At least two local brokers are looking to hire a plethora of new real estate agents this year, going so far as to offer 100 percent of commissions to lure these agents to their office.
Joe Willoughby of Sandals Real Estate said the company is soliciting agents for its offices county wide, but especially for the new Cape Coral office, which had a soft opening Monday.
Sandals has been hiring 12 agents a month, Willoughby said, and he’s looking for new and seasoned agents alike.
Sandals is looking to move away from traditional fee structures and toward the 100 percent based commissions, according to Willoughby.
Agents are paid a full flat 100 percent fee after eight sales, he added.
While the new Cape Coral office offers the traditional amenities for agents, he said most are now working from home and rarely need the office anyway.
“The productive agents want the best commission deal they can get … these are not office dwellers,” he said. “The program was developed around the concept of cutting down your expenses, and offering the best service and program back to the agent.”
Like Sandals, Cape Coral-based Cyrus Real Estate is looking to make a similar move.
Owner Mohsen Cyrus said he spent some time “acting like an agent” but is now moving back to being a full-time broker.
Cyrus said he’s looking to hire 50 new agents, charging only a “small office fee,” and plans to offer “a lot for that fee.”
Other than the office fee, Cyrus said he has no other “hidden fees,” and is looking for agents who want to work.
“I’m looking for self sufficient agents who are motivated to work and who don’t want to pay a lot of the costs (associated) with being a Realtor,” Cyrus said.
The 100 percent commission will revolutionize the industry, according to Willoughby.
He thinks many independent brokers will eventually move toward 100 percent commission structures.
“It’s going to go there, whether it’s us or other companies,” he said.