To play well together you both must know the rules! Part 10 of 10

By
Real Estate Broker with Haven Express @ Keller Williams Arizona Realty

 

Here is a link back to Part 9 in case you missed it! 

This is the final section of the Agreement.  It covers the termination process, and has a clause designed to protect the team against "solo agents" in "Buyer Associates clothing".  Having encountered situations last year where an agent would join the team, take an incredible amount of my time and the support staff's time, only for them to depart back to a solo career armed with the training we had provided, we needed a mechanism for recovering our investment in time and effort.  Hence the grid and the time frames.  The amounts we use are not punitive - they are reasonable compensation for services rendered by us to the Buyer Associate, and this portion of the agreement is covered in great detail prior to signing.  So far, we have not "lost" a recruit due to this clause - but we're watching it closely.

The agreement is signed by me, the Buyer Associate AND the Designated Broker.  The Broker's signature makes the standing referral agreement (mentioned in an earlier section) valid and binding.

Article 11

This agreement may be amended by Rainmaker Team Leaders should Keller Williams International or Keller Williams Realty Professional Partners make changes that impact the Rainmaker Team Leaders or the Buyer Associate.

Buyer Associate understands that this Buyer Associate Agreement differs from Buyer Associate Agreements offered by other Rainmaker Teams and from Individual Agent Agreements offered by Keller Williams Realty Professional Partners, and agrees to that difference.

Phoenix Arizona Real Estate

Either party may terminate this agreement and the relationship created hereby hereto, with or without cause, at any time.  Buyer Associate affirms that they will be bound by the terms of the agreement for a period of three (3) years following the date of termination of this agreement.

Upon termination of this agreement, Rainmaker Team Leaders or assignee shall handle all negotiations, customers/clients, and/or services commenced by Buyer Associate, during the term of this agreement unless superseded in writing at time of termination. 

It is agreed and understood that any tangible items provided as tools are the possession of Rainmaker Team Leaders, unless otherwise agreed to in writing.  These items may include computers, written materials, preprinted forms, signs, etc.  In the event of termination, these items shall be returned immediately to Rainmaker Team Leaders in the condition originally obtained, excluding normal wear and tear. 

Phoenix Arizona Real Estate

If the Buyer Associate leaves the team during the first 3 years of this agreement, either voluntarily or as a result of failing to comply with a specific provision of this agreement, it is agreed and understood that liquidated damages to compensate The Marriott Group for their investment in training, coaching and advice will be due and collected from the former Buyer Associate as "Referral Fees" from future transactions by the former Buyer Associate with the former Buyer Associate's own sphere of influence and/or by their own marketing and prospecting efforts, for the remainder of the 3 year period following the date the Buyer Associate joined the The Marriott Group, according to the following schedule:

If the former Buyer Associate leaves the team:

The "Referral Fee" for the remainder of the 3 year period shall be:

Within the first 6 months of joining the team

X%                              up to a maximum of $xx,xxx

Between Month 7 and Month 12

X%                              up to a maximum of $xx,xxx

Between Month 13 and Month 24

X%                              up to a maximum of $xx,xxx

Between Month 25 and Month 36

X%                              up to a maximum of $xx,xxx

Buyer Associate commission split will be paid only if Buyer Associate is still working under this agreement at the time of close of escrow of transaction(s).  A Buyer Associate no longer under this agreement at time of close of escrow will not receive any compensation unless superseded in writing at time of termination of this agreement.

Anthony R. "Tony" Marriott - Rainmaker Team Leader                               Date

<<Name of Licensee>>- Buyer Associate                                              Date

Keller Williams Realty Professional Partners Broker                                  Date

 

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Tony and Suzanne Marriott
Associate Brokers, REALTORS
Keller Williams Arizona Realty
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Comments 52 New Comment

Rainmaker
182,817
Sheila Moran
SanAntonioSheila.com, RE/MAX Access, 210-32
RE/MAX Access (Garden Ridge, San Antonio, New Braunfels)

Tony,

How did I just find you on #10...

looks like I need to go back and review a few things..

thanks for the informative info.....

June 01, 2009 08:31 PM
Rainmaker
148,190
Stephanie Arnett
SRS, IMSD, Broker Associate, REALTOR
Coldwell Banker SRE ~ Starkville, MS

Awesome...Awesome...& Awesome!!

July 03, 2010 09:51 AM
Rainmaker
645,151
Team Honeycutt
Allen Tate

Am going back through the whole series again.

The 3 year referral fee I have never seen. How's the enforcement rate with that?

Thanks for a very detailed synposis of the whole issue.

Margaret

July 03, 2010 11:46 AM
Rainmaker
645,151
Team Honeycutt
Allen Tate

Work on the plan, and then work the plan. You've given everyone a concise, thorough road map.

Thanks for sharing.

Margaret

August 18, 2010 05:35 PM
Rainmaker
645,151
Team Honeycutt
Allen Tate

I am new to the team here so this article was very valuable!

April 07, 2011 05:22 PM
Rainmaker
895,416

Tony Marriott

Associate Broker, REALTOR
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Phoenix Arizona Real Estate Blog, presented by Tony Marriott of Haven Express @ Keller Williams Arizona Realty. Market analysis and insightful commentary on the real estate market in Maricopa County Arizona.