I am switching firms. How do I protect my outstanding commissions or deals I have under contract?
I don't think they would screw me but one deal I have pending will pay out $170k after closing.
[{"id": "hvc0v25", "text": "I'm almost certain the answer is in your employment contract.", "replies": [], "depth": 1}, {"id": "hvc2o8f", "text": "have an attorney review your independent contractor agreement and answer.  There isn't a generic answer to that.  It isn't uncommon for that stuff to get referred, but at the end of the day its the brokers deal not yours so understand what your agreement with him/her says in regards to this", "replies": [], "depth": 1}, {"id": "hvc521p", "text": "I've known of brokers that hand off no questions asked for goodwill and those that required attorneys.", "replies": [], "depth": 1}, {"id": "hvc9avg", "text": "Just out of curiosity how long did it take you to find a new firm? How many did you interview?", "replies": [], "depth": 1}, {"id": "hvcpg3h", "text": "This can get sticky.  Consult an attorney if you don\u2019t have a crystal clear understanding of the agreement w your broker", "replies": [], "depth": 1}, {"id": "hvcslu3", "text": "You can get an additional signed agreement from your broker referencing specific deals. Or you can stay until you get paid.", "replies": [], "depth": 1}, {"id": "hvcwmju", "text": "Why the hell would you risk a $170k fee? Leave after it\u2019s closed unless this is one of those \u201cif every domino falls\u201d deals.", "replies": [], "depth": 1}, {"id": "hvcye7i", "text": "Sorry to tell you but baronti is right. I made a few moves and they were very difficult to time because i didnt want to take the chance. Usually brokerages have very strong non compete/independent contractor agreements that offer you no protection and all the protection they need. Usually a decent shop will respect your deals that are \u201chard\u201d but they want to reaerve the right to retain your commission in the event you leave on bad terms and screw them somehow. Personally I have seen it happen and there is not much you can do about it. My best advice other than wait is speak to other agents who have left or have been there long enough to see alot of turnover.", "replies": [], "depth": 1}, {"id": "hvd1zv6", "text": "Generally speaking firms will be obligated to pay out your share of any firm deals you've earned during your employment with them. You can get this confirmed again in writing from your broker of record  if you're worried about it.\n\nIf the deal isn't firm, this can get murkier but if you have any brokers you trust and are friendly with staying at the brokerage, offer them a small piece and have them sherpa the deal for you and pay you out the rest as a referrer.\n\nThis is really common stuff if you're at a major national brokerage. If you're at a boutique or local shop, it can get a bit messy without clear employment agreements.", "replies": [], "depth": 1}, {"id": "hve512q", "text": "Stay until you have the cash", "replies": [], "depth": 1}, {"id": "hve7bqz", "text": "In Australia it\u2019s law that anything signed is payable.", "replies": [], "depth": 1}, {"id": "ii2raac", "text": "Just wanted to update anyone who cared. The deal closed and I was promptly paid by my previous firm. Still have some outstanding receivables that I think I will still collect.", "replies": [], "depth": 1}]