RISMedia's Real Estate Magazine

FEB 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1073841

Contents of this Issue


Page 34 of 110

30 February 2019 RISMedia's REAL ESTATE 1. Agent Commission Splits One of the many benefits of running a 100-percent commission model network is that when we're talking to agents about joining HomeSmart, we don't need to have a conversa - tion about what our commission split plans are. Every agent is on the same plan: 100-percent commission. Once we're relieved of that conver - sation, we're free to focus on what the agent really needs and wants, which is the technology, training and business systems that'll allow them to hit their personal real estate goals. 2. Renegotiating Commission Splits We've likely all had an experience of purchasing a product or service and then finding out that someone else got the same thing for less money. This happens every day in real es - tate offices, where agents show up asking their broker for a better com - mission split because they heard an- other agent in the office got a better deal than they did. It's also common practice to renegotiate commission splits with agents on their anniversa - ry dates, or at the beginning of every calendar year. A culture of inconsistency around money and its related exchange for value can be disruptive to morale. Since we've removed that disruption from the equation at HomeSmart, we can focus on bringing our agents value and offer them consistency in service and technology. There's no need to worry about the time of year or hitting certain production levels. 3. Pressures on Commission Rates There's growing concern that the commission rates consumers are willing to pay for real estate profes - sionals' expertise will decline in the coming years. While time will tell if this happens, in the meantime, HomeSmart agents are able to charge whatever commission rate they feel is appropriate to market their services. There's no require - ment for them to seek approval for exceptions to company policy on commission rates. The commission is 100-percent theirs. We empower our agents to market themselves competitively and pro - vide outstanding value to buyers and sellers in exchange for the commis - sion they earn. When we combine this with technology that allows them to manage the full scope of their business, we end up with many ef - ficiencies and a win-win environment. When HomeSmart was founded almost 20 years ago, part of the vi - sion our founder, Matt Widdows, had was to create a brokerage model that would remove the traditional friction around commission dollars and allow us, as a broker and now a national brand, to focus on providing technology, training and support to real estate professionals. Over the last two decades, we've seen our model and our commitment to the agent flourish into one of the largest real estate networks in the country. With all the changes and noise in our industry, we're committed to not getting distracted, and we'll con - tinue to focus on our agents. We're dedicated to advancing technology and business systems to allow our agents every advantage in today's competitive real estate landscape. To me and the team at HomeSmart, that's worth losing sleep over. RE Wendy Forsythe has leveraged her passion for real estate, operations and branding to help build success- ful real estate networks in both Canada and the United States. She is currently the chief operating officer at HomeSmart International. HomeSmart combines a transaction-fee business system with high service and robust technology. To learn more, visit HomeSmart.com/join. You can reach Wendy directly at Wendy. Forsythe@HomeSmart.com. 3 Things That Don't Keep Me Up at Night Commentary by Wendy Forsythe T he pace of change continues to speed up. Distractions are easily found. Just browsing my Facebook news feed could lead me down a rabbit hole of pondering new entrants, new business models, industry politics and potential competitive threats. I was recently asked what keeps me up at night, and while it's a commonly asked question that can lead to insightful discussion, I'd rather share what doesn't keep me up at night.

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