MyRealEstate (MRE ) is a common source information company as defined by the Section 54.1-2100 of the Code of Virginia and provides lead generation services for real estate agents and brokers through proprietary software and advertising.
No agency or brokerage relationship is created with the Leads created nor does MRE engage in activities provided under Section 54.1-2107 of the Code of Virginia. MRE agrees to provide Agent with lead generation services. A lead is a person or company interested in buying or selling Real Estate. A lead is created when MRE sends the lead contact information of a potential buyer or seller to the Agent or Broker via phone, text, email or by the MyRealEstate.com lead portal.
Agent agrees to promptly respond, nurture and track all leads accepted from MRE. Agents agrees to call incoming leads as quickly as possible and follow up with calls and lead nurturing.
If a lead requests information on a single listing or a just listed or coming soon list, agent agrees to provide the information within 2 days. When MRE launches its CRM and lead tracking platform Agent agrees to start a free MRE account to help receive and track Leads and update MRE on the status of leads received monthly.
Agent, through Agent’s broker or brokerage firm, agrees to pay a Lead Generation Fee to MRE upon any consummation of a transaction (“Closing”) of 15% of the gross commission for buyer leads and 30% of the gross commission for seller leads.
This Lead Generation Agreement will act as a blanket agreement for all of the leads My Real Estate sends to the Agent until either party terminates the agreement.
Broker or Agent agree to pay all MRE Lead Fees after Closing using MRE’s closing worksheet to confirm payment amounts and either wire funds or mail check payment to: MyRealEstate, 10307 Piper Ln. Manassas VA 20110.
**Please include a copy of the Settlement Statement and the Closing Worksheet along with payment**
The Lead Fee is due anytime a lead provided goes to Closing within 18 months of the date of issuance to the Agent or Broker. If an Agent represents a client gained from a MyRealEstate Lead in multiple transactions within 18 months of the date of the issuance, the 15% Buyer Lead Fee and 30% Seller Lead Fee will apply to all transactions. If you are an individual agent receiving MRE services you agree not to sell or share Leads or Lead contact information provided by MRE with other agents, individuals or real estate firms.
If you are a Broker or Team leader receiving MRE services you understand the terms that apply to individual agents apply to Team leaders and Brokers and agree to track and be responsible for paying the lead fees generated by the leads given to the agents you manage. Brokers may also participate by having their individual agents sign a Lead Generation Agreement individually in order to receive MRE Lead Services. MRE may send leads exclusively or to up to 3 agents to reduce lead response times.
In the unlikely event the agent receives a lead they have already talked to or received previously from another source, the agent can nullify any lead Fee owed to MyRealEstate by simply notifying MRE by Email at Notices@myrealestate.com with a brief description why within 3 days of receiving the Lead. Either Party may terminate this agreement with 5 days written notice or through means provided on the MyRealEstate website. Any Leads made prior to such termination are still bound by this Lead Generation Agreement.
MRE may terminate sending leads for lack of payment of Lead Fee (in which event, the obligation of the Agent to pay the Lead Fee survives termination of this Lead Generation Agreement), poor Lead conversion by Agent or for any reason at MRE’s discretion. This Lead Generation Agreement shall continue until either party terminates or both parties agree to amend the Agreement.
The Agent agrees to indemnify and hold MyRealEstate harmless from any claims, costs, and damages arising from any claims by the Agent’s Client regarding any services provided by the Agent or Agent’s Broker. All notices between MyRealEstate and the Agent are to be sent from the MRE Platform or to this email address: Notices@myrealestate.com unless such address is changed in writing or as provided from the MyRealEstate web platform. In the unlikely event of a legal dispute between MyRealEstate and the Agent, the prevailing party will be entitled to recover its attorneys’ fees and costs from the other party.
This Agreement will be governed by Virginia law, without regard to its conflict of law’s provisions. If a real estate Broker enters into this Agreement the term Agent will be interchangeable with Broker.