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Commission Split Agreement Between Agents
"I need a Commission Split Agreement Between Agents for a mentorship arrangement where a senior agent (with 15 years experience) will work with a junior agent, with an initial 70-30 split for the first 6 months starting January 2025, then transitioning to a 60-40 split."
1. Parties: Identifies and provides full details of the agents entering into the commission split agreement
2. Background: Outlines the context of the agreement and the agents' intention to collaborate and share commissions
3. Definitions: Defines key terms used throughout the agreement including 'Commission', 'Property Transaction', 'Listing Agent', 'Selling Agent', etc.
4. Term of Agreement: Specifies the duration of the agreement, including start date and any renewal provisions
5. Commission Split Structure: Details the agreed-upon commission split percentages and how they will be calculated
6. Payment Terms: Outlines when and how commission payments will be processed and distributed between parties
7. Roles and Responsibilities: Defines each agent's duties and obligations in relation to property transactions
8. Confidentiality: Addresses the handling of confidential information between agents
9. Termination: Specifies conditions under which the agreement can be terminated and the process for termination
10. Dispute Resolution: Outlines the process for resolving any disputes between the agents
11. Governing Law: Specifies that the agreement is governed by Australian law and the relevant state jurisdiction
1. Non-Compete Clause: Optional provisions restricting agents from competing directly with each other in specific circumstances
2. Team Branding: Details about how the agents will present themselves to the public if working as a team
3. Marketing Cost Sharing: Specifies how marketing and advertising costs will be shared between the agents
4. Cross-Office Arrangements: Special provisions for agents working across different offices or agencies
5. Training and Mentoring: Provisions for senior agents mentoring junior agents including any adjusted commission splits
6. Referral Fee Structure: Additional terms for handling referral fees from external sources
7. Performance Metrics: Specific performance targets and any impact on commission splits
8. Insurance Requirements: Additional insurance requirements beyond standard professional indemnity coverage
1. Schedule A - Commission Split Calculator: Detailed formulas and examples for calculating commission splits in various scenarios
2. Schedule B - Transaction Procedures: Step-by-step procedures for handling different types of property transactions
3. Schedule C - Marketing Materials: Approved templates and guidelines for joint marketing materials
4. Schedule D - Expense Allocation: Detailed breakdown of shared expenses and payment responsibilities
5. Appendix 1 - Contact Details: Complete contact information for all parties and relevant staff members
6. Appendix 2 - Compliance Checklist: Checklist ensuring all regulatory requirements are met in the commission splitting arrangement
Authors
Real Estate
Property Management
Commercial Property
Residential Property
Luxury Real Estate
Property Development
Property Investment
Sales
Property Management
Commercial Real Estate
Residential Sales
Luxury Properties
Business Development
Compliance
Finance
Legal
Operations
Real Estate Agent
Senior Real Estate Agent
Junior Real Estate Agent
Property Consultant
Sales Director
Real Estate Broker
Agency Principal
Real Estate Team Leader
Commission Manager
Sales Manager
Broker-in-Charge
Compliance Officer
Real Estate Partnership Manager
Business Development Manager
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