5,230,113
I say you have two choices:
1. If you want it done the old fashioned way (via checks), you could save the $25 cost of wiring.
2. Otherwise, pay the $25 if it's worth it to you not to have to go in to pick up the check, then take it to the bank to deposit it.
I pay an additional fee for the company to wire my commissions. It saves me driving to the office to pick up the check and then the time it takes to deposit it as well. It's worth it to me.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Peter Testa
Danbury, CT
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Kat Palmiotti
Kalispell, MT
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Bob Crane
Stevens Point, WI
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Diana Zaccaro Broker A...
Cocoa Beach, FL
3,854,909
You've already left the brokerage and you expect to be paid on your 8 pending sales! Those sales belong to the broker. If he is allowing you to collect those commissions, you are very fortunate.
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Greg Large
Grove City, OH
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
-
Peter Testa
Danbury, CT
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Bob "RealMan" Timm
Minot, ND
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Bob Crane
Stevens Point, WI
1,090,762
Call the state legal hotline for your state (member benefit so free to us here) and ask them.
Personally, I would be much more worried about those 8 pending transactions...you could lose far more money by leaving before they closed and you were paid. (Know a few agents who had that happen). Check your ICA for details on that, also.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Peter Testa
Danbury, CT
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
5,104,931
Not sure it's an ethical issues, per se. But if you have an independent contractor agreement that specifies your split and fees, I would think a broker can't just add on new fews willy nilly. I'd get legal advice.
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Bob Crane
Stevens Point, WI
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Margaret Rome Baltimor...
Pikesville, MD
6,393,494
8 pendings, you sound like you are doing pretty well, I am surprised that $25 was that important to you.
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Kris Collis, Associate...
East Stroudsburg, PA
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Mimi Foster
Colorado Springs, CO
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Bob Crane
Stevens Point, WI
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Bob "RealMan" Timm
Minot, ND
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David Popoff
Darien, CT
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Diana Zaccaro Broker A...
Cocoa Beach, FL
3,345,091
Whatever is in your contract is what I feel (not opinion, legal or otherwise) "should" be honored. Wiring fees are costly. I moved to a credit union that does not charge for wires.
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
613,494
I bet you will start reading and asking questions before you sign...did the broker sign the employment agreement?
One time I had one of my agents put in seller listings in another office under that brokers name, while she was still working for me. (I have a buyer brokerage that never lists property or represents sellers)
I found out because the seller came into my office to discuss his seller listing.
I showed her the door. She had some pending transactions, which I took over to closing, kept a hefty referral fee for myself (in addition to my company employment split) and paid her the balance. No, my employment with her did not address this situation, too unusual.
Her "new" broker called me to advocate for her...I told him that he was lucky that I was not filing a complaint against the both of them for ethics...and I hung up.
I am not saying you did anything wrong other than not ask more questions when you signed the employment agreement.
I would suggest that you do not quit until you close out your deals or you reach an agreement with him. You cannot have 2 brokers at the same time... that means that you cannot hang your license elsewhere and still work on your 8 transactions.
If your broker decides to screw you out of the money, I would file for arbitration with your local board...it is for money disputes.
Eve
PS: I have been in this business almost 30 years and have decided that compared to other brokers, I am a very fair broker. If he did not say that up front than he needs to eat the $25.
Eve
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Kathleen Daniels, Prob...
San Jose, CA
1,052,211
Argh. Well. I'd be more concerned about those 8 transactions . . . how does your PP manual and IC agreement address payment on transactions after severing?
And. I don't see that broker can 'try' a charge that was not previously agreed to, and should be absorbing that charge until it can be provisioned in an updated agreement.
Somehow I sense that the broker and you didn't see eye to eye on a few things.
So next, and hopefully the new broker is a better fit for you.
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John Juarez
Fremont, CA
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Mimi Foster
Colorado Springs, CO
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Bob "RealMan" Timm
Minot, ND
921,504
Hmm, the broker wants to charge the agent for the ONLY remaining responsibility the broker has, to cut the check.
