Brokerage commission splits for a PM leaving a family business with limited experience
Hello, I’ve been doing property management for the past four or so years. Primarily small strip centers that my family owns. I grew around the business and started working in the office in high school, but didn’t officially get my real estate license until four years ago. I worked while I was in college, primarily doing all the leasing. I’m 24.
I’ve decided it’s time for me to move on as there is no room left to grow. My family isn’t interested in expanding. And I don’t make much money. ($40k last year before taxes)
I’ve been applying for jobs with other brokerages and including other roles. such as analyst positions. I haven’t had much luck. I ended up shooting an email to a brokerage that I had worked with previously on a deal. 3 interviews later, I was offered to join them. They’re a retail specific brokerage with good market presence. I am unfamiliar with brokerage splits so I wanted to ask here. The splits are 50/50 up to $150k, 60/40 up to $250k, and 70/30 past that.
My general impression is that they would be a good fit. I would work under a senior broker for a few months. I would be focusing on Landlord rep as that is what I know best. It was a good sign to me that they don’t expect me to bring my family’s business with me. And I could still help them to some degree completely independently. Just wanted to get others thoughts on this.