This Real Estate Agent Agreement (the “Agreement”) is entered into by and between:
Extend Stays Inc., a Delaware Corporation (“Extend”), and the undersigned licensed travel agent, real estate agent or broker/brokerage (“Agent”).
1. Eligibility and Licensing
Agent affirms that they hold a current, valid real estate license or IATA # in the state(s) where they operate. Agent agrees to promptly notify Extend of any status changes to licensing or employment. No Agent commissions or fees shall be paid without a verified and valid license entered in the profile prior to a booking.
2. Access to Listings
Extend grants Agent access to verified listings through the Extend platform solely for the purpose of facilitating bookings on behalf of qualified guests.
3. Booking Process
Agent may submit bookings on behalf of clients. All bookings must be confirmed through the Platform. Agent must accurately represent the guest and ensure all submitted information is truthful.
4. Commission Structure
Agent is eligible to receive commission on completed bookings as specified in the current Extend Agent Commission Schedule.
Commission shall be paid out as follows:
1-5 months lease – 5%
6-24 months lease – 3%
Extend as well as each host may reserve the right to amend commission terms at any time without notice. All commissions for each transaction are published to Agents prior to a closed transaction.
5. Payment Terms
Commission payments will be disbursed within five days after guest check-in, subject to verification and completion of all booking documentation. Travel Agents shall be paid based on an active IATA number, while Real Estate Agents shall be paid based on an active DRE #, through their respective Broker’s office account; a valid license number shall be required in order for commission and fees to be paid out monthly prior to the close of the reservation. No compensation shall be paid to any agent without a valid license.
6. Conduct and Compliance
Agent agrees to comply with all laws and regulations, including real estate and fair housing laws, and to uphold ethical standards when representing Extend and its listings.
7. Confidentiality
Agent agrees not to disclose proprietary platform data, client information, or other confidential materials obtained through use of the Extend platform.
8. Term and Termination
This agreement is effective upon execution and may be terminated by either party with written notice. Agent must honor in-progress bookings until completion.
9. Dispute Resolution
This Agreement shall be governed by Delaware law. Disputes shall be resolved via binding arbitration.
10. Entire Agreement
This document constitutes the full understanding between Extend and Agent. Any amendments must be in writing and signed by both parties.