Commision Splits with Broker?

[Josh Louis]

am a newer agent and I am not sure who to turn to regarding broker splits. I just want to make sure Im not getting taken advantage of. I really like where I work but I want to make sure Im being treated fairly. I have been an agent for 6 months and have done 1.5 mill in sales. For the first 6 deals I was only payed 40% because I was told I was in a mentorship. After the mentorship I was told the schedule is as follows :

50% for my first 25K earned in commision
60% when I reach 30k earned in commision
65% when i reach 35k earned in commision
70% when i reach 40k earned in commision
75% when i reach 45k earned in commision

So each year i start back at 50%.

The other thing is that the franchise coldwell banker takes 6% off the top of the commision before I get my split.

What I also found out recently is that the woman that brought me on is getting 25% of my commision. We are a team? So what if I bring someone on? Do I get a cut?

Does all this sound ok to you guys? Am I getting a good deal? Im sure some of you more experienced agents can give me some good advice.

Thanks!!!!

[nercentral]

am a newer agent and I am not sure who to turn to regarding broker splits. I just want to make sure Im not getting taken advantage of. I really like where I work but I want to make sure Im being treated fairly. I have been an agent for 6 months and have done 1.5 mill in sales. For the first 6 deals I was only payed 40% because I was told I was in a mentorship. After the mentorship I was told the schedule is as follows :

50% for my first 25K earned in commision
60% when I reach 30k earned in commision
65% when i reach 35k earned in commision
70% when i reach 40k earned in commision
75% when i reach 45k earned in commision

So each year i start back at 50%.

The other thing is that the franchise coldwell banker takes 6% off the top of the commision before I get my split.

What I also found out recently is that the woman that brought me on is getting 25% of my commision. We are a team? So what if I bring someone on? Do I get a cut?

Does all this sound ok to you guys? Am I getting a good deal? Im sure some of you more experienced agents can give me some good advice.

Thanks!!!!

Josh,
If you signed their agreement and accepted their commission split scheme, there is nothing to be complained about. I understand your pain. I believe that compensation should satisfy emotional as well as financial needs. Money may be a symbol to some, to others it is an absolute necessity, and to still others it offers a way to show that they are the best.
If you think that you are one of the best, you are welcome to join our team. You must be a licensed salesperson in MA, RI, CT, NH in order to transact business with us. We offer 80% commission on all sales.

[OregonLO]

that doesn't sound like that great of a commission split. I think for most companies its pretty standard to take 5% or 6% off the top for a franchise fee but then most (from what I have seen/heard) pay 60/40 in your favor until you hit a certain amount of commission earned FOR the company... anywhere from 15-19k depending on where you are at. then its usually 100% after that. My fiance is about to start at Remax and she is set up the way I mentioned. I know other realtors that sit around the same thing. Some get 70/30 then to 100% once they hit a certain level of commission for the company....

[renewbie]

sounds like you are part of a larger corporate brokerage...Check out the smaller brokerages... Or possibly see if you get your splits based on sales volume vs. income?