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#456342 - 01/17/17 07:26 AM Commission Credits
Cadillacman Offline
Junior Member

Registered: 01/17/17
Posts: 3
Loc: CA
I'm double ending a deal and through the negotiation process I ended up giving up a point to my seller (4% instead of 5%). The issue that I'm running in to is that my broker is saying that the credit will be coming out of my NET commission instead of the GROSS commission prattling on about how he has to still pay for overhead etc. I'm still pretty new so I'm not sure; is this normal practice? I will agree that I probably should have spoken to him first and will do so in the future but my understanding was that the office got a specific cut of whatever commission I was able to make, not what commission I COULD have made.

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#456343 - 01/17/17 09:36 AM Re: Commission Credits [Re: Cadillacman]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7716
Loc: Vermont's North-East Kingdom
Is this matter covered in your ICA (Independent Contractor Agreement) ?
_________________________
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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#456344 - 01/17/17 09:48 AM Re: Commission Credits [Re: Cadillacman]
Cadillacman Offline
Junior Member

Registered: 01/17/17
Posts: 3
Loc: CA
No it isn't and they're saying this is a "new policy" but I did point out that this wasn't addressed in the contract, only the actual percentage of the split is mentioned.

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#456345 - 01/17/17 10:40 AM Re: Commission Credits [Re: Cadillacman]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7716
Loc: Vermont's North-East Kingdom
A New Policy that no one else except you have been alerted to . . . . so new that it wasn't covered in the last Staff Meeting ?

Ask them if them if there are any other "new policies" coming down the pike that will separate you from your money.

That 1% must have been sizable enough to test their TT (threshold of temptation); everyone has one.

If it's not in the ICA, you could sue for breach . . . . but you will have burned your bridges !

I'd being my search for a new Brokerage soon. I wouldn't wait to be thrown under the bus a second time with another New Policy !
_________________________
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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#456346 - 01/17/17 10:45 AM Re: Commission Credits [Re: Cadillacman]
Cadillacman Offline
Junior Member

Registered: 01/17/17
Posts: 3
Loc: CA
1% is $3650. I agree, probably going to seek out another agency. They were trying to say this was industry practice, I was trying to get an idea from the world at large if this was true.


Edited by Cadillacman (01/17/17 10:45 AM)

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#456347 - 01/17/17 11:09 AM Re: Commission Credits [Re: Cadillacman]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7716
Loc: Vermont's North-East Kingdom
Originally Posted By: Cadillacman
". . . They were trying to say this was industry practice . . ."

If so, then it ought to be in the ICA . . . . already.

We'll see if others from around the Country chime in to verify their contention.

Lacking that, I'd poll other Brokers in your local MLS to see if it's a prominent policy in your area.

PS: You might be interviewing with some of them in the very near future anyway !
_________________________
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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