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Mike and Silver, I agree with both your statements. My main disappointment is the brokerages are tapping out instead of trying fight for the industry, agents, and consumers. It just seems such a bogus claim and I feel like they'd have won in court. On the other hand, I assume this is on the advice of attorneys and they have info I'm not privy to. I hope this isn't some snap reaction but rather some well thought out decision. I guess we'll see how it plays out.
A good thing. Brokerages who "live" off the spoils of the agents will have a new business model. These "agents" become employees and have a 401k, time off, salary commensurate with effort and when they have paid he company back all they have cost the company, perhaps they are then entitled to a bonus....same as any other sales company/force. Commissions are too high based on effort. And this from a 30 year real estate veteran.
A good thing. Brokerages who "live" off the spoils of the agents will have a new business model. These "agents" become employees and have a 401k, time off, salary commensurate with effort and when they have paid he company back all they have cost the company, perhaps they are then entitled to a bonus....same as any other sales company/force. Commissions are too high based on effort. And this from a 30 year real estate veteran.
You have described Pure Hell for any agent who has worked independently and loved it.
No chance would I have wanted to surrender independence for anything you have described.
Recently, the US department of Labor revised its definition of an independent contractor. NAR is working on an exception for us. I remember CB did have a salary plus model decades ago. It failed. There are too many ways to fail in this business. Just because you had a good year one year, doesn’t mean you will next year.
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