What should you look for when it comes to a 100% commission real estate broker in Miami? Well, a cursory internet search will reveal a plethora of options that mostly offer variety in the form of different transaction fees and/or annual fees.
Most will stipulate that floor time or “forced” clerical work isn’t required, and a few will clarify that there won’t be any additional hidden fees. However, a critical failure of all the 100 commission real estate brokers in Miami that we found is that none of them seem to offer any leads or referrals to their agents.
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We believe the most important thing a brokerage can offer is something to work on, in the form of leads and referrals. However, most brokerages, including all of the 100 percent commission real estate brokers in Miami we’ve found simply give up when it comes to this, and leave it entirely to the agent to figure out how to generate business.
While this is the way the brokerage industry traditionally operates, we believe it to be completely inappropriate even for seasoned agents with their own book of business. After all, the most important thing in this business is the ability to consistently generate leads to work on, and most brokerages have given up on this most critical of roles and have essentially become glorified co-working spaces where one can hang their license.
In contrast, Hauseit® embraces a hybrid approach where we offer high commission split plans to our agents, plus a consistent stream of verified buyer and seller leads and referrals for our agents to work on. And if they choose to only focus on their own, independently sourced deals, that’s fine as well.
We believe that a brokerage should offer more than just a place to hang your license, hidden fees, required office meetings and possibly some office space.
After all, what’s the point of joining a brokerage just to have access to a shared desk, possibly a printer and if you’re lucky, some free coffee? We’ve always thought that it made no sense for agents to join a brokerage simply because they had to for regulatory purposes, with no obvious benefit to the agent.
At Hauseit®, we’ve developed the leading brand in New York and now Florida for consumers looking to save a little money on fees when they buy, sell or rent. As a result, we’re proud to say that we’ve generated over $1,000,000,000 in transactions since we opened our doors in 2014.
As a result, agents who join our team will have the opportunity to work on company sourced transactions as well as their own, independently sourced deals. Furthermore, we don’t set commission rates for the deals that our agents source themselves, so they’re free to source as many full-commission deals as you can.
Pro Tip: Any agent knows that more listings and buyers are extremely beneficial for one’s career regardless of the commission structure. More deals equal more experience, reviews, referrals and branding, all of which lead to the potential for more full-commission deals to come their way in the future.
An important question to ask yourself before choosing a 100 commission real estate broker in Miami is whether the brokerage has a good brand. Does it have a professional, modern website? Or does the website look like it was cheaply outsourced or designed in the 1990’s?
Unfortunately, many of the 100 percent commission real estate broker websites we found from a cursory internet search were extremely unprofessional in nature. This is not meant to be a knock on our competitors, but branding does matter quite a bit when it comes to which broker you associate with.
That’s because your clients will be bound to scope out your company if they aren’t already familiar with it, and a poorly designed company website will reflect poorly on you personally.
Even if it’s a client you’ve worked with before or known for years, they just might check out the company you’re working at as it’s still a major life transaction for them.
Therefore, it’s important to diligence a potential sponsoring broker as if you were a potential client and imagine what their first impression might be. Do you want the first impression to be “ugh,” or “ooh?”
At Hauseit®, our brand speaks for itself. We’ve helped thousands of happy customers buy, sell and rent in New York and Florida since 2014. Check out our reviews online by simply searching for “Hauseit reviews,” or check out our video testimonials from some of our former clients.
The next question to ask yourself when looking for a 100 commission real estate broker in Miami is whether the company has a commission cap in place. That can mean a variety of things, such as the 100% split only applying after you’ve done some number of deals for a lower commission split, or the 100% split only applying to a set number of deals you close per year.
In the case of the former, you essentially have to prove yourself, and work for a lower commission split before being allowed to receive the 100% commission split you thought you were getting. In the case of the latter, the broker really isn’t offering a 100% commission split plan, and is really offering a limited time incentive on commission splits.
In either case, it can be quite traumatic to find out that the deal you sourced and worked tirelessly on won’t actually be split 100% to you, all because you didn’t read the fine print.
