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Team Problem: How do you pay Listing Specialists?

Listing Specialists compensation question?

We have fantastic pay / team structure for buyer specialists but would really love to hear how others pay their listing specialists?

How do you pay for different lead types?
1. FSBO
2. expired
3. short sale
4. referral
5. self
6. etc...
what all do you have them do?
1. just take the listing and that's it...
2. input into mls
3. photos
4. any client service
5. contract to close
6. etc.
Do they work buyers as well?
any other tips or tricks you want to share...

Thanks!

Posted by Mark Ryan, Broker, CRS, ABR, CDPE on 09/06/2008 12:38 AM

Comments (8)

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8 Comments on Team Problem: How do you pay Listing Specialists?

SEP

2008

no info for you partner. Search "Green Bay Homes Greg Dallaire" and ask that knowledge young man.

thanks for the tip...

As a BEARS fan I just don't know if I can do that... haha

We have a buyers agent and one full time assistant. We are getting ready to add on one more. Not yet hiring a listing specialist because our assistant does: input the listing in mls, do the online flyers and put on our website, syndicate, work with the photos.She stays in contact with the sellers, sets up showings, gets feedback and much more. She is also trained in collecting all our short sale docs from the sellers and is doing all the initial work with the lenders to get us to the negotiators and then we step in.

We have a closing coordinator who takes the listing from contract to close. Our title company helps out a lot with closing actions steps as well.

Our buyers agent puts up our signs, when allowed, many of our areas do not allow signs, she puts on the lock boxes so she can meet the sellers, for those that are owner occupied so that they know her before she brings a buyer to look at the house.

We now are to the point we need to hire an additional assistant, more like a manager type person because we are still too busy to get it all done even with our assistanant and buyers agent.

Good luck! Hope you find the right match. Katerina

Hi Mark - Our splits run from 10-50% depending on source. A past client or 'come list me' lead is 10% (where essentially all the listing agent needs to do is the paperwork and photos). Self-generated leads are 50%. FSBO/Expired/Withdrawn fall in between.

We have a full-time staff who inputs the listing, does all marketing, stays in touch with the client, negotiates offers and counters, and manages the escrow. So essentially all the listing agent has to do is go on appointments (set by our lead generators), take listings and take photos.

I could probably tell you more, but I see you've mentioned you're a Bears fan. Go Pack, Go!

I think the amount does not matter as long as it is fair... If you sit down and ask YOURSELF what you would work for and what YOU would want to be offered for the same work and then offer that to them. So many times we try and create a win - lose... Take the time, make it fair, let the listing agent win some, you win some and you will have a great relationship...

Many of my real estate agent clients base their fee structure on who was the procurring cause. If the agent brought in the listing or buyer the split would range between 50-60%, as long as they worked it themselves. If a team leader gave them the listing or buyer the split would range between 25% - 35%. The main thing to consider is that no good buyers agent will work for peanuts, so you have to make the fee appealing to them.

Kathy Fey

Fey & Associates - virtual real estate assistance

www.feyandassociates.com

How are you guys and gals getting away with this 10 50% with almost all other companies offer 70% or more. I am tired of training my competition. I hae had three buyers agents and one listing agent leave this year. I paid them 50% on the listing side, did all the advertising, paid all their exspenses and he still left for a company that paid 70% and he had to pay for everything and he has my plans, a lot of my leads, my brochures and materials and is now competing against me. I paid my buyers agents 70% gave them at least 10 leads a week, paid for their house values and Realtor.com sites and they left for a change. Now all four are making less money paying all their own exspenses and about out of the business. Two have ask to come back but I have a policy of not looking back. Some say I give the farm away.

Thanks to all for the good advice...

Charles,

I cant see any reason why it is the pay that is causing your team to leave... I hate to say it but I think it must be something about your team structure, management style or maybe the brokerage you work for? That is WAY too high a split in my opinion... you are taking all the risk and overhead on with very little upside for you... they get an amazing split with little risk. I would do a check up on the team/business. Maybe consider having lunch with the ones that left and do a real good interview with them and see if you can find the "real" reason they left...

I tend to agree with you "rule" but if they could be a good fit for the team maybe reconsider?

Best of luck...

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