#234037 - 06/22/08 07:46 AM
Re: how did you decide which broker/agent commission plan to use?
[Re: OHAgent]
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Major Contributor
Registered: 08/10/05
Posts: 1557
Loc: Missouri
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As far as BPOs go, in Missouri, ALL money received for real estate activities has to go to the broker, then be pauid to the agents. BPOs require a license, so they ARE a real estate activity. I will keep $5 of every BPO my agents do for administartive costs... Most brokers here sytart everybody at 50/50 and most I have talked to give a raise after $1million in sales. I am looking at starting brand new agents at 60/40 with raises more often. Still ironing out the details, but think it will help agents feel like they are worth more to me and the compnay if they make more money more regularly. Retention of good agents is more important than big profits to me. I will cap them out at 90/10. They will have to pay their own Realtor fees, CE, licensing fees, and any specialized advertising or signage (eg:name riders),an a small monthly fee towards E&O ($10-&20 per agent), but no desk fees, tech fees, phone bills, etc. I think, once I get an agent or two on the plan, they will talk and I will get several working for me. I hope so, anyway!
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#239493 - 07/22/08 03:55 PM
Re: how did you decide which broker/agent commission plan to use?
[Re: REOGranny]
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Mortgage Professional
Veteran Member
Registered: 01/26/05
Posts: 1117
Loc: Chillicothe, Ohio
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Spam... Guy is likely getting compensated for signing people up. Spamed all over board. "id=wallmann"
_________________________
Greg PhillipsManager Fairfield Mortgage Company"Servicing all 50 states"Web: Home Forums Blog
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#248157 - 09/05/08 06:30 PM
Re: how did you decide which broker/agent commission plan to use?
[Re: OHAgent]
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Junior Member
Registered: 12/27/07
Posts: 5
Loc: Ca
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How do you find out about california? Don't the agents fill out w9s and then get 1099s from the BPO company?
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#252955 - 10/02/08 07:00 AM
Re: how did you decide which broker/agent commission plan to use?
[Re: Mr. Lincoln]
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Member
Registered: 03/05/07
Posts: 65
Loc: USA
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I never recruit but have 3 agents. One asked me to colist s few properties with her. We just closed one and she called me about the commission. I kept the buyer's side commission. I replied we split the listing and I have the buyer. I dealt totally with the buyer. She is on a 90/10 split. I want to be fair. Should we split the buyer's side?
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#252958 - 10/02/08 07:17 AM
Re: how did you decide which broker/agent commission plan to use?
[Re: Focus]
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Veteran Member
Registered: 04/12/08
Posts: 901
Loc: Glover, Vermont
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I want to be fair. Should we split the buyer's side? Nope . . . . Unless you had her do all of the Hand-Holding through the Mortgage and Closing Process as a Training Activity; but your scenario indicates that she did not participate so the answer remains . . . . Nope!
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Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont Where We're Always Striving To Put Together "THE FAIR DEAL"
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#253077 - 10/02/08 05:21 PM
Re: how did you decide which broker/agent commission plan to use?
[Re: Vermont]
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Member
Registered: 03/05/07
Posts: 65
Loc: USA
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Thanks Vermont007. I agree but I decided to go ahead and pay the agent anyway - be the bigger person. The funny thing is she contradicted herself. There was a repair that the buyer wanted done (seller wouldn't pay) or there would not be a closing. At this juncture my agent offered to "chip something in" but never offered to split the cost then. The good thing is I found out where she is now. I have done a lot of extras for her but will not do the next thing I was planning for her. Her loss.
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#253084 - 10/02/08 06:23 PM
Re: how did you decide which broker/agent commission plan to use?
[Re: Focus]
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Veteran Member
Registered: 04/12/08
Posts: 901
Loc: Glover, Vermont
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There'd be more Training Value if the Buyer's Side was going elsewhere into a Cooperating Agency's Pocket. People seem to have difficulty visializing the different pieces of the Pie when it's staying in house.
If you have three Agents, then it becomes critical to maintain a consistent Policy. It's amazing how the Human Mind can make instantaneous complex calculations on how one commission split differs by fractions of a dollar from another. I know, because I pushed those numbers endlessly myself . . . . as if calculatng it one more time would make it come out bigger.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont Where We're Always Striving To Put Together "THE FAIR DEAL"
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