Licensed Assistant Advantages

Hi Debbie,

Good luck in structuring compensation! I have two licensed assistants and one unlicensed assistant. My licensed assistants share a percentage of the closed business, with their percentage raising at certain levels of production from their book of business. My unlicensed assistant is paid an hourly wage and gets a bonus at the close of every escrow. I have found that by structuring a 'share' as incentive, it creates very good team morale and everyone is happier to cover for each other, or pitch in on a stressful day.

My advice to you would be to figure out what you expect a licensed assistant to do and then ask yourself how you would expect to be compensated and treated if you were that person. See how it fits in realistically with your book of business, and then put together a contractual agreement that clearly outlines who, what, when, and how much. If you want your licensed assistant to be listing and selling property, then you'll need to consider a different arrangement than if your licensed assistant is in the background taking actions that require a license in regards to paperwork, etc.

I also have team meetings every week, and team goals. If we meet the goal for the month, there's a group prize such as dinner out for all of us, or pedicures (nothing funnier than seeing a guy getting his feet done!), drinks out, a picnic, etc.  You might consider how your licensed assistant will work to support you, and your book of business, and reward accordingly when goals are met.

Have fun with it!

Theresa Grant, The Grant Group, Coldwell Banker Sky Ridge Realty

Great post. I want to do that too! I just wrote a blog on licensed assistants, asking how best to compensate them. Can you share some of your successes and failures from your recent personal experiences or feedback you got from others?