Hello everyone ... have a question. If I switch brokers what happens to my pendings? I'm sure it may be dependent on my contract, but I frantically searching for them right now and thought I'd post a quick ? to see what everyone else has exerpienced.

Thanks!

Your contract states that you will get a commission for all sales you make and your broker will get some percentage. If you leave the brokerage, your pendings stay with the broker because, by law, all the listings belong to the broker in the first place.

Thus you will close out your pendings and you will get paid for them ... even though you are no longer working for that firm. Your Independant Contractor agreement stipulates how you are to be paid and your broker is legally required to compensate you for the clients you closed. In other words, even though you're not at his firm NOW, you were at the time the sales were procured and thus that money is yours. He is required by contract to pay you.

You might want to check from someone else in your state as the rules tend to vary a bit. Regardless, the principles remain the same.

Now, getting your current listings and buyer's under representation moved to another brokerage is a little more tricky. :-)

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Spot on IMO, Saodavi. Some brokers will let you take current listings with you. Some use it as a device to keep you. I have found that many will work with you if you leave on good terms.

Problem is, if you were on good terms, usually that means you have stayed...(grin)

Eric

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We just switched brokers yesterday. I would look for the original contract you signed with your broker and hopefully it specified all the terms there. I think it's different with each company.

We closed out our last deal and then left. I think many companies knock your commission down to 50% if you leave a pending but I try to find your conract with them.

Our broker let us take all of our listings and we just owe the previous company a 25% referral fee if any of the listings sell.

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I've mentioned this elsewhere but FWIW, when I signed up at my current brokerage, a condition of my signing was that the broker would release all my current (non-pending) listings and buyer's under representation so that I could take them to my new firm.

IMO, this is reasonable since I'm the one that procured the client in the first place. The broker didn't generate the lead and so he shouldn't keep it. Most brokers are keenly aware of this fact and will agree to such terms.

There's another thread around here that discusses terms to ask for when changing brokerages. If you don't get it worked out now, you'll be doing this again the next time you move.

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The listing belongs to the broker. As stated before review your agreement to see the policy you agreed to. Some brokers release and some don't. Ours does, and it is my understanding that it is pretty much the franchise philosophy to do so. I have seen some brokers make it as difficult to leave them as possible - doesn't do much for good will though.

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