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I have three Clients that i've know for four years and my wife and i have a broker that we have been with for one and half years. we pay all my own advertising and run a vacation rental business out of the office and paid my broker 15% of all my short term rentals. my wife recently obtained her brokers lic and we gave our broker 3 month notice. he then severed us and retained all our long term rental contracts. my question is if i had the Clients years before the broker am i entitled to commissions on three pending sales in esscrow at the time he let us go?
I would call him and arrange a meeting, however it would have been better to have gone in and talked about this prior to actually giving notice. What does your independent contractor agreement say about pending sales should an agent leave the company? Is the policy stated in your employee handbook?
It should all be said in your agreement. I worked with a broker when I first started that said if you leave with pending transactions, you only get 50% of the commission. My current broker gives you the full amount you're entitled to. Each broker's policies are different.
Have your clients write a letter stating they hired you and not the company, that they would like to be released. It goes along way, especially if it goes to the RE Commission.
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