2017 Million Dollar Club Application & Requirements

Each year, NAMAR recognizes their members for their achievements in real estate through the Million Dollar Club Program.

 (THE APPLICATION PROCESS IS NOW CLOSED. NAMAR WILL ACCEPT APPLICATIONS FROM JANUARY 1, 2017 TO JANUARY 31, 2017)

The Application fee of $35 is NON-REFUNDABLE. Any applicant or team member must have paid for their 2017 and 2018 dues and completed the Code of Ethics within Cycle 4 which is from 2013 – 2016. Anyone who has not paid their dues must pay their dues along with a $50 late fee before their application will be accepted. Anyone who has not taken Code of Ethics within Cycle 4 must take the course before their application will be accepted. The Application Fee does not include your ticket to the Banquet (March 10, 2017 at The Infinite Energy Center. Phoenix Sculptures are an additional $625.)

Qualifying year:   Shall be defined as a full calendar year beginning January 1 – December 31, 2017

Membership year:  Shall be for the full calendar year immediately following the Qualifying year.

Individual:  Shall be defined as an applicant applying for “Individual” category shall have no licensees working for the applicant showing property, writing offers, making listing presentations, making buyer presentations, negotiating contracts or performing any function that requires a license as per the Georgia Real Estate Commission on behalf of the applicant at any time (with exceptions for sick leave or vacation leave) during the qualifying year which is paid either directly or indirectly by the applicant and/or brokerage firm.

Small Team: Shall be defined as an applicant applying for the “Small Team” category shall have a total of 2 licensees, including the applicant working for the team at any given time during the qualifying year.*

Mid-Size Team: Shall be defined as an applicant applying for the “Mid-Size Team” category shall have a total of 3 – 5 licensees, including the applicant working for the team at any given time during the qualifying year.*

Mega Team: Shall be defined as an applicant applying for the “ Mega Team” category shall have a total of 6 or more licensees, including the applicant working for the team at any given time during the qualifying year.*  Mega teams with more than 10 team members will need to call our office at 770-495-7300 for instructions.

*The number of team members for Small Team, Mid-Size Team, and Mega Team,  will be determined by the highest number of team members at any given time during the year that contribute to the total volume of the team.
* Teams can be recognized by the Team Lead name or the Team Name. Small Teams can be recognized by the Team Lead name, the Team Name, or both recipients’ names. 

  • If a team member leaves a team, and the team’s brokerage during a qualifying year, then the gross commission (GCI) of the team member may be included for the team’s GCI. The agent leaving the team must have been a member in good standing with dues paid in full during the qualifying year and compliant with Code of Ethics. If an agent leaves a team, but remains an agent with the same brokerage, then team GCI may be included with the permission of the affected agent. The agent may not count GCI for individual credit which is also being used for team credit.

New Homes: Shall be defined as those applicants that must have 51% of total volume credit from the “listing side” of the sale of new homes (formerly 75%).

Commercial: Shall be defined as any transaction that is not residential, i.e., Leases, Land, Office Building, Office Space, etc.

Application Fee: The Million Dollar Club Committee shall be authorized to set a fee, at its discretion, prior to asking for applications for membership in the Million Dollar Club. Said fee to cover costs of plaques/plate and advertising to be given to those who become eligible for membership in the Million Dollar Club.

Requirements for Membership:

  1. ELIGIBILITY: Any employee or independent contractor (officer or otherwise) of any real estate broker (individual or firm) that is both licensed under the Georgia Real Estate Commission and a Primary REALTOR® member of the Northeast Atlanta Metro Association of REALTORS®, Inc. is eligible for membership. Both salaried and commissioned personnel are eligible.
  2. QUALIFYING YEAR: January 1 and running thru December 31, 2017.
  3.  MEMBERSHIP YEAR: A “membership year” shall be for the calendar year immediately following the qualifying year.
  4. CLASSES OF MEMBERSHIP:
  • ACTIVE MEMBER is one who has been elected for the year immediately following his/her qualifying year.
  • ACTIVE LIFE MEMBER shall be one who has been elected to membership for three (3) successive years OR who has been elected for any 3 of the last five (5) years.
  • ACTIVE PHOENIX is one who has been elected to membership for 10 years.
  • ACTIVE DOUBLE PHOENIX is one who has been elected to membership for 20 years.
  • ACTIVE TRIPLE PHOENIX is one who has been elected to membership for 30 years.

