How NOT to lose your commission in your Real Estate Business
Property Agent Commission - “How not to lose your commission in your real estate business”, coming up next.
Have you ever experienced a situation where a seller did not pay you your commission once the deal is done?
Or How about this one? the seller has already promised to pay you a two percent commission but in the end, you only get one percent.
This is an experience you don’t want to have, ever!. How do you prevent yourself from getting into this situation? What can you do to minimise the risk of having your commission reduced?
Time and again, I've come across many agents who simply don't want to follow a simple rule. It’s only one step and it can save you thousands of dollars and protect your rice bowl.
What I'm going to share is just a simple, basic, common sense that you as a professional real estate salesperson can do.
While the solution is not fool-proof, it can still help protect your commission. The answer is ........ to use the prescribed CEA forms. And That’s all you need.
If you are representing the seller on an exclusive basis, use form number 5. If not, at least use form number 1 and state the commission percentage clearly.
If you're representing the landlord on an exclusive basis, use form number seven. Otherwise use form number 3 if you don't have the exclusive.
And, If you’re representing a buyer in a HDB transaction, get form number 2 for your buyer to sign or a form 6 to get the exclusive.
Regardless of the commission, you need to get the forms signed before you start your marketing activities or start your property search activities.
Here's the thing, at the end of the day, the forms still needs to be signed and be submitted to the company for invoice processing. Why wait till the transaction is done to get your client sign it? Why not let them sign the forms first then start your marketing? This will save you tons of headache down the road.
If you're representing a buyer in a resale transaction, do check with your cobroke if the CEA form has been signed as well.
You don’t want a situation where you've worked so hard to get the offer for the seller, only to find out that your commission is reduced. That is Not good.
So, get the CEA forms signed as soon as possible and protect your hard work. This is how not to lose your commission as a real estate salesperson.
My question of the day is this, Ever experience this situation before? Because I have and that’s why I’m asking you to do the right thing.. Share your stories below and let other agents know why we should do the right thing upfront.
If you like what I’ve just encouraged you to do, give it a thumbs up. I’m planning more updates and more coaching videos are coming up.
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For more updates and information, visit our Property Agent Singapore website