This is our Commission Split Structure. All agents should read this & understand it. By joining our firm, you are agreeing to abide by this Commission Split Structure.
Grand Lux Realty offers the fastest no-fee route to 90% commission splits in our area, while providing excellent “Lead Gen” to our Licensees, & holding fees down. We want to run our company like a Stat-Driven, Consensus-Based Democracy, so we invite our agents to participate in the process of creating this Structure, via our Leadership Council, which meets monthly on the 2nd Tues. of each month @ 10:30am.
Agents can propose changes to this Structure but those changes should answer the following 4 questions: 1) Will it incentivize more agents to join GLR? 2) Will it help GLR agents make more money? 3) Will it help GLR increase our sales volume? 4) Is it fair (both to other agents & to ownership)?
You must provide a completed file in order to be paid. Please check the File Requirements page in the Agent Training Section on our website. Please do not ask to be paid without a complete file. Be sure to bring your unexpired real estate license pocketcard & a business card when you come in to get paid.
1. 70% base commission to GLR Licensees. All GLR Licensees MUST join the Hudson Gateway Association of Realtors (HGAR). In an effort to incentivize our Licensees to join HGAR, any Licensees that are not members of HGAR or another Board of Realtors will earn a 50% commission split instead of 70%. Once you have earned 70% for your first commission, if you ever do not earn a commission for a trailing 12 month period, then your commission split will be 60% for your next deal.
2. 80% to Licensees who have earned at least $50,000 net to them in the past 12 months (as of the last day of the previous month), while licensed with GLR.
3. 90% to Licensees who have earned at least $75,000 net to them in the past 12 months (as of the last day of the previous month), while licensed with GLR.
4. Licensees who require or desire mentorship/partnership with GLR’s Principal Broker: Michael F. Levy or Jodi D. Levy, will share their commission income 50/50 with GLR, at GLR’s discretion & GLR will pay all the marketing costs if it’s a listing. When the commission is earned in this case, GLR will pay itself back these marketing costs prior to splitting the commission 50/50.
5. Recruiting Bonus: $250 to the Recruiter when the Recruit joins GLR & HGAR & we receive their RE license, plus 3% of the Gross Commission from the office side commission of the Recruit’s transactions paid to the Recruiter for 24 months from date the Recruit joins GLR. Recruiter & Recruit must remain licensed with GLR to earn the Recruiting Bonus. We want to grow this number to be 3% of trailing 12 month Net Commission Income (GCI-CP=NCI).
6. We urge all new licensees to take advantage of our Internal Mentoring Program. Mentors will earn an extra 10% from their Mentees for at least 3 transactions or 25% for 1 transaction. Mentoring relationships are highly encouraged (for new agents) & arranged by mutual agreement between Mentor & Mentee & approved by GLR’s Principal Broker. Licensees must qualify to be Mentors (usually our 80% & 90% earners). Katherine Cresci will host: “Kathy’s Mentoring Mondays” every Monday by appt. in the Armonk office from 10am-2pm. Imelda Isles is our Admin & is also available for Mentor/Mentee relationships. It is important that our 80% & 90% earning agents help our 70% earning agents do more deals & they should be paid for that. If any agents need help with their Agent On-Boarding Checklist, please team up with a Mentor & pay them 10% from your next deal & they will help you get on-boarded.
7. For True Teams only (all commissions are shared equally): 80% & 90% rules apply to both agents together. For other (not pure) Teams, you must write down your split arrangement, date it, & all involved agents sign the paper for the deal file.
8. If a Licensee dis-associates prior to their transactions closing they will earn a 50% commission split on those transactions.
9. Combo lockboxes are available for a $20 deposit & Supra lockboxes are available for a $100 deposit.
10. Lux Bucks: GLR will reward Lux Bucks, which can be redeemed for Licensee specific advertising, promotions, or press releases. Lux Bucks will be rewarded to incentivize various career building efforts.
A. Attending training called “Jump Start RE Training” with Susan Meliti in the Bronx. The class is 8 hours or two 4 hour sessions & costs $100. GLR will reimburse Licensees this $100 from the Office Side of the Licensee’s next transaction.
B. Attend some other training, not including Continuing Education credits. Examples of additional training include: GRI & CRS classes or other designations.
GLR offers Lux Bucks to reward training. Bring in your receipt & GLR will pay for advertising for you from the office side of your next commission.
11. We also offer licensing with Grand Lux Realty 2, LLC, a non-MLS brokerage company. Agents licensed with GLR2 will be considered Referral Agents. Referral Agents will earn a 25% referral fee & do not need to join HGAR. GLR2 agents can join GLR at any time. No fees for GLR2 agents. The 25% referral fee will be split 50/50.