In an industry that sings a chorus that sounds like 'We got ethics," we see the evil emanates from the heart of brokers.
Find a broker with a cleaner heart.
Or, do what everyone else does and shut up and CONFORM.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Kathleen Daniels, Prob...
San Jose, CA
2,436,099
The fee should be discussed upfront, not after the money was deposited. If the electronic depositing is a new program he is offering, it should be fine for the broker to charge a $25 fee as long as his team is made aware of the fees, and as long as they can opt in or out.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Kathleen Daniels, Prob...
San Jose, CA
2,061,814
The details of how you are paid should be written in your brokerage agreement. I don't think they can just change that at their whim without some notification and/or agreement on your part.
"the money doesn't belong to you anyway"... isn't exactly true... the money has been promised to you under the terms of your brokerage agreement.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob "RealMan" Timm
Minot, ND
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Lyn Sims
Schaumburg, IL
1,390,113
I would imagine the answer lies in your contract with your broker.
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Debe Maxwell, CRS
Charlotte, NC
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Kathleen Daniels, Prob...
San Jose, CA
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Bob "RealMan" Timm
Minot, ND
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Bob Crane
Stevens Point, WI
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Nina Hollander, Broker
Charlotte, NC
1,543,823
Talk to your board membership legal counsel and get sorted out on your rights.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Nina Hollander, Broker
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Thomas J. Nelson, REAL...
La Jolla, CA
5,583,278
I do it the old school way..... I get paid by check..... everyone else gets their commission wired into their accounts....I like to see my check and deposit it myself....I don't do online banking.... really really old school....lmao....
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Debra Leisek
Homer, AK
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Margaret Rome Baltimor...
Pikesville, MD
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Debe Maxwell, CRS
Charlotte, NC
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Mimi Foster
Colorado Springs, CO
758,035
No one likes someone in their pocket. Your refusing to cover it could start a domino effect the kind of which your Broker could regret. If you don't value your employees someone else will. Me & my wife exited our 1st & only other company & there was such a mass exodus that followed that the office closed down.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Bob "RealMan" Timm
Minot, ND
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Diana Zaccaro Broker A...
Cocoa Beach, FL
2,390,620
I'd "seek" another Broker in a heartbeat.
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Peter Testa
Danbury, CT
1,844,301
Actually I say no you didn't agree to it but that's how much it seems to cost these days. Title company can always cut your broker a check but then you are in the same place right? Broker cuts check you loose $25.
If my broker said that to me, I would leave also but then again what other options do you have? You are going to get charged cause you're not there now.
One other option is to tell the other agents in the office & have an uprising against this broker.
Since this is ecommission - did anyone think that this broker is getting your commission to use before the closing? You can do that easily, why else use ecommission? I think he might be dong something else entirely.
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Debe Maxwell, CRS
Charlotte, NC
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Kris Collis, Associate...
East Stroudsburg, PA
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Diana Zaccaro Broker A...
Cocoa Beach, FL
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Bob "RealMan" Timm
Minot, ND
1,197,152
ethical is not a word i would use. I don't have all the information but I would probably push back if they had not proven the worth of this new fee.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Peter Mohylsky, Beach ...
Miramar Beach, FL
2,781,173
Real Estate at its core is negotiations & opportunity. Learn to box in the ring
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
7,836,139
Refer to the terms of your agreement with the broker.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,239,901
Put up with it or get a job as a broker charge him $25 or more.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
3,416,038
What matters is what it states in your independent broker contract
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,311,397
If your contract with the broker did not mention e-commission disbursements with $25 charges, the broker is out of line. You have made a good decision to leave. Good luck on collecting for your pending transactions. After that has been settled, why don't you take the broker to small claims court for the total amount of the illegitimate $25 fees? That will frost the broker!
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Debe Maxwell, CRS
Charlotte, NC