Coldwell Banker Postives and Negatives (buyer's agent, commission, contract, agreement)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Need some advice folks. Our office got the news today that we will be moving to a new location (this has been planned) and when we move we will switch from a REMAX franchise to a Coldwell Banker franchise, actually merging with the number one company in town in our own separate location. Our brokerage was number eight in town. It was a complete surprise to most of us. We all have until friday afternoon to decide if we want to go.
I would like some feedback on the culture of Coldwell Banker from past or present agents.
My wife and I are a team and are on a 95/5 split with REMAX. It appears we may save some money on office fees but the CB commission scale is rather confusing.
As you know, the Re/Max culture varies, franchise to franchise, depending on the owners and agents, within. It's the same deal for CB.
NRT owns and operates company-owned franchises under brand names of Coldwell Banker, ERA, C21, Sotheby's, Corcoran, Citi Habitats and The Condo Store.
Other CB franchises are locally-owned and independent of the NRT umbrella.
There is no such thing as a standard split across CB. My gut tells me that 95/5 is not going to happen unless you are doing tremendous volume and or numbers.
CB is eating Re/Max franchises left and right, in my area.
I agree with Mike that given the rebranding, why not look around and see what else is out there and then decide on the best fit, for you.
This CB is independent and is number one in our market. Heavily into high quality new construction. In fact we are currently building our personal house with them.
I'm still new at this game only starting last May. My wife is on her fourth year. We have only been with REMAX.
Based on last year's sales volume we would be offered an 80/20 on in-house deals and 60/40 on outside deals with hardly any office fees. Our monthly REMAX office fees are substantial.
One thing troubles me. Penalizing the sale of homes outside of the company's listings seems that it could be in conflict with serving the best needs of my clients.
This CB is independent and is number one in our market. Heavily into high quality new construction. In fact we are currently building our personal house with them.
I'm still new at this game only starting last May. My wife is on her fourth year. We have only been with REMAX.
Based on last year's sales volume we would be offered an 80/20 on in-house deals and 60/40 on outside deals with hardly any office fees. Our monthly REMAX office fees are substantial.
One thing troubles me. Penalizing the sale of homes outside of the company's listings seems that it could be in conflict with serving the best needs of my clients.
it is really hard to discuss splits and other broker policies outside your own firm.
This CB is independent and is number one in our market. Heavily into high quality new construction. In fact we are currently building our personal house with them.
I'm still new at this game only starting last May. My wife is on her fourth year. We have only been with REMAX.
Based on last year's sales volume we would be offered an 80/20 on in-house deals and 60/40 on outside deals with hardly any office fees. Our monthly REMAX office fees are substantial.
One thing troubles me. Penalizing the sale of homes outside of the company's listings seems that it could be in conflict with serving the best needs of my clients.
For sure! I know many companies do some sort of incentive bonus to the agent for selling in-house listings, just as a way of prompting agents to make sure they don't overlook an in-house listing that should be shown. But doing the opposite - actually cutting commission splits on co-broke sales - certainly seems unethical to me. I'm surprised that it's legal, but obviously it is or they wouldn't be doing it.
You know, what goes around comes around. Some of these types of sales tactics end up biting. The company might be #1 in your area now, but just wait. We had a few individual agents in my area that were successful during the hot market years, but they were less than totally ethical. When the tide turned and the market slowed way down, they really started hurting. Their reputation preceded them, and now some of the top-notch professional brokerages won't consider hiring them. Plus their business is w-a-a-y down.
Meanwhile the "good guys" brokerages are doing just fine during this downturn . . . and are the ones the really good agents are going with. While the less than professional brokerages are shutting down.
I totally agree with Mike that now's the time to really check out who you want to be associated with.
Commissions are paid to the broker/firm, and then the agents are compensated.
That is enough that, in North Carolina, paying a selling agent more for moving an in-house listing is accepted legally.
That "additional compensation" to the buyer's agent does not have to be disclosed to the buyer.
Commissions are paid to the broker/firm, and then the agents are compensated.
That is enough that, in North Carolina, paying a selling agent more for moving an in-house listing is accepted legally.
That "additional compensation" to the buyer's agent does not have to be disclosed to the buyer.
Just curious - what about paying less on co-broke listings? Does that have to be disclosed by a buyer's agent? Do most states consider that legal? It would seem like it would be something a buyer would need to know since it could affect the service he receives from his agent.
In a buyer broker agreement where the agent is instructed to show listings offered by other companies, if the co-broke offered by the other company was less than the broker's/agent's contracted amount with the buyer, then the contract might state that the buyer might be required to make up the difference, and it would be the buyer's decision whether or not he wanted to do that. However, in the situation described by the OP, the buyer cannot make up the difference (since the contracted commission amount is paid to the brokerage who receives the full co-broke amount, but then elects to pay the commission to the agent at a lower split).
I can see where this could be an issue for a buyer and a buyer's agent. I'm surprised that anti-trust regulations would not come into play here. I'm not trying to beat a dead horse here - I'm just a little surprised that there isn't some sort of regulation or disclosure requirement regarding the practice.
Gee, this has got a bit off track. I still have not heard from anybody who works or has worked for a CB franchise.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm surprised that it's legal, but obviously it is or they wouldn't be doing it.
