Recruit and retain agents by paying them promptly

Broker Notebook

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Working on a 100 percent commission basis isn’t for everyone. But it can be very rewarding, especially when the closing is over and the payday comes. One great way to recruit and retain agents is to make sure they are paid quickly after they earn a commission. I can't think of anything a brokerage could give me that is of more value than cutting my check quickly and without any hassle. Agents work for free for weeks, months and sometimes years to sell a single house and earn a single check. To delay payment for weeks after a successful closing is just cruel. After the closing, at least here in Minnesota, funds are available immediately because the buyer's bank wires the money to the title company. If the sellers have equity, a check is cut and handed to them during the closing. Checks for real estate brokers are cut from the same funds. There are many reasons an agent’s pay can be delayed, and over the years I have experienced each of them. So have most other agents, be...