A salaried real estate team? That’s not a common thing to hear in a commissioned-based industry. According to Danny Brown, Founder and CEO of Myriad out of Arizona, there are few cons and mostly pros to this unique model. In this episode Danny talks about why all real estate team leaders should consider a salary-based model.
Some of the benefits that Danny shares include:
- Happier teammates as they’re not worried about their next check
- His ability to offer 401k, health insurance, and a supportive rather than competitive culture
- A client experience that is not clouded with an agent’s need to get a certain outcome to ensure that the agent gets paid.
- A bonus system in the form of a referral fee commission when the lead is sourced by the salaried agent
Some additional insight that has made this model work:
- Recruiting people from outside the real estate industry (like the currently hard-hit real food and hospitality industries)
- Helping his employees see what the average income is for agents in the AZ market ($28k/yr before taxes)
- Offering roles more like people see on HGTV that don’t require some of the business owner heavy-lifting that cause many agents to fail.
- Staying a part of each transaction so that he retains the client connection should the agents end up leaving the team at some point.
Unknowingly, Danny also put in a plug for my upcoming book, the Upstream Model in which he talked about the opportunity to become a financial advisor for their clients’ real estate portfolio. His model allows him to do more for his clients not less.
You’re going to love this episode. Whether you adopt all or just some of what he shared, it will undoubtedly help you to Go Think Bigger!
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