Frequently Asked Questions from Agents

 
  • Active Areas

    Agents are signing up all across the country. Most of this growth is organic, and it is increasing every day. It's free to register your profile and try it out. Buyers and sellers are requesting services right now.

  • Activity & Expectations

    The number of service requests you can expect from home buyers and sellers varies by region. Some agents work with GoldenKey customers full time. Other agents supplementing their existing practice with GoldenKey customers.

    Pro tip:  The larger your coverage area the more notifications you will receive.

    As you begin to do good work for customers you can achieve preferred agent status. Preferred agents receive priority notification of service requests.

  • Agency Contract

    The agency relationship is up to you and the customer, and you must determine when an agency agreement is necessary. Any agency agreement that you execute with the customer should be non-exclusive and specific to the offered service so as not to preclude the customer from other services with different agents. Also, it should contain a cancellation provision that allows the customer to cancel at any time with no further obligation. In practice, most agents do not utilize an agency agreement until the time of the offer or listing.

  • Anonymity & Privacy

    Your profile will remain private. It will only be seen by customers with whom you are working. Only when you accept a service request will you and the customer be able to see each other's profiles.

  • Cancellations

    Customers may cancel field services up to 4 hours before the event. Office services must be cancelled before the agent begins working.

     

  • Closing Agents

    You must apply and be approved as a GoldenKey Closing Agent before providing buyer offers and transactions. You need not be a Closing Agent to provide other services, including listings and seller transactions.

     

  • Co/op Buyer Agent Commission

    GoldenKey sellers will offer a commission of up to 3% to cooperating buyer agents. You will set an appropriate amount with the seller at the time of the listing. GoldenKey sellers agree to offer no less than 2%.

    By procuring the buyer directly you may double end the deal and capture the buy side commission too (in addition to your sell side fees), assuming your listing contract permits.

  • Cost

    GoldenKey is free for agents. You must register, complete your profile, take the online class, and pass the proficiency test before receiving service requests.

    This is not a lead generation service. You will not pay for leads. In fact, there is no such thing as a lead on GoldenKey. We provide paying customers to agents, not leads.

    For a monthly fee you will have preferred agent status and get advanced notification of service requests (i.e. before other agents).

  • E&O Insurance

    You must have E&O insurance to work on GoldenKey.

  • Follow on services

    Customers can specifically request agents with whom they have worked in the past. So, once you have provided a service to a customer they can choose to work with you again. Therefore, quality service will be rewarded with additional follow on services.

    However, do not attempt to overtly sell yourself. Customers do not want a sales pitch. Do not provide additional services outside the scope of the service you are providing. Your job is to provide the requested service and answer the customer's questions. If you do that and only that you will consistently receive follow on service requests from customers.

  • Getting Started
    Getting started is easy.
    1. Complete your profile.
    2. Take the online course.
    3. Pass the test.
  • How It Works

    On GoldenKey you earn fees instead of commissions for doing a la carte services for home buyers and sellers. The first step is to complete your profile. You indicate which a la carte services you want to offer and in which zip codes you work. You will be notified when buyers or sellers submit service requests that match your settings. You may accept or decline requests. Several agents may be notified of each request, and the first agent to accept gets the job. At the end of each month, you receive a cumulative check for all the services you performed.

  • Leads

    There is no such thing as a "lead" on GoldenKey. You will connect directly to paying customers. No lead conversion is necessary. You simply provide a specific defined service, and the customer pays you for it.

  • Legal

    Real estate agents are allowed to receive fees for services. While commissions are a common form of compensation, fees are acceptable too.

    Real estate agents can provide a la carte services. While bundled services are common they are not required.

    As always, you are ultimately responsible for complying with the laws of your state.

  • License

    You can work on GoldenKey while keeping your license at your current brokerage. GoldenKey is a marketplace of agents, and we happily work with agents from all companies.

    Because GoldenKey is not a brokerage you cannot move your real estate license to GoldenKey.

  • Listing Contract

    You can use your normal listing contract with GoldenKey sellers. However, you must include these provisions:

    1. The length is 6 months from list date to expiration date.
    2. The contract may be cancelled by the seller at any time with no penalty.
    3. The cooperating buyer agent payout is set between 2% and 3%.
  • New Construction

    Many GoldenKey customers are buying new construction from builders. When you accept a "Make an Offer" request for a new construction buyer, instruct the buyer to register you as their agent with the builder.

