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Updated over 3 years ago on . Most recent reply
Broker wont release my commission
Hello, I'm a real estate agent in Las Vegas, Nevada. I'm working for a brokerage that offers 100% commission minus the transaction fees. I closed a deal back on February 3rd and still haven't gotten paid my commission yet. Per the ICA, he should've paid me within 3 days after close of escrow. My broker won't release my commission, won't answer my texts, emails or phone calls. I'm closing 2 more deals and by the end of next month, he'll owe me close to $35,000. What can I do? What should I do? They say the broker is behind by 3 months of paying the agents.
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Sounds like a good illustration of why not to go with the transaction fee brokers. Brokerage is an incredibly thin margin business, when you cut these thin margins, its even harder. Many of these types of brokerages end up going bankrupt.
That doesn't really help the situation....but you should move your license to a brokerage on better financial standing, because its entirely possible you are not going to see those commissions.
- Russell Brazil
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