REALTORS® get your compensation agreement with your brokerage (and team) in writing ASAP…hot topics for your lawyer to include:
What is your compensation split on commissions while you are at the brokerage/team?
What is your compensation split on commissions if you leave the brokerage/team? This could include a real estate career move or retirement or career change out of real estate or medical issues or while on an extended vacation/recuperation or other situations that need to be covered. The brokerage/team might need to reassign your tasking to another licensee in order to get the deal closed and that licensee needs to be compensated.
What can you say to leads and clients and customers if you are considering leaving the brokerage/team?
Can leads and clients and customers move from the brokerage/team with you? Yes? No? For free? For an agreed-upon referral fee paid at transfer? For an agreed-upon referral fee paid at closing? For an agreed-upon payment payable at a date/time?
Failure to get these issues into a written agreement could be a worst case scenario for you including you hiring lawyers, you mediating a settlement, you in litigation for a long worrisome time, ethics violations for you, license law violations for you, you not getting paid, you losing litigation, and ill will created between you and your former brokerage/team.
Posted by: Byron King on 01/24/19 (This information is only accurate as of 01/24/19. You must contact SCR for updates and changes to this information after 01/24/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)