  • Payments

    With GoldenKey you get paid for the work you do regardless if the buyer buys or seller sells. After you perform a service for a customer, you must mark the service complete before the funds become payable. The customer has 48 hours to dispute a service after you mark it complete.

    You get paid monthly for the a la carte services you do. At the beginning of each month your brokerage will receive a cumulative check for all your completed services. Your brokerage then pays you, less any fee split to which you have agreed.

    We recommend that you disclose all fees paid outside of closing on the closing disclosure.

  • Plans

    Real estate services on GoldenKey are unbundled. You offer them on an a la carte basis, and the fee is payable to you when the service is completed.

    Customers subscribe to plans which are groups of a la carte services paid for at closing. Regardless of when the customer pays, your service fee is still payable to you when the service is completed.

  • Prices

    Here is the list of fees you earn for providing a la carte services:

    • - Home Search Alerts ($25)
    • - Home Tour ($50 / home)
    • - Price Opinion ($50)
    • - Phone Consultation ($50 / hour)
    • - Attend an Event ($100)
    • - Open House ($100)
    • - Make an Offer ($100)
    • - List a Home ($100)
    • - Transaction Coordination ($800)

    Customers pay a subscription fee to GoldenKey in addition to your service fee.

  • Refund

    Agents on GoldenKey who make offers and coordinate transactions for buyers also refund the full buy side commission to the buyer at closing. The buyer agent is compensated with a la carte fees paid by the buyer.

    As you know, the cooperating buyer agent is sometimes offered less than a 3% commission. In that case buyers have a choice to accept the lesser amount or to establish a higher commission amount. Here is an explanation of how these options work:  https://www.goldenkey.com/agent/closing-agents

    Home buyer commission rebates are legal in 40 out of 50 states. You can read more here:  http://www.justice.gov/atr/rebates

  • Service Areas

    You control where you work. You set your own coverage area by simply clicking zip codes on a map. You are only limited by your license as to the number of zip codes you may select.

    There is a distinction between office services and field services. Office services can be done from your office, whereas field services require you to be at a location outside of the office. Most agents set a smaller area for field services and a larger area for office services. Some agents cover an entire state for office services.

    Set your office service coverage area, and set your field service coverage area too.

  • Service Procedures

    Read through and familiarize yourself with all of our service procedures for agents prior to taking the proficiency test.

  • Service Records

    Each time you receive a service request a service record is created in your account to help you manage the process. From the service record you can see the customer's profile and the service status. You can also take actions in the service record like marking the service "complete" when you are done.

  • Standards

    To insure a consistent and quality experience for you and the customer, follow these standards:

    1)  Do not attempt to recruit customers off platform or pitch any services not offered on GoldenKey. Agents who do so will have their accounts deactivated.

    2)  When you accept a service request call the customer to introduce yourself within 15 minutes.

    3)  Review the service request before accepting the job. Do not quickly accept service requests with the intention of possibly cancelling if you dislike it. You are subject to the 3 strike rule with respect to cancellations: 1 strike = warning, 2 strikes = suspension, 3 strikes = deactivation.

    4)  Always follow the service procedures. Don't do more than what the service requires. Do not follow up after the service is provided. Answer questions, but do not give unsolicited advice or suggest courses of action that are outside the context of the specific service you are providing.

    GoldenKey customers are different than your traditional clients. They simply want the the service they are paying you for, not to be hit with a sales pitch from you. They do not want you to follow up after the service has been provided.

  • Status

    To offer your services on GoldenKey you must have a complete profile with a professional photo. Once your profile is approved, you will receive notifications of service requests that match your settings.

    Once you have demonstrated a proficiency in fulfilling service requests, you may purchase preferred agent status. Preferred agents receive priority notification of service requests before other agents.

    You must apply for closing agent status in order to make offers and coordinate transactions for buyers. The application is necessary for these services because you must be able to provide a 100% buy side commission rebate.

  • Why would I want to do this?

    Agents love GoldenKey because you get paid fees for the services you do, much like an attorney. No more long prospecting hours. No more big marketing costs. No more lead conversion. You receive paying customers on a silver platter. And you get paid regardless if the buyer buys or the seller sells.

  • Taxes

    You will not receive a 1099 from GoldenKey. Your company is responsible for that.

  • Zillow Reference ID

    Find your Zillow reference ID here.