At Hauseit®, we don’t believe in playing games and trying to trick our agents into keeping less of their hard-won commissions. Our 100% commission plans are exactly that, 100% commission split to you for each deal you independently source and execute. In fact, it’s spelled out in our 100% commission split independent contractor agreement so there’s zero question of how much commission you’ll receive for your own deals.
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When searching for a 100 commission real estate broker in Miami, an agent should verify that there are no mandatory weekly meetings, required floor-time or weeks of in-person orientation. Most agents we speak with these days generally want more flexibility, and the last thing they want in an independent, commission-based sales role is to be forced to show up for “face-time” at the office.
Furthermore, as one of the few firms that are completely fine with agents joining us part-time, meaning they have other jobs and businesses, most of our agents simply do not want to be forced to go into the office for meetings, training or anything else that should be completely optional in a role like this.
If there’s anything good that’s come out of the recent pandemic, it’s that the real estate industry has been forced to embrace the many productivity enhancing online tools that have been widely available for years, such as Cribfox, HelloSign, DocuSign, BoardPackager and so on.
Instead of killing an unseemly number of trees by printing 9 copies of a 200 page co-op board package1 at the office, everything can and should be done online these days.
As a result, agents today are the beneficiaries of an industry that has been forcibly pulled into the 21st century, with many agents who were set in their ways having been dragged, kicking and screaming, into the online world.
With that said, we obviously understand the value of in-person interaction in real estate, given that serious showings are still mostly done in-person at private showings or open houses. However, we’ve done away with all of the unnecessary in-person office meetings and floor time (i.e. agents being forced to hang out at the office in shifts in case of walk-in customers) that agents traditionally have had to deal with.
Not only are those types of activities mostly a waste of time (i.e. who doesn’t search for listings online?), but they introduce a lot of friction and unnecessary stress in agents’ lives, especially considering the sometimes terrible traffic in Miami and South Florida.
Pro Tip: While we don’t believe in unnecessary trips to the office, we do believe in flexible, in-person training that our agents can participate in should they want or need to. That’s why we offer a complimentary mentorship program where new agents can shadow a senior agent on the team, ask questions and even work together on a deal. We also offer a training curriculum backed by our leading real estate focused content, as well as in-person classes taught by our lawyer, title and mortgage partners.
1Fortunately, agents in Florida won’t have to worry about co-ops and their onerous coop board applications. Co-ops are a unique form of living for many apartment buildings in New York. In Florida, condo buildings are generally pretty reasonable, and often have a simple online new resident registration process.
A Full Service Listing for 1%
Sell your home with a traditional full service listing for just one percent commission.
Are there sales quotas or experience requirements?
Make sure to investigate whether there are any sales quotas or experience requirements to participating in the 100% split plan or for joining the brokerage generally. For example, some 100% split commission brokerages advertise a 100% split plan, but don’t tell agents until after they’ve associated that the 100% split only applies immediately for agents with a certain amount of experience. Then these agents are told that they have to work the first, say 6, deals for 50% split until they “prove” themselves and can become eligible for the higher split.
Other brokerages may have sales quotas, meaning they’ll put pressure on agents to close a certain number of deals per time period, or a certain transaction or commission volume. This can actually be quite stressful, especially if the brokerage doesn’t provide any help in providing any leads or referrals to the agent.
The agent will be forced to make lots of cold calls, beg friends and family for business, network like crazy, or spend lots of money on advertising in order to meet their sales quota.
And if they fail to meet their quota, they risk being disassociated (i.e. fired) or put on some sort of probation or warning status.
At Hauseit®, we don’t believe in sales quotas because our business model doesn’t rely on our agents being able to source business from their network. If they are able to source additional deals outside of Hauseit®, we’d of course be happy, but we’re not dependent on it due to the steady stream of business our leading brand generates.
Furthermore, we don’t believe in deceptive marketing practices like hidden experience requirements in order to participate in the plan you signed up for. At Hauseit®, the commission split you earn on your independently sourced and executed deals is spelled out exactly in your independent contractor agreement, no questions asked.
Pro Tip: Ready to get started? Sign up today to speak with a member of team at Hauseit Careers Florida, we are headquartered in Miami, Florida and cover Miami-Dade, Broward, Palm Beach, Martin and St. Lucie Counties through the Miami MLS (Southeast Florida MLS). Join us today!