The Board hereby establishes the policy of giving special recognition to the TOP PRODUCERS (5) Individual, (5) Small Team (5) Mid-Size Team (5) Mega team, (5) New Homes and (5) Commercial. Prior to recognition the only persons who shall know the identity of the top 40 people are the Chairperson and Vice Chairperson of the Million Dollar Club Committee and the Executive Officer of the Board.

  1. QUALIFICATION: To qualify, an individual must fulfill the following requirements:
  • Applicant’s board dues must be paid for a current member no later than December 31, 2017 or for a new member at the time of application for primary board membership.
  • Must have applied for primary membership in the Northeast Atlanta Association of REALTORS®, Inc. on or before December 31st of the year prior to the beginning of the qualifying year, and be a primary member of said Board at time of application and presentation of award.
  • A new REALTOR® or transferring REALTOR® may be eligible for sales made from date of paying his or her dues to the Northeast Atlanta Metro Association of REALTORS® or to their prior Board on or before December 31, 2017.
  • Closed transactions in the amount of or in excess of $50,000.00 GCI during a qualifying year.
  • A Monetary consideration must be earned and verifiable by a closing statement and contract, effective for the qualifying year.
  • Must be approved by the Million Dollar Club Committee and the Board of Directors of the Northeast Atlanta Metro Association of REALTORS®, Inc.
  1.  If a teams’ total GCI divided by the highest number of licensees working on that team at any given time during the year is equal to or greater than $50,000, then the team members shall be eligible to apply for individual team member awards. Individual team member awards will be applied toward the requirements of the Phoenix, Double Phoenix, and Triple Phoenix awards.

* Team member recipients are not eligible for ranking and/or top individual awards.

  1.  APPLICATION SUBMISSION:  Million Dollar Club applications along with an application fee of $35 per application must be submitted no later than January 31, 2018 at 5:00 p.m. This fee is for your application and award.  There is a separate fee for the dinner celebration.
  • Applications will be submitted online.
  • Members can upload a chronological list of sold properties with address, closing date, and gross commission, or they can complete the GCI Form and upload with their application.
  • Only Principle/Managing Broker can certify sales of applicant while associated with that Broker. If applicant has been associated with more than one broker during the qualifying year they must provide an application and a copy of the detailed statement for each brokerage. The signed certification form will be uploaded by the applicant when making application for the award.
  • All applications will be checked, and if necessary random applicants will be required to produce contracts and closing statements for verification.
    If your application is rejected for any reason, your application fee is Non-Refundable.
  • If applicant is the principle/managing broker, the Million Dollar Committee will certify the application.  Applicant shall submit page 1 & 7 of the purchase contract and the final HUD for every property contributing to the GCI.
  • If a team member is applying for an individual team member award, then the team application must list all team members’ names, including team members who are not applying for an award, and their contributing GCI. The total GCI of all team members must equal the team GCI. Team members’ awards will be based on the same GCI requirements as individuals.
    • Team members who are applying for individual team member awards must be noted on the team application.
    • Team members must pay a separate application fee and include a separate print out of their GCI.
    • Team Lead must authorize and approve any Team member applications.
  • The effective date for credits for sales, and leases shall be as follows:
  1. For sales, the date on which title is passed shall be the date of credit.
    2. For leases, the date of occupancy shall be the date of credit unless rental began at a date subsequent to occupancy, and in that event the date on which rental began shall be the date of credit.
  • Million Dollar Club APPLICANTS HAVING BOTH “RESIDENTIAL – NEW & RESALE HOMES” AND “COMMERCIAL” will be recognized in the (Residential Resale-New Homes or Commercial) category based on the group in which they sell the majority of their volume. For purposes of defining “Residential” vs. “Commercial” volume the following guidelines are adopted:
  • RESIDENTIAL:
  1. Any improved property zoned residential including up to four (4) units
    2.  Unimproved single family lots
    3.  New Homes:  Listings of new home subdivisions or individual new home listings that have never been occupied.
  • COMMERCIAL:
  1. Any transaction that is not residential
  2. Zoning determinations are based on what the property is zoned at the time of closing.
  • Each transaction has 50% listing credit (GCI) & 50% selling credit (GCI). When multiple Agents within an office are involved in a side, the credit is divided equally among the Agents or whatever your agreement may be.

