Reply To: Estate Agents Fees

#64962
Chris M
Participant

@Qwerty wrote:

@Chris McCarthy wrote:

As to fessing up to what we will pay our property negotiators – our preferred term to salespeople – we will again be entirely open about the facts rather than allow rumour to abound.

Chris,

You being entirely open about the facts is much appreciated.
However, a couple of rumours remain:

Is it true that:
– your salespeople have to convert 26 listings per month from MLS to new 2% structure?
– AND do 2 deals per month in order to get the 3000 fixed salary?

– and that you have closed the IN MLS down?

Hi Qwerty,

OK, the deal here with me coming into the forum was that I would be entirely open and honest with the facts; to dispel any incorrect rumour, to simply outline or explain transparently, the reasoning behind our philosophy.

I will actually answer your questions, but in future would ask that whilst I will do my very best, everyone should consider that some information goes to our business plan and what we hope will be a competitive advantage in purely business terms. I can’t give you everything, at some point our competitors are going to be all over this forum, and some things I would like to keep up my sleeve!

However, you are almost remarkably well informed.

But the answer is no, our property negotiators will not have to convert 26 listings per month from the MLS to the new structure.

But close, we have given our property negotiators a target to convert 28 of our own current listings to the new 2% structure yet not within any specified time period.

Think about this, we have some 3,500+ listings being vendors to contact and speak to, a significant number to say the least, and in managing this process, and as a quite motivated and up for it group of people, we have indeed set some internal targets for people to get on the phones and make those calls.

I hope that explains that, and you were real close to the truth, but I think you can see; how just being slightly off can set the wrong message in motion along the coast. Furthermore we are only focusing on our own listings, yet would hope that people listed elsewhere would in time see the benefits of contacting us directly.

As to the number of sales per month, and this goes to other questions I have had within the forum, as to why our people, being property negotiators, would work without being highly paid commission only salespeople, then yes they will be expected to perform at a minimum level of two property sales per month.

This level was set in conjunction with the entire team here, it is a performance level that is expected, and for which you will be employed. The interesting thing might be that this level has been a normal level and oft over achieved figure right through our history. We expect it to be much higher in reality in future.

But again, lets think about this, what would the use be to the vendor, the buyer, or ourselves if we actually had people consistently showing properties and not actually selling them?

I think therefore the above two target / goal issues are entirely normal.

As to your final question:

It is not that we ourselves have closed the IN MLS down, we have withdrawn from the IN, and as a result of our being the major contributor to the IN, this company has had to recognise that it is no longer a viable proposition and has ceased trading.

I hope that helps, and to those advisors or mine who say I shouldn’t be on here, I hope that doesn’t give too much of the game away!

Thanks

Chris