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Replies (8)
- LinusK
- Contributions:476
Also.. can you get busted for saying bad things about them on the internet?
- SouthernCA
- Contributions:62
hmmmm.............?
- Rachel Pajaczek, "Seattle Agent"
- Contributions:438
I don't know about "getting busted," but you can certainly get a bad reputation very fast. Every brokerage is different. There is no "Standard."
- LinusK
- Contributions:476
Thanks, Elvis.
What do brokers do for their pay?
What do brokers do for their pay?
- Bob Gatchel, "RDGatchel"
- Contributions:19
Well, there are a lot of "thoughts" about what Broker's provide. And I feel it depends on the Broker and any company / franchise affiliation that the broker has.
Mind you, I'm not a broker, but work with one as part of Exit Realty Chesapeake Bay.
I see the Broker as someone providing the office, staffing, support, location and office for the agents. And takes the risk of keeping the doors open by keeping the agents motivated to sell YET without taking them to the cleaners with commission splits. And yes, the broker does take liability for the agents that are part of the office.
As far as the 50 / 50 split? I think that is going the way of the dinosaur. I originally cut my teeth at a 50/50 broker but ... saw the light as I got "older and wiser".
In my case (and this is not a blatant pitch), I saw the Exit Realty system where even the newest of the new agents earn a 70 / 30 split (30 to the broker) PLUS a 10% sponsoring bonus on agents brought into the company by that agent for life (so by bringing in other agents, I make 10% of their gross commissions PAID OUT OF THE BROKER'S CUT. This constitutes making "more than 100 percent")
And if you earn 100K in gross commissions you roll to a 90 / 10 split (10 to the broker).
I found this to be reasonable with no desk fees and other heavy loads or fees.
AND ... again ... I feel pretty good about what the broker provides for his 10 to 30 percent. A great office location, advertising, with a lot of great office technology (including interactive satellite / internet training systems), administrative staff etc etc.
Bottom line? I feel that the cut I give to my broker is like "paying for infrastrucdture and staff" to help me run my business as an agent.
As someone with a rather long experience in real estate, I found that for me, working in an Exit Realty brokerage is VERY fair to everyone involved. Have questions about it? Contact me any time (I'd love to sponsor ya HAHA).
Mind you, I'm not a broker, but work with one as part of Exit Realty Chesapeake Bay.
I see the Broker as someone providing the office, staffing, support, location and office for the agents. And takes the risk of keeping the doors open by keeping the agents motivated to sell YET without taking them to the cleaners with commission splits. And yes, the broker does take liability for the agents that are part of the office.
As far as the 50 / 50 split? I think that is going the way of the dinosaur. I originally cut my teeth at a 50/50 broker but ... saw the light as I got "older and wiser".
In my case (and this is not a blatant pitch), I saw the Exit Realty system where even the newest of the new agents earn a 70 / 30 split (30 to the broker) PLUS a 10% sponsoring bonus on agents brought into the company by that agent for life (so by bringing in other agents, I make 10% of their gross commissions PAID OUT OF THE BROKER'S CUT. This constitutes making "more than 100 percent")
And if you earn 100K in gross commissions you roll to a 90 / 10 split (10 to the broker).
I found this to be reasonable with no desk fees and other heavy loads or fees.
AND ... again ... I feel pretty good about what the broker provides for his 10 to 30 percent. A great office location, advertising, with a lot of great office technology (including interactive satellite / internet training systems), administrative staff etc etc.
Bottom line? I feel that the cut I give to my broker is like "paying for infrastrucdture and staff" to help me run my business as an agent.
As someone with a rather long experience in real estate, I found that for me, working in an Exit Realty brokerage is VERY fair to everyone involved. Have questions about it? Contact me any time (I'd love to sponsor ya HAHA).
- LinusK
- Contributions:476
Thanks, Elvis.
Suppose someone already had an office, and phones, and a receptionist, and a copier, and was looking to pay all his advertising costs himself?
Suppose someone already had an office, and phones, and a receptionist, and a copier, and was looking to pay all his advertising costs himself?
- LinusK
- Contributions:476
***then what do they need the agency for??
Because no sponsor = no license.
Because no sponsor = no license.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
LinusK
In most states, yes.
In SC you have to have what's known as a Broker-in-Charge.
You can't be a BIC without 5 years experience.
There are some exemptions.
Attorneys, and those with a graduate degree in RE studies of some sort...
In most states, yes.
In SC you have to have what's known as a Broker-in-Charge.
You can't be a BIC without 5 years experience.
There are some exemptions.
Attorneys, and those with a graduate degree in RE studies of some sort...
Who Is Your Sponsor?
Is 50% a standard split?
What do brokers do in return for that?
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