individual’s name; it will remain with the team ID. Similarly, if a property was listed or sold by a team, it will stay with the team name and ID. If a team dissolves, all production will remain with the team ID as well. Productivity cannot be transferred to individual brokers or offices.
Accuracy is Key
This change was made to improve data integrity within REcolorado Matrix by ensuring productivity is reported consistently across all teams. Accuracy is key. If you are operating as a team, report your productivity as a team. If you are operating independently, report your productivity as an individual broker.
Related Resource: Learn how to pull Productivity Reports from Matrix
Thinking about joining a team? Talk with your Managing Broker about the pros and cons of being part of a team. You can also check out DORA’s Spring 2019 Newsletter, which has information to consider before joining or starting a team.
If you have questions about how this rule, impacts your listings or would like to make a change to your team in REcolorado Matrix, please contact REcolorado Customer Care at support@REcolorado.com.
Originally posted April 2020. Updated October 28, 2020.