Hiring an in-house agent/broker for a $50M RE investment fund?

[Steven Taylor]

Hi Bigger Pockets,

First time poster here! 

I am in the process of creating a $50M fund to purchase existing real estate in Oakland, CA to hold and rent for 10-20 years.  At 2-3% commission for a buying agent, that would be $1-$1.5M in compensation.  I would like to hire an agent or broker in-house and provide them with a salary and commission structure to pay about $100K per year. I want help with many of the typical agent tasks and a strong network of inspectors, title, etc., so I don't want to get the license myself. 

Does anyone have experience or advice on hiring an agent in-house for a fund like this?  How about an independent broker so that they don't need to be registered and share profits with an external brokerage? 

Any advice and perspective will be greatly appreciated.  

Thanks,

Steve

[Steven Taylor]

Thanks for the reply.  My apologies that this was not clear - I left out an important aspect of the plan.  If the seller does not have to pay the commission of my broker/agent, then we can structure the offers to get a better price on the house.  This in turn reduces taxes and allows me to purchase more properties with the same amount of cash.  It is true that the seller is paying the fee, but I am paying the seller, so it is just bundled into the sale price.  :)