Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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To play well together you both must know the rules! Part 10 of 10

 

Here is a link back to Part 9 in case you missed it! 

This is the final section of the Agreement.  It covers the termination process, and has a clause designed to protect the team against "solo agents" in "Buyer Associates clothing".  Having encountered situations last year where an agent would join the team, take an incredible amount of my time and the support staff's time, only for them to depart back to a solo career armed with the training we had provided, we needed a mechanism for recovering our investment in time and effort.  Hence the grid and the time frames.  The amounts we use are not punitive - they are reasonable compensation for services rendered by us to the Buyer Associate, and this portion of the agreement is covered in great detail prior to signing.  So far, we have not "lost" a recruit due to this clause - but we're watching it closely.

The agreement is signed by me, the Buyer Associate AND the Designated Broker.  The Broker's signature makes the standing referral agreement (mentioned in an earlier section) valid and binding.

Article 11

This agreement may be amended by Rainmaker Team Leaders should Keller Williams International or Keller Williams Realty Professional Partners make changes that impact the Rainmaker Team Leaders or the Buyer Associate.

Buyer Associate understands that this Buyer Associate Agreement differs from Buyer Associate Agreements offered by other Rainmaker Teams and from Individual Agent Agreements offered by Keller Williams Realty Professional Partners, and agrees to that difference.

Phoenix Arizona Real Estate

Either party may terminate this agreement and the relationship created hereby hereto, with or without cause, at any time.  Buyer Associate affirms that they will be bound by the terms of the agreement for a period of three (3) years following the date of termination of this agreement.

Upon termination of this agreement, Rainmaker Team Leaders or assignee shall handle all negotiations, customers/clients, and/or services commenced by Buyer Associate, during the term of this agreement unless superseded in writing at time of termination. 

It is agreed and understood that any tangible items provided as tools are the possession of Rainmaker Team Leaders, unless otherwise agreed to in writing.  These items may include computers, written materials, preprinted forms, signs, etc.  In the event of termination, these items shall be returned immediately to Rainmaker Team Leaders in the condition originally obtained, excluding normal wear and tear. 

Phoenix Arizona Real Estate

If the Buyer Associate leaves the team during the first 3 years of this agreement, either voluntarily or as a result of failing to comply with a specific provision of this agreement, it is agreed and understood that liquidated damages to compensate The Marriott Group for their investment in training, coaching and advice will be due and collected from the former Buyer Associate as "Referral Fees" from future transactions by the former Buyer Associate with the former Buyer Associate's own sphere of influence and/or by their own marketing and prospecting efforts, for the remainder of the 3 year period following the date the Buyer Associate joined the The Marriott Group, according to the following schedule:

If the former Buyer Associate leaves the team:

The "Referral Fee" for the remainder of the 3 year period shall be:

Within the first 6 months of joining the team

X%                              up to a maximum of $xx,xxx

Between Month 7 and Month 12

X%                              up to a maximum of $xx,xxx

Between Month 13 and Month 24

X%                              up to a maximum of $xx,xxx

Between Month 25 and Month 36

X%                              up to a maximum of $xx,xxx

Buyer Associate commission split will be paid only if Buyer Associate is still working under this agreement at the time of close of escrow of transaction(s).  A Buyer Associate no longer under this agreement at time of close of escrow will not receive any compensation unless superseded in writing at time of termination of this agreement.

Anthony R. "Tony" Marriott - Rainmaker Team Leader                               Date

>- Buyer Associate                                              Date

Keller Williams Realty Professional Partners Broker                                  Date

 

 

About the Authors - Updated 2017

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Listed, Sold and Closed more than a hundred Short Sales with the highest success rate in the Phoenix Metro Area!

HavenExpress.com

Tony and Suzanne Marriott

Associate Brokers, REALTORS
Keller Williams Arizona Realty
To play well together you both must know the rules! Part 10 of 10
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Here is a link back to Part 9 in case you missed it! This is the final section of the Agreement. It covers the termination process, and has a clause designed to protect the team against "solo agents" in "Buyer Associates clothing… more
To play well together you both must know the rules! Part 9
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Here is a link back to Part 8 in case you missed it! These three sections cover advertising requirements (based on Arizona Department of Real Estate and Keller Williams International requirements), documents that the Marriott Group recognizes the… more
To play well together you both must know the rules! Part 8
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Here is a link back to Part 7 in case you missed it! This section covers Service Levels (response times), how to handle requests for assistance in areas we don't service (referrals), and what information should be obtained at first contact and… more
To play well together you both must know the rules! Part 7
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Here is a link back to Part 6 in case you missed it! This section of the Agreement is one of the most critical sections to include. It has been reviewed by real estate attorneys (who were asked to review it by someone looking to get out of it! )… more
To play well together you both must know the rules! Part 6
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Here is a link back to Part 5 in case you missed it! This section of the agreement spells out the individual expenses that the Buyer Associate is responsible for. There has been some discussion of whether the team will provide laptops and/or… more
To play well together you both must know the rules! Part 5
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Here is a link back to Part 4 in case you missed it! This section of the agreement describes what the Rainmaker Team Leaders provide to the Buyer Associate, and details what happens to those items should the agreement be terminated. … more
To play well together you both must know the rules! Part 4
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Here is a link back to Part 3 in case you missed it! Article 3 The following clause documents where the Buyer Associate gets initial support Buyer Associate understands that the primary point of contact for ALL questions regarding residential real… more
To play well together you both must know the rules! Part 3
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Here is a link back to Part 2 in case you missed it! Article 2 of the Agreement covers the "behavior" commitments of the Buyer Associate. They are committing to: Being "Full Time" - real estate is their primary occupation - and… more
To play well together you both must know the rules! Part 2
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Here is a link back to Part 1 in case you missed it! So now we get into the actual agreement. The first item identifies the parties to the agreement and specifies three key points: 1. The parties are Independent Contractors 2. Which documents… more
To play well together you both must know the rules! Part 1 of a series
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One of the questions that comes my way frequently and often is - how do you go about building a team? One key element of any long term successful team is both the Team Leader - or in the language of Keller Williams - the Rainmaker Team Leader - and… more