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Luke K | What would be fair compensation? |
I work as a property manager for a man who owns about 150 houses. He has decided to retire and sell of all but a few of his homes. I have my real estate liscense (my boss is a broker) and he agreed to give me 1.75% on all the homes I sell. As homes become vacant we get them ready to put on the market. I listed two homes in the MLS and began spending weekends and evenings showing the properties and holding open houses. He accepted an offer on one home within a week (I didn't even get a chance to hold an open house) from a buyer working with an agent from another office. Weeks later another buyers agent submitted an offer on the other house which he accepted. He feels he owes me nothing because I did not personally find the buyers. I want compensation for my time and professional work- i.e. listing the house, measuring sq.ft., finding comparables, advertising, etc. I want 1.5% of the sale price on each house. He feels I deserve nothing. Does anyone know a fair solution?
Additional Details
I do have a signed listing agreement at 6% of selling price. It is an exclusive right to sell. |
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miabella_c
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where's your exclusive listing agreement? if it is an exclusive, you and your broker are entitled to the commission set-up/arrangement regardless how little or how much time involved. that is why, there r so many people who want to be real estate agents...is this an OPEN listing? |
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Amanda H
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Wow, what'd you do, agree to a listing term without writing those terms down? NOT GOOD.
Listing agents RARELY ever get the buyer themselves. That's why they're listing agents and the buyer's agent is called the selling agent.
That said, you should not have told him 1.75% unless you were clear that was YOUR percent (and below average at that, as most get 3%) and the buyer's agent would get his own percentage.
It doens't matter what he "feels" if you got your agreement in writing. If you didn't sounds like you're on your way to court.
IF you could compromise and accept half what you agreed to and then get in writing what your future agreements are, and be clear that you do not have to bring the buyer-- that your job is to list, market, signage, open houses, etc, then maybe you can move forward. It appears that he just doesn't know how real estate listings/sales go. |
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SAPPER
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I think you already know the answer! You certainly don't think it's fair and I feel for you but your efforts are for your sales and he sold these properties! You couldn't have just joined the real estate game because you must understand this! Your's is an occupation where only the ones who eat, sleep and marry to it, succeed. Go get em!! |
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tianaramal
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If he signed a listing agreement with you then he owes you depending on what kind of listing agreement. But it looks like you can collect. If you don't have it in writing you are looking for a legal battle. Good Luck and I hope everything works in your favor. |
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Amanda SSS
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I work for a real estate develpment co. and I know that we give our leasing agents 3% and if they actually sell a house it is 6 |
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Dr. Ruth Less
 |
was the agreement in written form? If so you are entitled if not then learn from your lesson and make sure you have a written agreement signed by you and your boss |
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HMMMMMM
 |
You're a fool.
You're obviously doing this without enforceable listing agreements.
You're spending time, money and effort to help sell these homes and have no written agreement for compensation.
You need to have a conversation with this client about your relationship going forward. |
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Phoenix, Wise Guru
 |
It depends on the wording of the agreement. If he agreed to pay you for the houses you sold, then he owes you nothing (legally). If he agreed for you to be the agent selling these homes with a commission of 1.75%, then he owes you whether you got the sale or not.
I suggest you show him receipts for what you spent and ask that he reimburse you for your expenses. Have a third party help mediate so that you both see the logical behind each other's argument. In the end, it might just be a learning experience. |
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vetech_61
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IF YOU HAVE AN EXCLUSIVE REal estate sales contract with him yes if not you are screwwed don't waste your time and money in court you will lose sorry! always have written contract with change orders. |
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Chic
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I'm a commercial real estate agent.....you hear of this type of stuff all the time. I agree, you should be compensated. I would try to negotiate a percentage start at 1.5% and you can always work your way down from there.
Good Luck. |
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Tom D
 |
It seems to me that he agreed to give you 1.75%. That's what he should give you. Period. I assume that you don't have anything in writing. If you do, hold him to the 1.75%. If not, you might want to go down to 1.5%. Even if there's nothing in writing, it seems to me that you have some legal standing. Afterall, people don't do all of the work you did for nothing, and you couldn't have done it without his permission. |
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pessimoptimist
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Your agreement was for a commission on what YOU sold, not for compensation for your efforts. You put in the effort in order to gain the commission. My husband is in the same position. He is the operations manager for a hotel and put forth a great deal of effort to find a buyer for his boss's hotel. The boss found a buyer independently. My husband thinks it's too bad that one of his prospective buyers didn't bite first, but oh, well, that's the breaks! Because payment was contingent on sale, neither one of us feels that he got cheated out of anything. |
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optionnumber8
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0 you didn't make the sale you you get nuthing from it. if you have an agreement that if the house sells you get a peice then that is different. you need to change the agreement so that you do get some compensation when a sale occurs based on the fact you did the prep work. make an agreement so you do get something for the prep work or else make sure you make the sale and not share the imfo otherwise. learn from your mistakes and don't let it happen again with out compensation. charge anyone money for your work that you are involed with either by a piece of the sale or for your time like an hourly employee or by contract written |
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