How Long to Get Paid?

J Philip Faranda December 3, 2009

Here’s one we don’t often ask: When an agent has a closing, how long before they get paid their commission? The reasons I ask is this: when one of my agents brings in a check, I pay them. I know some places they wait until the check clears, but that is really not a big issue here because the odds of an attorney trust check or a bank check bouncing are very long and the consequences dire. 

Other firms cut checks on designated days of the month just to have a system. We are an independent firm with a rather manageable size, so that seems unneeded for us. I was interviewing agents today, and their current firm takes 30 days to pay them. That is just ridiculous. I get paid on the spot, why not the agent who brought in the business? They’ve already waited months in most cases. 

I welcome thoughts from those that sign checks and those that cash them. 

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