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#184519 - 12/01/07 10:50 PM
Coldwell Banker
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Member
Registered: 03/10/07
Posts: 52
Loc: USA
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I recently interviewed Coldwell Banker, all the bells and whistles were nice until they got to the 50/50 split and the 6% franchise fee  ? are the benefits worth it, in terms of phone time and leads?
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#184521 - 12/01/07 11:00 PM
Re: Coldwell Banker
[Re: cherry27]
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Veteran Member
Registered: 09/18/04
Posts: 930
Loc: Idaho Falls, ID, USA
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Key2Houston,
How is the contract structured?
Start at 50/50.
What do they pay and what do you pay? What marketing to you get? Any advertising subsidies?
How does the split change? In particular, what do you have to do for it to increase? Outline the full plan.
Also, which Coldwell Banker is it? Remember they have over 3,000 franchises.
_________________________
Steve Taggart Broker CENTURY 21 Advantage Southeast Idaho's Real Estate Leader(sm) The GOLD Standard(sm) 400 W. Sunnyside Road Idaho Falls, ID 83402 (208) 524-2121 http://www.IFhomes.comhttp://www.IFreschool.comstaggart@ida.net
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#184548 - 12/02/07 02:59 AM
Re: Coldwell Banker
[Re: staggart]
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Member
Registered: 11/29/06
Posts: 177
Loc: Portland, OR
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That's what I've got with Pru; on top of that there's an E&O fee of $100/transaction, a $75 month technology fee, they don't pay for business cards, they don't pay for marketing...wait, they do twice a month IF you get your name on the list soon enough, and only for commissions 6% or higher.
I'll be interested to hear what other agencies around the country are doing.
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Failure is not the falling down, but the staying down! www.welcometopdx.com
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#184556 - 12/02/07 07:10 AM
Re: Coldwell Banker
[Re: DebT]
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Member
Registered: 03/28/07
Posts: 41
Loc: VA
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How is the franchise fee paid?
TrueVisionary...
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"It is impossible to rightly govern a nation without God and the Bible."
-- George Washington (The 1st President of the United States)
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#184652 - 12/02/07 04:24 PM
Re: Coldwell Banker
[Re: Livechatrealtor]
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Member
Registered: 03/04/07
Posts: 101
Loc: Arkansas
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I am with a regional company. I have to pay a $100 fee per month no franchise fee. Advertising is paid in the form of web and print. I am on a 75/25 split and I have a $30 E&O fee that is part of the $100 per month. When I say print there is a magazine put out by my company. They did pay for my first 1000 business cards.
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#184687 - 12/02/07 09:21 PM
Re: Coldwell Banker
[Re: captain21]
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Major Contributor
Registered: 11/03/07
Posts: 2335
Loc: Northern Colorado
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I worked for a CB franchise for 6 years. That 50/50 split will be ok if you are new and need to get trained. As long as they don't charge much of a monthly expense bill. The place I worked had the 50/50 deal and we paid about $150 for 500 copies, our shared office, some advertising. They also featured training. I'm on my own in my own one man band and I like it much better. I don't share well with others (commissions with my company)
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#184715 - 12/02/07 11:50 PM
Re: Coldwell Banker
[Re: ColoBroker]
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Major Contributor
Registered: 01/27/07
Posts: 2779
Loc: LAND OF THE FREE!
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100% of nothing is the same as 50% of nothing, but when a check comes in @ 100% your check is 100% and 50% of your check is only half of what you could have made.
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#184737 - 12/03/07 02:19 AM
Re: Coldwell Banker
[Re: estatereal]
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Member
Registered: 08/27/07
Posts: 167
Loc: San Diego, Ca
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I would compare it with other brokerages. Who knows, another broker might be able to offer you the same thing with a higher split. Also since you are new, I would definitely care about training and mentoring. You can get leads all day but without the proper training, you won't close them.
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#184798 - 12/03/07 10:44 AM
Re: Coldwell Banker
[Re: ManFromTheBand]
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Major Contributor
Registered: 01/27/07
Posts: 2779
Loc: LAND OF THE FREE!
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Interview as many brokers as you can. Look in the phone book and literally go down the list. Have a set group of questions that you ask each one, and make sure split and all fees are part of that list.
Once you're finished interviewing all of them, go home, take your list and figure out how much you would net at 1Mil, 2Mil, and 5Mil in sales based on each commission model. That will give you some good food for thought...and you'll be able to ask yourself "I really like this broker...but does that mean I want to give them $15,000 more than this guy? Is it worth $15,000 for me to have free copies?" etc etc...
You'll have something objective to look at, and the question of "do the freebies/perks outweigh the split" will answer itself when you compare different companies. could not have said it better myself. free copies(i have a 400dollar printer that has a 40k page dutycycle. my cellphone gets free long distance and my 800number puts my faxes into pdf. i have my own marketing material and solicit my own business. unless a broker gives me a (realistic seller)listing appointment or 2 a week i would not pay a high split.
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#184827 - 12/03/07 12:51 PM
Re: Coldwell Banker
[Re: staggart]
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Member
Registered: 03/10/07
Posts: 52
Loc: USA
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There were several plans. Most were 50/50 with an increase after production. One for instance 50/50 until $19K then 75/25, or 50/50 until $23K then 90/10 or 95/5.
What do they pay and what do you pay? What marketing to you get? Any advertising subsidies?
They pay 50% of marketing (mailouts,etc).
I've been in the business almost a year and I'm coming from Keller Williams.
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#184861 - 12/03/07 02:17 PM
Re: Coldwell Banker
[Re: cherry27]
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Veteran Member
Registered: 07/26/06
Posts: 693
Loc: Circleville Ohio
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Interview with a few brokers, I went with a Cendant/Relogy company first off, now that I look back , I feel it was a bit of a mistake.
In my case , I was on the 50/50 split, E&O was $150/year, and the company "Paid" for all forms of advertising.
After a while, i started getting burnt out on the stupid franchise fee. In my case ,it was 6% of the total comission, then i got my 50/50, it worked out to something like a 38/62 split in the company's favor. I paid for signs, advertising and the like.
I recently switched to a company that started me out at 60/40 , with a monthly fee of $80, they also pay for everything outside of lockboxes.
I'm VERY happy with my current company, as the level of technology is very much on-par than that of my last national franchise.
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#184879 - 12/03/07 03:23 PM
Re: Coldwell Banker
[Re: That 20something RE Guy]
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Member
Registered: 03/10/07
Posts: 52
Loc: USA
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Are the fees negotiable, in terms of the split?
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