12. We attract a lot of leads. GLR is a lead-generation machine for our agents. Our database of leads is available to all of our agents for free. Some of our agents will choose to work our database & dole out leads to other agents. In this case, the agent referring the lead will earn a 25% referral fee from the agent that is receiving the lead. Both agents must agree in writing to this relationship. Agents can be on our Zillow Team to get additional leads-speak with Michael about it.
13. Spring is our big Listing Season. GLR agents can earn a 5% bonus (of the commission) for any sales or rentals for properties listed by you from 3/21-6/21. We want to promote getting more listings in the Spring. This bonus is only offered to 70% agents.
14. We will host a special lunch for our 80%-90% commission split earners. This lunch will be quarterly, on the 2nd Tues. of the 2nd month of each quarter: Feb., May, Aug., & Nov.
15. GLR Office Meetings (all are welcome including guests):
Mon. @ 4pm – Marketing Dept. Meeting – Armonk.
Mon. @ 6pm – Clayton’s Training – Armonk, includes dinner.
Tues. @ 10:30am – Armonk Office Meeting (our biggest meeting).
Wed. @ 1pm – Mamaroneck Office Meeting (our smallest meeting-good for one-on-one training).
Thurs. @ 1pm – Ardsley Office Meeting.
Sat. @ 10am – Imelda’s Training & On-Boarding – Armonk (please confirm with Imelda that you will attend before coming).
2nd Tues. of each month @ 10:30am – Leadership Council Meeting – Armonk.
16. Leadership Council Meetings: All agents are welcome. Our agent’s ideas significantly shape our company structure. We want to run the company like a Stat-Driven, Consensus-Based Democracy. Agents who qualify are invited to participate in our Leadership Council, held on the 2nd Tues. of each month in Armonk @ 10:30am. It’s Grand Lux Realty’s Board of Directors. If you want to participate in the Leadership Council you should be a leader of other agents, able & willing to help in a friendly way, knowledgeable about how to do RE transactions & have experience with: Tenants, Landlords, Buyers & Sellers. Leadership Council members should be devoted to the company & to our family style. You don’t have to be an 80% or 90% earner, but you should be doing a number of deals each year. You should know which forms you need for a deal & be able to complete a Deal File properly. You should be fully on-boarded. Being a Grand Lux Realty family member & a member of our Leadership Council is critically important to the positive development of our company. We totally value your friendship & participation.
17. We now offer a new Team Leadership Concept called: Michael’s Crew. Michael’s Crew consists of: Katherine Cresci, Imelda Isles, Amy Huang, Clayton Livingston, Janice Lanza, & Angela Garduno. They are available to help all 70% earning agents with their business & help them increase their earning opportunity. If you need help please contact them directly.
18. GLR agents can be “featured” on our website, for free. In order to be featured, you must have your professional photo & bio on your Agent Profile on the MLS & you must have at least 1 active listing.
19. GLR agents are requested to interact with our Social Media marketing efforts. Please like, comment & share Grand Lux Realty’s posts on Facebook, Twitter, LinkedIn, & Instagram. Post photos & videos to those sites. Make sure your accounts are compliant with Realtor rules. GLR will give a monthly prize & exposure to the agent who participates the most with our social media campaigns. You could be “Agent of the Month!”
20. We will now offer a new Marketing Department. The Marketing Dept. will help agents get on-boarded & help us increase exposure for our company & for our listings. At no cost to our agents. Please let us know if we can help with your exposure. The Marketing Dept. will meet in Armonk on Mondays @ 4pm. Our Marketing guru is: Michael Stephenson, QDC Marketing, C-845-490-1295, [email protected] Our Marketing Budget should be approx. 10% of our trailing 12 month NCI (GCI-CP=NCI).
21. To be fair to all our agents, GLR will not offer special commission treatment on your deal or payments for personal advertising. We are a team. We are a family. And we want to treat our agents fairly & equally. If you want to make a commission split change or adjustment, please bring your idea into our next Leadership Council Meeting so that we can discuss it & see if we agree to implement it. Be sure you can answer the 4 questions above.
22. Please get a < 1 minute testimonial from your Principals at the Closing. Upload it to our Social Media sites: Facebook, Twitter, LinkedIn, & Instagram. Tag Grand Lux Realty. You'll earn $50 extra on your commission split. All GLR licensees affirm that by being licensed with our firm you are agreeing to abide by this new Commission Split Structure.