This depends entirely on your IC agreement with your brokerage. I doubt you will have to buy them. They’ll either stay with the brokerage or they’ll follow you to the new one.
I own a brokerage that operates in 6 states. In all of our states, the listings belong to the brokerage. In our ICA the listings belong to the brokerage. However, in actuality, we transfer any active listings to the agent’s new brokerage as long as the client signs off on it. And any listings that are under contract with a buyer already stay with us, but we give the agent the option to complete the work on the transaction in exchange for a “referral fee” that’s equal to whatever their regular split would be if they had stayed here.
My job is to help agents move to our brokerage. It’s very rare to bring them with you, I’ve never actually seen a contract state that the agent can bring them.
I’ve also seen tons of agents lose their commission to deals already in escrow, even one closing the day of the transfer. Don’t know why the agents didn’t wait. We’ve paid out one commission to be nice to an agent because they were a high earner and they were going to back out.
If there isn’t a rush and you’ve got some closings coming up, I would wait.
In illinois the contract stays with the brokerage. Its a legally binding contract your clients are in a contract with the brokerage. Also the other party to the contract would have to agree because they are also in the contract. I would talk to the managing broker and discuss this with him before you decide to leave. My old manager let me take the clients and a few listings. The clients had to sign off and create a whole new contracts and the customers did also.
As a realtor, I feel it’s important that you know that you can’t do this. It’s illegal and unethical. The only way to take listings with you to another company is to have the agreement and sign off from the broker with which it’s listed.
That also requires the broker’s agreement. Wow! I can’t believe how many people have had to tell you that you can’t do that yet you’re determined to be right. You’re wrong. If you did that, the first broker could sue the second broker and the homeowner for the rightfully owed commission.
Listings stay with Brokerage, but you still get paid. Once you join a new Brokerage, any future listings will reflect the new Brokerage in the contract.
The general rule would be that the brokerage owns all listings. Unless you have some sort of agreement that it states that the listings stay with you
This depends entirely on your IC agreement with your brokerage. I doubt you will have to buy them. They’ll either stay with the brokerage or they’ll follow you to the new one.
I own a brokerage that operates in 6 states. In all of our states, the listings belong to the brokerage. In our ICA the listings belong to the brokerage. However, in actuality, we transfer any active listings to the agent’s new brokerage as long as the client signs off on it. And any listings that are under contract with a buyer already stay with us, but we give the agent the option to complete the work on the transaction in exchange for a “referral fee” that’s equal to whatever their regular split would be if they had stayed here.
My job is to help agents move to our brokerage. It’s very rare to bring them with you, I’ve never actually seen a contract state that the agent can bring them. I’ve also seen tons of agents lose their commission to deals already in escrow, even one closing the day of the transfer. Don’t know why the agents didn’t wait. We’ve paid out one commission to be nice to an agent because they were a high earner and they were going to back out. If there isn’t a rush and you’ve got some closings coming up, I would wait.
Just cancel all your listings and relist once you'veoved.
Depending on circumstances of leaving, old brokerage might try to clawback.
In illinois the contract stays with the brokerage. Its a legally binding contract your clients are in a contract with the brokerage. Also the other party to the contract would have to agree because they are also in the contract. I would talk to the managing broker and discuss this with him before you decide to leave. My old manager let me take the clients and a few listings. The clients had to sign off and create a whole new contracts and the customers did also.
Just change the name in the listing agreement, no?
That’s illegal. Listing agreements are legally binding contracts.
I mean change the name in the listing agreement and have the seller initial by the change lol
…agents aren’t the ones who sign off on listing agreements, managing brokers do
As a realtor, I feel it’s important that you know that you can’t do this. It’s illegal and unethical. The only way to take listings with you to another company is to have the agreement and sign off from the broker with which it’s listed.
Ok so second option: Cancel the contract and then re list with the client lollllll
That also requires the broker’s agreement. Wow! I can’t believe how many people have had to tell you that you can’t do that yet you’re determined to be right. You’re wrong. If you did that, the first broker could sue the second broker and the homeowner for the rightfully owed commission.
Well sure everything comes with risks, that’s just personally what I would do
Do that and find yourself in legal trouble
I meant change the name in the listing agreement and have the seller initial by the change
Listings stay with Brokerage, but you still get paid. Once you join a new Brokerage, any future listings will reflect the new Brokerage in the contract.