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Hey all! I am leaving my firm to join another. When I told my BIC I was informed they would keep 1/2 of my commission on any sales I have left with them. This was never disclosed to me when I joined or on the paperwork I signed. I'm feeling blindsided and almost like its a deterrent/punishment for agents who leave.
I really feel like this should have been disclosed....I mean as agents we have to disclose everything to our clients....should a firm not be required to do the same? Has anyone had this happen to them? I suppose there isn't anything I can do but just wanted to see what my fellow realtors thought about this. TIA
Hey all! I am leaving my firm to join another. When I told my BIC I was informed they would keep 1/2 of my commission on any sales I have left with them. This was never disclosed to me when I joined or on the paperwork I signed. I'm feeling blindsided and almost like its a deterrent/punishment for agents who leave.
I really feel like this should have been disclosed....I mean as agents we have to disclose everything to our clients....should a firm not be required to do the same? Has anyone had this happen to them? I suppose there isn't anything I can do but just wanted to see what my fellow realtors thought about this. TIA
Your clients belong to them so they can either keep your clients and you get zero or you can give them a 50% referral fee. I think that is a mean way to do business if that wasn't your split to begin with, but it reinforces that you are making a good choice to leave then.
They probably ~could~ be generous and flexible if they wanted to be... but if you read your own listing agreement, it probably says the listing belongs to the firm.
Hey all! I am leaving my firm to join another. When I told my BIC I was informed they would keep 1/2 of my commission on any sales I have left with them. This was never disclosed to me when I joined or on the paperwork I signed. I'm feeling blindsided and almost like its a deterrent/punishment for agents who leave.
I really feel like this should have been disclosed....I mean as agents we have to disclose everything to our clients....should a firm not be required to do the same? Has anyone had this happen to them? I suppose there isn't anything I can do but just wanted to see what my fellow realtors thought about this. TIA
This is S.O.P. in brokerage.
The firm still has to maintain the files and follow and supervise the transactions, and accept exposure for liability in the transactions where your switch to another firm muddies waters a bit.
I.e., they have ongoing costs to bear.
What is your current split with them? What would you think would be fair?
If the transactions terminate without successful closing, whose clients will these folks be at that point? Yours or your former firm's?
Much more interesting to me is whether you get to take your buyer clients and your listings not under contract and your contact database, all free and clear of future referral fees.
Do you?
Did you also make the error of maintaining your database on a company server, exposing it to management to probe for clients to keep in house?
Are you a full broker, or a provisional broker?
And, on a different topic, did you know your homepage link on CD is broken?
I totally get each firm has its own rules and business policies....my issue was that it was not disclosed. Had it been, I would not have joined as that isn't the type of company I want to work with/for and I certainly don't want to work for a company that is less than forthcoming.
Fortunately I am returning to my previous firm, and although its not a big name company, I was always treated fairly, there are no hidden fees and the owner/bic really cares about the agent, not just the money.
Lesson learned here for sure!
Mike, I didn't keep my clients/leads on a company server and as far as I know they only keep the transactions under contract. They just take a larger commission split if you leave (50% vs the normal 25%). I am a full broker and fortunately I just have one (listing) waiting to close in a few weeks and we've gone through all inspections, appraisal, negotiations, etc.) so fingers crossed it doesn't fall through. If it did than my client would remain with me. Thanks for reminding me about the link...gotta fix that!
I totally get each firm has its own rules and business policies....my issue was that it was not disclosed. Had it been, I would not have joined as that isn't the type of company I want to work with/for and I certainly don't want to work for a company that is less than forthcoming.
Fortunately I am returning to my previous firm, and although its not a big name company, I was always treated fairly, there are no hidden fees and the owner/bic really cares about the agent, not just the money.
Lesson learned here for sure!
Mike, I didn't keep my clients/leads on a company server and as far as I know they only keep the transactions under contract. They just take a larger commission split if you leave (50% vs the normal 25%). I am a full broker and fortunately I just have one (listing) waiting to close in a few weeks and we've gone through all inspections, appraisal, negotiations, etc.) so fingers crossed it doesn't fall through. If it did than my client would remain with me. Thanks for reminding me about the link...gotta fix that!
But, you do comply with NCREC rules, and NCAR guidelines, to provide the firm with all WWREA's and all buyer's agency agreements, whether a transaction ensues or not?
I bet I know the answer.... Because methinks just about no one does.
If you ARE the unicorn, look out for trolling of your clientele.
Mike, I guess since you own a firm you probably deal with a lot of agents who don't comply but pretty much everything is done electronically (dotloop, docusign) so when I work with clients (whether they close or not) all my paperwork is there. Anyways, that's a whole other thread, LOL!
I'm not going the attorney route...it would cost more in atty fees, time and aggravation. I did receive another email from the VP of sales and he said he wants to do the right thing and will speak to my BIC.....may HE is the UNICORN! I was shocked as his first response was pretty much the standard corporate response about policies, etc. But when I asked if it was company policy not to disclose the fee until an agent is leaving, it seemed to make him at least offer to look into it. Whether it works out in my favor or not is another thing but if it does, I'm buying a lottery ticket!
Thanks to all of you for the responses. I will keep you posted!
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