Real Estate Agency Best Practice – Protect Your Commission Before You Give Out Details

If you haven’t figured it out yet, the commercial real estate market is like all others when it comes to the competition in your area and people taking your business away from you. Be mindful that contact details given to the wrong person and without some written protection of your commission will likely mean that you loose the deal or loose the client or both.

Trust no one when it comes to your commission. Get all verbal facts and agreements in writing before you release your prospect information; and it’s not just the other agents that you need to worry about.

Experience proves that even clients will take verbal information and use it to their advantage if they can to close the deal directly and avoid commission. This means that you must have a paper trail that supports your claim on commission and the introduction of the prospect. You appointment to act for the client or that of the other agent should be valid and in writing. There is only one way to do things and that is the right way.

If you are approaching another agent to do a conjunction deal on one of their listings, do not presume that they have a valid appointment to act. Ask for some proof or commitment from them before you offer to work with them in conjunction.

Can you trust a verbal agreement from the client or another agent that your introduction of a prospect will be honoured when it comes to commission? No, is the simple answer.

Always back up any verbal agreement by supporting it in writing before you release details of the deal or the prospect to others. Money speaks many languages and influences many decisions. If commission can be saved because the deal with you as the real estate agent is not in writing or evidenced in some way, then expect that such will be the case.

An agreement is not a solid agreement until you have firmly tied it down with written instructions. Many people conveniently forget what was said when it comes to contracts or leases involving lots of money. In commercial real estate that is just about every deal. Expect disagreements and problems, so protect yourself and your commission at all times.

Take your own notes from any verbal instructions or agreements but then take it to the next level and put it in writing. It is quite common to have legal battles when it comes to commercial property, clients, and real estate agents. Critical statements and information must be checked and evidenced back to the source.

In any conjunction with another agent there is a temptation to act on a verbal agreement that the other agent will work with you if you introduce a qualified prospect to their listing. If you know the other agent, the temptation is to do the deal and do the paperwork later. So many commissions have been lost simply with this one situation.

Many clients have said that they will pay you commission if you bring them a purchaser for the property at the right price. Heard that before haven’t you?

So the way you can protect your commissions with other agents is to create a well-crafted letter of conjunction or agreement that can be sent to the other agent at a moment’s notice. It should contain key descriptive details on:

  • Name of the agents involved
  • Details of the owner or of the property
  • Details of the commission
  • Details of how the commission will be paid and by when
  • Date of agreement
  • Signatures of all key parties

Acting on unchecked or incorrect property information will also open the door to debate and legal claim. If you are in the property game long enough, you will be involved with such disputes, and the only way you can protect yourself is by diligence to detail and the evidence of everything. Stay legal and stay safe. You will create better deals.

Prepaid Legal Review: Can You Trust This Legal Services Company?

Do you know that you can have unlimited access to over 50 independent local law firms for just about any legal matter?

With Prepaid Legal Services, your family or small business can reach a local law firm to consult about the legal side of your business. You can talk to lawyers about reviewing legal documents, auto and home mortgages, insurance policy claims and many more. If you are subscribed to Prepaid Legal Services, you can get legal assistance by phone for an affordable monthly subscription.

Pre-paid Legal Services Then and Now

Pre-paid Legal Services was founded on August 8, 1972 by Harland C. Stonecipher with headquarters in Ada, Oklahoma. After over three decades, the company now has over 1.5 million active subscribers in the United States and in Canada; providing them with specialized legal services. The company is publicly traded in the New York Stock Exchange so in my mind, there is no doubt they are serious and there is no Prepaid Legal scam.

The company uses multilevel marketing to promote their products and services which can be purchased individually or can also be used by owners of small businesses through payroll deduction.

Prepaid Legal Scam Or Just Sour Distributors?

As with any other businesses, Prepaid Legal Services also had its share of bad publicity. If you look up the company online, you will come across many statements and reviews claiming that there is a Prepaid Legal scam and that many people were allegedly cheated of their hard-earned money. The fact is that the multilevel marketing company gives advance commissions to their distributors in the assumption that the customers will keep their membership for at least a year. However, some customers decide to stop the service after only a few months. Naturally, the commissions will have to be returned to the company. I believe this is where the confusion come from.

The distributors who had to return some commissions to the company are the one claiming that they have been scammed by Prepaid Legal when they are just the one responsible for not building the business properly…

Is Pre-paid Legal Services Currently a Good MLM Business?

Doing research for this Prepaid Legal review, I found some staggering numbers (don’t quote me on those though). As of 2009, the company’s overall profit decreased by 85% and the number of existing distributors decreased by 17.8%. If you look at trends in the multilevel marketing industry, their numbers usually go up in times of financial crisis as more people look for other income streams. Taking this into consideration, you may find Pre-paid Legal declining figures discouraging. With that said, it is important to note that the service they are providing is different from other multilevel marketing companies.

If you think about it, it’s just like any other industry with periods of highs and lows but it doesn’t mean there is a Prepaid Legal scam. And there is no doubt that Pre-paid Legal Services is a legitimate multilevel marketing company that provides invaluable service to those who need it. This is especially true since hiring an attorney for a tax audit or remedying an insurance claim is very expensive.

You need to understand that your success depends on how hard you work on establishing your network and growing your business. Unless you invest time and effort, you won’t be seeing any returns in your investment. You need to widen your reach and leverage all the opportunities available to you.

Going Beyond a Prepaid Legal Review: How Do You Succeed With Prepaid Legal?

If you are seriously considering joining Prepaid Legal and build a successful business, then you must sponsor and train as many distributors as you can so you team can generate more commissions and duplicate fast. Understanding sales and marketing are the basics requirements.

Do you have plan for that? Where can you find all these new distributors? Can you only rely on your warm market? If you are not sure about all these questions and you clearly understand that you are going to run out of friends and family members pretty fast, then you must learn the game.

The answer is pretty simple. Your goal is to find hundreds and hundreds of people and point them to your system, to your business presentation. This is simple but not easy! Most likely, the best way to that is to use an attraction marketing system that will teach you how and allow you to funnel all the traffic to capture pages and training. If the system and marketing funnel are set up properly, it is possible to generate dozens of leads, day after day, 24/7/365 and generate upfront cash-flow for your business while building your team!

Law Commission of India and Its Importance

The Law commission of India is a government authorized organization that is formed in conformity with the Indian laws. Primarily engaged in carrying out legal reforms, this government agency also acts as an advisory body to the Ministry of Law and Justice.

The first Commission of Law, formed in 1834 and led by Lord Macaulay, had proposed for the codification of the two important legislation’s, the Penal Code and the Criminal Procedure Code. However, after independence, the Law Commission was formed again in 1955 and led by the Attorney-General Mr. M. C. Setalvad.

Things to Know about the Law Commission in India

The members of the Commission of Law comprise expert research personnel and legal professionals. The Commission invites suggestions and inputs from the public, and organizes seminars and workshops throughout the country for collecting inputs for legal reform proposals.

After collecting the requisite data, it is filtered and evaluated by the Law Commission’s staff. A detailed report is prepared by a Law Commission member on the basis of the information collected.

The report is thoroughly analyzed in the Commission’s meetings, which may last for hours. The finalization of the report is done after a consensus is reached among the members.

After finalization, the commission may decide on drafting amendments or recommending a new bill. Finally, the report, and the bill or the amendment is submitted to the government of India.

The Law Commission has implemented various strategies to collect valuable information and inputs from the public. The current Law Commission of India is led by Justice P. V. Reddi. You may mail your suggestions at the official e-mail id [email protected] addressed to Dr. Brahm A. Agrawal, the Member-Secretary of the Commission of Law.