California’s real estate market has changed dramatically in the past three years, excess inventory, different types of buyers and sellers, changes in lending procedures, tax incentives, foreclosures and on and on… How does all this affect real estate agent income? Simply put, it has shrank. Prices on homes are lower, so are the commissions. Most buyers stay away from luxury properties – your commissions bracket is in accordance with moderately priced housing. It takes longer to approve and loan amount approvals are not generous as they used to be, translation it takes longer to get your commissions check and since the likelihood of approval is lesser so is the chance to get your money.
But there is more. Some traditional real estate brokers have decided to place the burden of high overhead and slow sales on the shoulders of real estate agents. Result – you get even less money out of your already skinny commission check after paying for the soda machine and the conference room you never use.
Low morale and lack of motivation are the results of inadequate income for any professional. In California, where real estate market already has plenty of obstacles realtors could do without, low motivation is a dangerous thing. If you are not active in the current market condition you may end up short-selling your home.
Dynasty Online took all these factors in consideration and has created a new type of real estate commission policy – everyone gets paid 100% from the very first day of the employment. Needless to say our agents didn’t object at all and the only question they had was, “How can I conduct my business without broker’s office?” The answer was, “You get broker’s support online and on the phone”. Most of our agents said, “Well, we are doing this now anyway, so no worries.”
The real issue lies in the quality of broker support to real estate agents and we have organized our support system making it efficient and effective to accommodate all real estate agents needs. Basically, it is a win-win situation where we as a broker reduce overhead and our agents make more money.
After testing the new online and phone support systems, it has become absolutely clear that agents do not have to sacrifice the quality of the realtor support and that they save time and money on trips to the brokers office. Time is an important factor in real estate agent career and we can state with confidence that eliminating need for physical presence at a broker’s office we have increased real estate agents’ productivity.
Today’s market hardly can support traditional real estate brokerage overhead and keep agents paid well, but with us agents always come first.