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laurie.sunse…, Home Buyer in Portland, OR

I am changing brokerages and I have a current transaction that is scheduled to close in 30 days. How do I close this deal and get paid on it?

Asked by laurie.sunsetgroup, Portland, OR Tue Nov 5, 2013

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8
Laurie,

My current broker just recently had one of his top agents change companies and he allowed the agent to take all his buyers and listings with him, after closing the broker would still receive the split that the agent would be at. The listings and clients technically belong to the broker, but I would bet that the broker would rather have the deals close with the current agent then rather take over them and have a situation where they do not work out. Your best bet is to speak to your current broker and make sure you read over your agreement. Good luck.

All the best,
Antonio Sanchez
Exit Realty Search
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0 votes Thank Flag Link Wed Nov 6, 2013
read the contract you signed with your current broker. My experience has been you will receive 100% within 30 days of leaving before a contract closes and anything after that would be 50% or even less. If your other Broker is willing to wait for you, I too would wait until after your closing. What if your contract does not close on time? Not worth the risk of losing a dime of commission in my opinion.
0 votes Thank Flag Link Tue Nov 5, 2013
Read your agreement with your previous broker, typically a listing/transaction belongs to the broker but some brokerages allow you to bring your clients with you. Or what I think is best is to wait until this transaction closes before moving to a new brokerage.

Good luck!
Susie Kay, Realtor®
GRI, CHMS, SFR
Residential/Commercial/Investment
English-Indonesian-Hokkien
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United Real Estate
III Lincoln Centre, 5430 LBJ Freeway #280
Dallas, TX 78240
469-371-2899
susie_k@att.net

http://www.dfwdreamhomes.net

Servicing your real estate need is my priority!
0 votes Thank Flag Link Tue Nov 5, 2013
Lots of people get in trouble in these situations. I agree with the below, the best way to avoid any trouble is get an agreement in writing with your Principle Broker.
0 votes Thank Flag Link Tue Nov 5, 2013
The transaction belongs to the broker. However, if your broker is a decent person, he/she should pay you the agreed commission.
0 votes Thank Flag Link Tue Nov 5, 2013
Hi Laurie,

The listing is with the brokerage. Unless Oregon law is different, you should still be compensated for your work & it will just reflect that the deal was closed with the old brokerage.

Good luck
0 votes Thank Flag Link Tue Nov 5, 2013
I think I would complete the transaction before I began any new endeavors. As soon as you give your 2 week notice you will be clearing out your desk and if you are entitled to any commission, that will be determined by your broker.
0 votes Thank Flag Link Tue Nov 5, 2013
Get a contract in writing stating that the broker will honor your original commission agreement. This shouldn't be too difficult to do.

It's possible that you may not be allowed to be involved in furthering the transaction to closing after you have changed brokers. You may also consider that your absence may cause the deal to fall through.

Delaying the change until the deal is closed is another option.
Web Reference: http://www.AranaCapital.com
0 votes Thank Flag Link Tue Nov 5, 2013
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