You can earn your full commission as a real estate agent with a 100% Commission Brokerage model. You do not have to split your commissions with a brokerage anymore. What’s more? You get to set your own goals, build your own brand, come up with strategies and work whenever you want to. But with more freedom, income and flexibility comes a lot of added responsibility. To make this easier for you, here are some of the common mistakes you can avoid as a real estate agent in online 100% Commission real estate brokerage.
100% Commission Doesn’t Mean You Don’t Have To Pay
Most real agents assume that 100% commission is a model where the agents do not have to pay anything to the brokerage. That’s wrong. You would be required to pay fees to the brokerage but it would not be as huge as the split commission. Instead, depending on the firm you work for, the fees may vary and you might have to pay something like a flat transactional fee. This fee could be for every deal or a weekly/monthly pay.
Read The Details
Since the 100% commission method is still in its early stages, several brokerages that have begun to hire agents under this model have different contracts and conditions. So as an agent, you have to read between the lines and understand if there are any hidden fees or other means through which you might be able to make additional payments to the brokerage.
Not working on lead generation could ruin everything. You have to build a proper network and develop contacts to generate leads as an agent. Of course, some companies can promise you a few leads. But if you want to make it big, you have got to create leads, establish yourself and build a brand image, all by yourself.
Goals, Work Hours and Vacations
As a real estate agent under this model, you are your own boss. So you have to be both the boss and the employee at once. In other words, you have to know when to stop and when to put in more work. While you have to work sincerely, you should also take off to rest and rejuvenate.
Training and knowledge
Whether you are an expert in this field or a newbie starting out without any additional training provided by the brokerage, you have to always stay updated on the market, industry trends and new branches of study in the real estate field.
Many real estate agents overwork themselves, which is a big mistake considering you have to do all the work under this model. Therefore, you can always have your own team who can help you with paperwork, phone calls, and lead developments.
In online 100% real estate brokerage, a real estate agent is on their own. One has to do a lot more besides closing the deals to ensure your brand is good and clients are satisfied with your work. If you avoid these common mistakes and make a clever and responsible strategy, you are going to hugely benefit as a 100% commission agent.