 

  1. BROKERS must review and verify the Agent’s application with any Agents applying for Million Dollar Club.  Please note that, Agents and Brokers turning in applications with misrepresentations will be forwarded to the Board of Directors for review and possible disciplinary actions. 2017 Qualifying Year Broker Certification Letter. 2017 Qualifying-Year Broker Certification PDFTo assist in filling out the form, we are noting some of the reasons for rejection of applications in the past:
  • Failing to have Orientation completed on time (Dec 31 of qualifying year)
  • Failing to have Board dues paid on time (December 31 of qualifying year)
  • Claiming too much Gross Commission Income (GCI) credit on transaction side.
  • Claiming credit earned by Co-Agent who was no longer in office
  • Claiming credit when commission was on note payable in future
  • Filing as an Individual when the Licensee advertises services as a Team with another Licensee
  1. THE FOLLOWING GCI (GROSS COMMISSION INCOME) WILL BE IN EFFECT.

NEW LEVELS FOR 2017

 Level              From                  To
Bronze              $50,000             $84,999
Silver                $85,000            $124,999
Gold                 $125,000           $249,999
Platinum         $250,000          $499,999
Diamond         $500,000          $749,999
Presidents       $750,000          $999,999
Masters            $1,000,000      Above

Those attaining business in any qualifying year shall receive certificates/Plaques stating that they are members of the Million Dollar Club for the qualifying year and shall further state that this membership is in recognition of personal negotiations of sales and leases during the qualifying year of a value equal to the level achieved. i.e. Bronze, Silver, Gold, Platinum, Diamond.

 

  1. Transactions Eligible for GCI Credits:
  • REFERRALS: Referrals will be allowed for credit.
  • FOR THE SELLING AGENT (S), the credit shall be the amount of GCI (Gross Commission Income) shown on the settlement statement.
  • FOR THE LISTING AGENT (S), the credit shall be the amount of GCI shown on the settlement statement.
  • FOR OPEN LISTING, No listing Agents(s). In the event of an open listing, credit shall be the amount of GCI shown on the closing statement.
  • FOR LEASES, the GCI amount shall control.
  • MORE THAN ONE PARTICIPANT AND/OR SYNDICATION: If more than one individual within the same company participates as the selling agent, the listing agent or the leasing agent, the credit allowed shall be in the same proportions as the division of the commission (or credits for commission) between the individual.
  • INSTALLMENT COMMISSION: GCI counted as received in the qualifying year.
  1. USE OF DESIGNATION: Member of the Million Dollar Club shall be authorized to use the Million Dollar Club logo adopted by the Board of Directors of the Northeast Atlanta Metro Association of REALTORS®, Inc. for use on calling cards and letterheads only during the year in which they are members of the Million Dollar Club.  Life members of the Million Dollar Club shall be eligible to use Million Dollar Club logo while they are a REALTOR®.
  2. PROHIBITIVE USE: REALTOR® Membership companies, local Boards, REALTORS®, shall not use the words Million Dollar Club”, and/or its logo, in its awards or advertising except where this policy is used to denote membership. The spirit of this rule is important to maintain the prestige of the members in the Northeast Atlanta Metro Association of REALTORS®, Inc. Million Dollar Club, restricted to use by the real estate business by Active REALTORS®.
  3. ADMISSIONS COMMITTEE: The President of the Northeast Atlanta Metro Association of REALTORS®, Inc. shall each year on or before the last date of the qualifying year appoint an Admissions Committee which shall be composed of at least one member of the Northeast Atlanta Metro Association of REALTORS®, Inc. Life Members or Active Members in the Million Dollar Club. It shall be the duty of this Committee to consider all applications after the application receipt deadline and submit a report to the Board of Directors of the Northeast Atlanta Metro Association of REALTORS®, Inc. no later than the next Board of Directors’ Meeting following 15 calendar days of committee study time giving their recommendation with regard to each applicant.
  4. APPROVAL AND DISSOLUTION: The Million Dollar Club of the Northeast Atlanta Metro Association of REALTORS®, Inc. has been established and is sponsored by the Northeast Atlanta Metro Association of REALTORS®, Inc., and all actions of the Club shall be subject to the approval of the Board of Directors of the Northeast Atlanta Metro Association of REALTORS®, Inc.