In order to stay up to date with the current market and an evolving industry the MDC Committee met this year to discuss and approved the following rules to be revised and will be applicable for the 2021 Million Dollar Club for sales completed in 2020. We advise that before you have any questions please take a minute to review the MDC rules carefully and also reference the FAQ’s. If you have any questions you may contact us at email@example.com.
- The minimum volume requirement has been revised to $3 million to qualify for the 2021 Million Dollar Club for sales produced in 2020. This will only be effective for one year and will increase back to $5 million in 2022 for 2021 sales production.
- The following tier recognition will be added and reflected in the MDC program and the Atlanta Business Chronicle. Production from $20 - $25 million and over $25 million. Additionally to reflect the adjustment of the reduced volume for the 2021 year, a $3-$5 million dollar tier will be added only for 2021.
- Out of State Transactions: If an applicant is not licensed in a state where they completed the transaction and did not use and identify a licensed co-broker, then the applicant may not claim MDC credit for the transaction. Out of state transactions can be counted as long as a co-broker or applicant is licensed in that state and calculates the MDC volume in direct proportion with the percentage commission split with the co-broker involved.
The following verbiage was added on page under Rules for Calculating Leases:
- In a lease transaction involving a coworking group whether as a traditional lease or management operating agreement for the use of office space, the Broker or Brokers representing each party to the transaction (Landlord or Tenant) may each claim Million Dollar Club credit equal to the aggregate rental calculated to determine the actual commission paid or to be paid so long as any and all contingencies for the transaction has been fully satisfied.
- All lease transactions submitted to qualify for Million Dollar Club must have satisfied any and all contingencies for the commission to be paid in order to be counted for Million Dollar Club credit for the application year. If a contingency may not be satisfied until a future calendar year, the Million Dollar Club credit may be counted in the year the contingency was fully satisfied. Ie: If a lease occurred as a prelease to a new construction building and the lease included construction contingencies to be met before the transaction is fully consumated, then the lease volume cannot be claimed as Million Dollar Club credit until such construction contingency is satisfied.
- In a lease transaction involving a data center group whether as a traditional lease or management operating agreement for the use of data center space, the Broker or Brokers representing each party to the transaction (Landlord or Tenant) may each claim Million Dollar Club credit equal to the aggregate rental calculated to determine the actual commission paid or to be paid so long as any and all contingencies for the transaction has been fully satisfied. However, if such lease is a lease for data usage and is not on actual data center space, the transaction does not qualify for Million Dollar Club credit.