Split schedules vary slightly at traditional firms. But one insider provided TRD with the split schedules for three firms: Corcoran, Elliman and Town.
Basically, the more money in gross commission the agent pulls in, the greater share of it they get to keep when the brokerage firm takes a cut. The structure is meant to incentivize agents to do more business.
So at Elliman, for example, an agent selling $5.15 million in properties, representing either the buyer or seller, would gross around $155,000 in commissions. Of the $155,000, they would get to keep 60 percent for themselves and give 40 percent to the firm.
But if they sold $11.3 million in properties, they would rake in $340,000 in commission and get to keep 70 percent of that for themselves.
Corcoran did not respond to requests for comment, while Town and Elliman declined comment.
Still, here’s a sneak peak at what brokers are offered at each firm. Dollar amounts represent gross commissions.