UPDATED July 26, 6:30 p.m.: Bobby Auerbach, a former top producer at EWM Realty International and Keller Williams, is joining One Sotheby’s International Realty’s sports and entertainment division.
He closed $40 million of sales last year, focusing mostly on Weston, Parkland, Hollywood Beach and Fort Lauderdale Beach.
Auerbach said he left EWM and then Keller Williams for a higher commission split and left Keller Williams to gain more exposure. “Originally, I moved [from EWM] because I felt I was the rainmaker, yet giving a split back to the company,” he said. “I’m finding now in a tougher market having high-end listings is getting harder.”
EWM agents with more than $500,000 in production were on a 75-25 split, plus a 5 percent annual bonus, according to Auerbach. At One Sotheby’s, Auerbach said his split is 90-10 with a 6 percent brokerage fee, but after this story was published, he said his split was 85-15. Auerbach is also receiving his own office space and budgets for mailers, etc. In South Florida, splits are typically 85-15.
Auerbach is bringing with him 12 listings ranging from $400,000 to $2.5 million. He plans to extend One Sotheby’s reach in Broward’s luxury markets, adding that he was approached by brokerages like Douglas Elliman and Coldwell Banker, but wanted to be a big fish in a little pond.
Real estate is in the family for Auerbach. His father-in-law, Lon Tabatchnick, the developer of the Margaritaville Hollywood Beach Resort, is under contract to purchase the Weston Hills Country Club – a deal that is contingent on redevelopment. Auerbach is a partner on the country club deal.
One Sotheby’s has been expanding in South Florida, acquiring two Aventura brokerages in recent months with plans to close on the acquisition of another firm by the end of the summer.
This story was updated to reflect what Auerbach later said about his commission split.