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REALTOR® Emeritus |  |  | | ||
|  Keep the Transaction on Track Advanced Tip Advanced Tip Advanced Tip Broker Tip Getting to Close Advanced Tip Mortgage Basics Advanced Tip Advanced Tip Advanced Tip Inspections and Repairs Broker tip Closing Countdown Advanced Tip Going for the Close Advanced Tip Advanced Tip Advanced Tip Commission Disbursements Broker Tips Broker Tip Post-Closing Strategies Quiz: Contract to Close Bright Ideas: Contract to Close Code of Ethics: Contract to Close More Resources: Contract to Close | COMMISSION DISBURSEMENTS It's time to close, and that means you finally get paid. Keep in mind that in most states, all payments must go through the broker. To make sure this part of the process moves along smoothly, follow these steps. Avoiding Commission Disputes 1. Keep in contact with your clients even if they’re not looking at homes currently. Otherwise, you might open yourself up to charges of abandonment. 2. Contact a cooperating broker as soon as you hear about any interaction between the buyer and the broker. That way, you can reach a common understanding of each broker’s role. 3. Ask customers early on whether they have a buyers’ agency agreement with another practitioner. 4. Educate consumers about how real estate practitioners are compensated; often, ignorance is the reason behind a customer changing brokers midstream. 5. Call the salesperson conducting an open house and preregister your clients if you cannot attend with them. 6. If someone is covering for you while you’re on vacation, decide how to compensate each party for listings and sales that are finalized during that period. Put your agreement in writing, and give a copy to your broker. —Stephen C. Murphy, Missouri REALTOR® ; Robert Bass, Robert N. Bass Ltd., Phoenix For the Broker Under the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS®, a principal broker who is a REALTOR® may, under certain circumstances, mandate arbitration with another REALTOR® principal in another company through the local board. Salespeople and associate brokers also may take advantage of this mandated arbitration option if the principal broker joins in the arbitration request. The REALTORS®Guide to Arbitration and Mediation provides an overview of the procedures. Under current NAR policy, brokers who are not paid a commission by the seller—because of bankruptcy, for example—may not be obligated to pay the cooperating broker. 7 Key Questions to Determine Procuring Cause > | Keep It Ethical If a contract dispute arises, submit the dispute for arbitration by the local board. Article 17 |