I just wanted to say how thankful I am to be in a debt free company that puts Agents first. Keller Williams Realty is number 3 in our country and they do it by putting the agent's needs first.
This all started after my conversation with another agent who told me he had to wait 8 days for his check to be MAILED to him?!
Now I've never been one that needed the check THAT DAY, but 8 days is a bit excessive. At Keller Williams I can get paid at the closing if my paperwork is in, under their 100% commission plan.
Not sure why it would take 8 days, but of course, he did mention bankruptcy in the next sentence.
I'm glad I don't have to worry about my KW office going under or check delays.
What's going on in your brokerage?
My brokerage firm is second to none and the broker is one of the main reasons. One key reason is being agent focused which my broker definitely is that. We are recognized leaders in my community and I am very privileged to be with Coldwell Banker High Country Realty. I've always heard great things about Keller Williams and have several friends with KW too.
Seems things work differently in the United States than they do here.
If we are the listing broker, the lawyer, on closing, still has to issue a cheque, which is either mailed or couriered to our office. That cheque then has to be deposited and it must clear, before the brokerage can write a cheque for us. Sometimes it takes 1 day, and sometimes it takes 2 weeks (depending on where the head office for the lawyer's office is, and whether they use the same bank we use, or a different bank).
If we are acting for the buyer, the process takes even longer, because the cheque is deposited into the listing broker's account, then a cheque is written to the buyer brokerage, THEN it has to be deposited and it must clear, before a cheque is written to the agents.
We cannot take a cheque directly from the lawyer made payable to us All cheques are written to the brokerage ... and that's just how it is here (assuming there is enough money on closing to pay commission).
Sounds like Kelller Williams is still a great place. I've gotta play the waiting game at my brokerage but the direct deposit is pretty cool.
We get paid right away. Sometimes it can take a day depending on when our company gets the check-Dinah Lee
Sylvia - actually things work the same way here in the states. Traditionally you get a check written to your broker, take it in and they cash it and give you what's left over. At Keller Williams (after you reach 100%), when you have your paperwork turned in they can give directions to the attorney (approved attorneys) to cut the check at the table.
Even if they didn't allow us to do that, I've never waited more than 12 hours for my check.
Not sure why it would take 8 days either, it may be a company policy that they do it that way, not because they are in debt. Who knows. We get paid the day of the closing, or shortly after, depending on what time of day the closing takes place.
Joshua, it's not the Broker's fault here. Our Broker is great, and doesn't owe anyone a penny ... it's a very profitable company.
It has nothing to do with our brokerage owing money to anyone, or being in debt.
There are laws here, and Real Estate Council rules that a cheque cannot be made out to us, ever - not under any circumstances. It always has to be paid directly to the company we are registered with. The cheque also has to be deposited into a Trust Account for Agents, called the Commission Trust Account. (Again, those are the rules). After the cheque clears, then they can write a cheque to us.
If the Real Estate Council did an audit and the cheques didn't follow the deposit rules, and then how they were paid to us, the Brokerage can lose their license and get fined.
That's what takes time, but they are the rules.
(We are all on 100% commission ... but that doesn't change the rules.)
I don't usually count the hours until I get my cheque, so it hasn't been a problem for me; but I know it makes a difference to a lot of people.
Sylvia - That's great. I know there are laws in other places as well. My general disgust is that these agents were used to getting them in 2 or 3 business days at the most, and now they are waiting 8 days or more through the mail. With no guarantees.
It's always the agent that gets paid last. Having to wait so long would be terrible!
I am glad we get paid within a few hours depending on time of day .