As a real estate agent (or even as a wholesaler), how do you determine your commission? At what point does it go from 30-40% to 25%? That’s what Matt Gardner will help you with today! The points below are from the 26th episode of The Real Estate JAM, where Matt talks about his story of becoming an investor, building a team, VA Vendee Loans, and much more! Tune in to the full episode on YouTube, Spotify, or Apple Podcasts.
What’s in Your Pipeline?
The easy answer is “it depends.” While that sounds like a throwaway answer, your numbers really do depend on the situation! What’s going on right now in the business? Is this in your normal pipeline, or is this something extra? How busy are you right now? How hot is this lead that you’re looking at?
You can also be flexible with your numbers by adding conditions! In the contract, you can have statements like if you can get it listed within 35 days, it’s 30%, but if it’s 36 days or more, it goes down to 25%. Remember that you can tailor fit things to fit your circumstances.
Clear Communication
When it comes to partnership and money, people get their feelings hurt when they get something different to what they had in mind. To prevent this from happening, you might want to pay attention to making sure that everyone’s crystal clear on what the commission breakdown is going to be. Don’t worry about potentially “over-communicating.” That’s significantly better than having the wrong expectations!
Want to learn more? You can listen to the full episode on YouTube, Spotify, or Apple Podcasts.
About Matt Gardner:
I’m a fighter pilot, cancer survivor, and building an international real estate team at eXp Realty. If you are an agent or broker, message me to learn about this game-changing brokerage model! I also have a real estate investing company, where we rehab homes and have a growing portfolio of short-term rental properties. If you know anyone buying, selling, or investing in Florida (from Destin to Panama City and Pensacola), let me know; my team would love to help!
Outline of the Episode:
- [02:50] Matt talks about being in the Air Force, getting diagnosed with cancer, and getting hooked on real estate. (Spoiler alert: Rich Dad, Poor Dad is involved once again!) There’s always that switch that pushes you to the next phase of your life.
- [06:25] How do you handle 1000 leads all at once? You build a team.
- [09:16] What’s the general breakdown between a real estate agent and a wholesaler? At what point does it go from a 30-40% commission to a 25% commission? How do you come up with those numbers? It’s all about having clear communication.
- [12:42] Getting Matt’s help in a tight situation with a tough deal on the high-end home market! Take a listen to get more insight into what’s going on in an experienced investor’s mind.
- [21:17] How long are houses sitting on the high-end home market? (It’s probably a different time by the time you’re reading this, but you can still grasp nuggets of wisdom of how to tie in current events to market trends!)
- [26:54] What are VA Vendee Loans? If you’re in the VA world, you NEED to know about this!
Resources:
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