Broker-Agent Relationships, Personal Assistants, and Compensation Flashcards
Why do many brokers schedule weekly sales meetings?
It gives the broker an opportunity to get all their agents together at the same time and share important information, and it also provides an opportunity for agents to get to know other agents in the office.
What is a progressive commission split?
It’s a type of commission split where the agent’s percentage increases as the licensee’s sales increase.
How do 100% commission offices receive money from agents for overhead and other office fees?
Agents have a set monthly fee that is due whether or not an agent has any closing for the month.
What are the advantages and disadvantages to renting a broker?
The advantages to using a rented broker are the commission splits are less expensive for the agent and an agent could open his or her own office without having a broker license. The disadvantages include office agents not having access to advice from a broker with years of experience and the possibility that the broker’s license may be in jeopardy some day for not supervising the salespeople he or she is sponsoring.
Real estate assistants
can be either licensed or unlicensed. Let’s take a look at the differences between hiring a licensed versus an unlicensed assistant.
Assistants can perform such tasks as:
Directing phone calls Making appointments Preparing documents Creating newsletters and advertisements Maintaining a website Assisting at open houses Updating client records
What is important to know about unlicensed real estate assistants?
Unlicensed assistants can perform a variety of activities to assist real estate licensees in transactions. However, they may not perform any activity which requires a real estate license.
What types of office administration tasks are important for a licensed assistant to perform?
A good filing system is critical and should include cross-referencing and indexing components.
In what three ways can an assistant aid an agent with appointments?
Act as an “appointment reminder.”
Compile files with the appropriate blank documents for the agent to take to listing and selling appointments.
Meet with appraisers or inspectors as the agent’s representative.
Why is coordinating escrow so important and how can an assistant help?
The escrow process can make or break a sale. An assistant can talk to the escrow officer to find out what documents have been returned, what documents are outstanding, if all contingencies have been removed and if all conditions have been met.
What are three reasons why a licensed agent might want to become a real estate assistant?
The licensee doesn’t have the personality for pursuing and persuading clients to buy or list property.
The licensee may lack confidence when starting out and prefer working as an assistant to gain experience.
Financial situations might persuade an agent to seek steady income as an assistant instead of relying solely on commission.
When seeking employment as an assistant, what topics should be included on a resume?
A resume should include previous job history, people skills, education, previous real estate experience (perhaps as an agent), technical skills and recommendations.
How are real estate assistants compensated for their work?
Some assistants are paid per hour, others are paid a salary plus benefits, and others are paid an hourly rate or salary plus a percentage of commissions they helped close.
Why is it necessary for agents to withhold taxes and social security from their part-time or full-time assistants?
Unless there is an independent contractor agreement in place, agents are required to withhold taxes and social security from their assistants pay or they are in violation of federal and state tax laws. If the government discovers the violation, the assistant, the salesperson and even the broker could get into trouble.
Broker Melinda works for Managing Broker Mary. Broker Sara works for Managing Broker Rich. Sara sells one of Melinda’s listings. Who will receive the commission and how will it be handled?
The seller will pay the commission to Managing Broker Mary. Managing Broker Mary will give an agreed upon share to her broker Melinda and another share to Managing Broker Rich. Managing Broker Rich will then pay a share to broker Sara according to their written agreement.
