How to Edit your Economic Model

If you have already created an economic model in onboarding but need to edit it or if you need help filling it out. Your economic model plays a vital role in your portal

How to Edit your Economic Model

1. Login to your ClarityNOW Portal
2. Click Portal Dashboard

3. Click Business Planning

4. Select Economic Model

5. Select Edit

What is your goal?

1. Agent Status: are you an individual agent, do you own a team or are you on a team?
2. Net Profit Goal: How much money do YOU want to bring home?
3. Average Sales Price: What is your average sales price baes on your market **if you are a rainmaker this need to be a team average not just yours 
4. Average Commission: On average, how much will you be paid off each transaction? **if you are a rainmaker this need to be a team average not just yours 
5. Proceed to listing information

Listing Information

1. Listings Taken: What percentage of listings appointments that you go on, will you get signed? **if you are a rainmaker this need to be a team average not just yours 
2. Listings taken to close: What percentage of the listing appointments that you get signed result in a closing? **if you are a rainmaker this need to be a team average not just yours 
3. What percentage of your overall business comes from listings? **if you are a rainmaker this need to be a team average not just yours 

  4.Click Buyer Information

Buyer Information

1. Buyers Taken: What percentage of buyers' appointments that you go on, will you get signed? **if you are a rainmaker this need to be a team average not just yours 

2. Buyers taken to close: What percentage of the buyer's appointments that you get signed result in a closing? **if you are a rainmaker this need to be a team average not just yours 

3. Your business that comes from buyers will be automatically generated in percentage of business that comes from buyers.

4. Click Estimate your Annual Expenses

Estimate your Annual Expenses

1. On average how much will you spend on your business each month; the system will calculate it annually for you. 

2. Click Calculate your Cost of Sale  

Calculate your Cost of Sale

1. Is there a maximum amount that you pay out to your broker?
   1. If no, move toggle bar to no, if yes enter in the amount paid out yearly 
2. Is there a maximum amount that you pay out to your franchise/royalty?
   1. If no, move toggle bar to no, if yes enter in the amount paid out yearly 
3. Click Next Cost of Sale

Calculate your Cost of Sale (Page 2)

1. Fill out the following questions based on agent status 

1. 1. How many listings will you personally sell?
   2. How many buyers will you personally sell?
   3. What percentage will you pay out to team members on listing sales?
   4. What percentage will you pay out to team member on buyer sales? 

Calculate your Cost of Sale (Page 3)

1. 1. What percentage will you be paid out on listing sales?
   2. What percentage will you be paid out on buyer sales? 

 

5. Click Next Cost of Sale

Calculate your Cost of Sale (Page 3)

1. Do you have an ISA department?
   1. If no, move toggle bar to no
   2. if yes
      1. enter what percentage of the number of total sales they will be paid on 
      2. enter the average an ISA gets paid on each closing. 
         
         
   3. How many referrals will you pay out this year? 
   4. What percentage will you payout for each transaction?

2. Click Next Cost of Sale

Calculate your Cost of Sale (Page 4)

1. Do you pay an admin on each closed listing?
   1. If no, move toggle bar to no, if yes enter in the amount paid out
      
      
2. Do you pay an admin out for each closed buyer?
   1. If no, move toggle bar to no, if yes enter in the amount paid out yearly 
      
      
3. Enter any additional cost of sale that may occur throughout the year.

 

4. Click Seasonality

Seasonality 

1. Enter what percentage of business will close in each quarter-the percentage will auto populate to what you see above but you can change them. 
2. Click Submit

How to read your Economic Model Summary