If you're a new agent joining a 100% commission brokerage, here are some common questions that you may have.
Can i get assistance on how to use the MLS?
Yes, besides the instructional videos for real estate agents, you can contact our customer support team, and they will assist you with any questions you may have, such as how to set up a listing on the MLS, how to send an purchase offer, and more.
How do i get paid?
You can request your 100% commission via the agent portal on PropertiesMiami's website or by contacting us after a transaction concludes.
How fast can i get paid?
After requesting your payment, it typically takes only a few minutes for it to be deposited into your bank account. We process payments through electronic deposit (ACH), which is faster than wire transfers.
As a 100% commission brokerage, how do you make money?
At Properties Miami, we focus on volume, which has enabled us to process hundreds of transactions every month and maintain a viable business model.
Can a broker join the brokerage?
Yes, brokers are welcome to join our 100% commission brokerage. However, they are required to change their status to a Broker's associate status on the DBPR's website.
How long does it take to become a 100% commission agent?
Your account should become active within 24 hours of submitting the online application. However, please note that it may take the MLS 1-3 business days to switch your brokerage association.
Is there an escrow account?
Yes, there is a specific escrow account created for all agents in the 100% commission plan. Properties Miami agents have access to the escrow account information at all times and should share the account information with their clients to send the escrow funds and then request an escrow letter.
How can i request an escrow letter?
As a Properties Miami agent, you can easily request an escrow letter from us using our online tool. Once we receive the request, we verify the availability of funds and promptly issue an escrow letter to confirm that the funds are in place.
How can my clients send funds to the escrow account?
There are three ways to send funds to the escrow account: Zelle, electronic deposits (ACH), and wire transfers. ACH / electronic deposit is the preferred method as it is commission-free, has no limits on the amount that can be sent, and is typically an instant transfer. Zelle is also a good option for smaller funds, as the daily limit is $2,500. Wire transfers are another option, but they come at a cost that ranges between $20-30 per transaction.
What is the Errors and Omissions Insurance?
The errors and Omissions insurance, commonly known as "EO," is an insurance policy that safeguards real estate agents against potential mistakes they might make during a real estate transaction that could result in a loss for the property owner, buyer, or renter involved.
How do i get an errors and omissions insurance?
As a realtor, you can obtain an errors and omissions insurance by joining a real estate company that offers this type of insurance. In case a real estate agent is involved in a legal dispute with a customer, they will be responsible for paying the EO insurance deductible.