Changing Brokers... advice

[SLP-NYCT]

Racecar, Keep this in mind. I learned it 6 months into this business. Nothing is permanent.

I left one office for another. I was "hired" and then "fired" before ever getting to training because, ready for this, they had just recruited a big player from my office as well and this "player" had not told our old broker yet. The person was actually training for one company while still working at the other. I would have ended up in the same class as they were. So they let me go. I, of course was never told this until many months later when it all hit the fan.

I moved onto another company and my first day there was the managers last day. He was going to another company. Fast forward, because this gets long, his previous boss (regional president of the company) was fired for something and is now at another company as well. Mean time, the person who had canned me use to work for the company I went to.

Is this confusing yet? Let me add that the company I went to had over 60 agents. more than a dozen of them had belonged to another firm. They had left firm A to go to firm B which then got bough up by firm A and you guessed it, the agents were back to firm A.

The point is, people in this business tend to move firms quicker than Angelina Jolee adopts babies. (or should I say Madonna)

[tgarrett]

what if you want to change brokers and you have deals in escrow as the buyer agent. can you do an addendum and move them to the new broker with both sides agreement?

[satxproperty]

what if you want to change brokers and you have deals in escrow as the buyer agent. can you do an addendum and move them to the new broker with both sides agreement?

Probably not... commissions are usually earned when the contracts were signed. Your current broker is due the commission. If you move before closing, who handles the transaction and how/how much do you get compensated all need to be worked out before you leave... or stay where you are until they are completed.

[judyo]

what if you want to change brokers and you have deals in escrow as the buyer agent. can you do an addendum and move them to the new broker with both sides agreement?

It depends on what was agreed upon when you joined your broker. I was with a broker for a short time period between my first and current broker. I signed a form stating that I would get all of my outstanding commissions even if I left my broker.

I had a lot of pending transactions when I left and crossed my fingers - thank goodness I got paid for every one. I was lucky & I'm glad I got out as I've heard that company is folding & current agents were not getting paid.

I have the same agreement with my current broker although I have no intentions of leaving - I couldn't run my own brokerage for less.

[satxproperty]

Judy,

When you left, did another agent finish the transaction for you? Or did you continue to service the client even though you were no longer affiliated with the previous brokerage?

If you do continue to service your client from your new brokerage, it could put your new broker in a precarious predicament if a lawsuit were to ensue. (Your new broker has no E&O Insurance coverage for a transaction he wasn't associated with.)

[gregharaksin]

When I moved 5 months ago, i finished up the transactions myself. I have no idea what my agreement was with the broker, but no one said anything anyway. I didn't have any active listings.
I've heard of brokers assigning the active listings and cutting the commission to half.

[Dave Pratt]

I spent 12 years at Coldwell Banker on an 80/20 split plus 6% franchise fee. I then spent 3 years at Keller Williams where basically once you paid them about $22,000 per year, you are at 100% commission. I have now been with Right At Home Realty where I pay $79 per month and $275 per deal. How's that for a plan! The one thing I learned is the fact that the broker's name on the sign has little or no bearing on your odds of success especially if you work by referral. The clients work with you and not the broker so they couldn't care less if it's Coldwell, Keller, Remax or Right At Home.