{"id":623,"date":"2019-10-01T14:51:11","date_gmt":"2019-10-01T14:51:11","guid":{"rendered":"https:\/\/blog.stepstonetexas.com\/?p=623"},"modified":"2020-10-01T18:14:49","modified_gmt":"2020-10-01T18:14:49","slug":"protect-your-commission","status":"publish","type":"post","link":"https:\/\/blog.stepstonetexas.com\/?p=623","title":{"rendered":"Protect Your Commission"},"content":{"rendered":"\n

As the broker for over 235 Realtors\/Investors, I hear about\nit when an agent thinks they are about to lose their commissions. I take these\nconcerns seriously and advocate for my agents and their rightfully earned fees.\nHowever, there are some things you can do to help avoid someone trying to skirt\ntheir contractual obligation to you and some things you can do to make sure\nyour Broker is better equipped to fight for that recovery. <\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

First, show your value to your client. When a client sees\nand hears what you are doing for them it is a lot more difficult for them to\njustify, in their minds, that you don\u2019t deserve the commission they agreed to\npay. You can start immediately at the first meeting and explain to them some of\nthe services you provide & their value:<\/p>\n\n\n\n

  1. MLS market statistics that are only available to\nlicensed Realtors and not cheaply!<\/li>
  2. Knowledge of sales process and required\ndisclosures\u2026they could find themselves in hot water if they fail to perform\nactions by a certain date or neglect to provide required disclosures.<\/li>
  3. Ability to reach the broadest audience of buyers\nvia MLS listing and syndication. <\/li>
  4. Security. Someone to watch out for their best\ninterests and removing the risk of attracting someone with bad intentions with\na FSBO sign.<\/li>
  5. If you are a StepStone agent, then the added\nnetwork and knowledge of how creative and\/or investor offers work. <\/li><\/ol>\n\n\n\n

    Second, make sure the client understands their rights and\nresponsibilities. <\/p>\n\n\n\n

    1. Explain the commission rate, what an \u201cexclusive\nright to sell\u201d is and make sure they understand you get paid even if they find\na buyer themselves. <\/li>
    2. Educate them on what to do should a buyer, other\nagent or other party attempts to contact or negotiate with them directly.\nEnsure they know to direct EVERYTHING through you and they should never sign\nanything outside of your direction. <\/li>
    3. Let them know that if they have concerns with\nyour representation that they should bring it up sooner than later.  Make sure they understand that claiming you\ndidn\u2019t do your job as a reason to not pay you after they have signed a contract\nwill not hold water and you will pursue a commission. <\/li><\/ol>\n\n\n\n

      Next, do your job right. Nothing is more frustrating to me\nwhen trying to secure an agents commission when I discover they made an error\nin their paperwork. Don\u2019t get sloppy, ever. If you do, it\u2019s Murphy\u2019s Law that\nthat\u2019s the one that will come to haunt you later. <\/p>\n\n\n\n

      1. Properly execute a representation agreement.\nMake sure it\u2019s signed and dated by both parties with all blanks filled in. <\/li>
      2. Uphold the requirements placed on you in the rep\nagreement. Don\u2019t delay in listing on the MLS unless the agreement says\notherwise. If it says otherwise, make sure you stay on that date or amend if\nnecessary. <\/li>
      3. Provide an Information About Brokerage Services\nand have signed.  Don\u2019t forget to get one\nfrom the other party to the contract if they are not represented.  <\/li>
      4. Get amendments signed. Don\u2019t just make changes\nbased on a verbal or email correspondence. <\/li>
      5. Stay engaged. Don\u2019t let them have the excuse\nthat you didn\u2019t do anything. Even if there is nothing to be done still reach\nout to the client with updates. <\/li><\/ol>\n\n\n\n

        If you\u2019ve got yourself a slippery fish and think that your\nclient is trying to side step their obligation to pay a commission, take these\nsteps.<\/p>\n\n\n\n

        1. Reach out to your Broker right away.<\/li>
        2. Advise any and all parties you are aware of that\nyou have a listing agreement. <\/li>
        3. Consider recording a Memorandum of Listing\nContract with the County. (Consult with your broker, first! There could be\nlegal ramifications for this action). <\/li><\/ol>\n\n\n\n

          If you are a StepStone Agent, then know that I have your\nback and will fight for you! Follow this advice and I\u2019ll have a much stronger\ncase to make when the time comes!<\/p>\n","protected":false},"excerpt":{"rendered":"

          As the broker for over 235 Realtors\/Investors, I hear about it when an agent thinks they are about to lose their commissions. I take these concerns seriously and advocate for my agents and their rightfully earned fees. However, there are some things you can do to help avoid someone trying to skirt their contractual obligation […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-623","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/posts\/623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=623"}],"version-history":[{"count":5,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/posts\/623\/revisions"}],"predecessor-version":[{"id":629,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=\/wp\/v2\/posts\/623\/revisions\/629"}],"wp:attachment":[{"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.stepstonetexas.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}