Summary of How Do You Split Commissions On A Real Estate Team
The video discusses how to split commissions on a Real estate team in a way that is profitable for both the team leader and team members. The presenter, Verl Workman, emphasizes the importance of creating a Compensation model that allows team members to be successful while also ensuring profitability for the team leader. The main points covered include:
- Building a Compensation model that allows for profitability and success for team members
- Hiring a Client care coordinator as the first team member
- Compensating client care coordinators based on transactions or hourly pay
- Structuring compensation for Buyer's agents with a 40-60 split for the first two transactions and increasing percentages for subsequent deals
- Emphasizing the importance of focusing on the amount of money team members take home rather than the split percentage
- Providing an example of how an agent can make $100,000 a year on a 40-60 split
- Paying Listing partners between 25-35% due to the additional costs associated with listings
- Emphasizing the need to explain the compensation program during the interview process and providing a Buyer agency agreement template for clarity
Presenters
Notable Quotes
— 01:32 — « But if youre gonna do it, you have to be intentional and you have to understand what your job is as a leader., »
— 04:56 — « So I know heres whats going through your head right now. Youre thinking why would never work for that, or why would anybody do that? Tell me youre not thinking that., »
— 05:56 — « I look at each individual buyers agent and I ask myself, how do I help them become the greatest version of themselves?, »
— 07:23 — « The best trainer of real estate is the game., »
— 09:28 — « Have a great time building your team. This is just one step.] »
Category
Business and Finance