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William B. May Goes the Real Estate Full Monty: 100% Commission

Published by JFerrara September 18th, 2009 in Marketing tips. Comments

full monty real estate

New York’s William B. May has gone all the way.  The real estate Full Monty.  They have changed to a 100%  commission model.

At William B. May, brokers will be required to pay “a one-time $1,500 fee, and $500 per month”, according to managing partner Craig Lamb. The brokers will not have to pay a fee per transaction, which is common in other 100% commission models.

The brokers will be able to use the William B. May name on Web sites and stationery. They will also have a William B. May e-mail address, voicemail and use of the firm’s marketing materials. But other than that, the brokers are free agents. They have their own clients, listings and commissions, and are not under pressure to make sales, Lamb said.

Is this the future?

Thanks to Scott Forcino, Esq., (my partner in our own 100% New York brokerage). via The Real Deal.

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  • Yep. RE/MAX (at least in beautiful MD) has higher monthly fees, admin fees (or sometimes called flat fee commissions such as x% + flat fee = total commission) and the annual RE/MAX International dues. (agents that have been around for awhile are grandfathered into the 100%. New RE/MAX agents come in at 95%)

    Having said that, there are some brokerages down here that advertise to recruit along the lines of the William B. May model. Low monthly fee, etc.

    Will William B. May provide E & O as well as the other CYA stuff or it really every independent contractor for him/herself?

    Welcome back to the wacky world of real estate brokerage. I hope you know a good doctor that can prescribe the Valium you'll need. ;-)
  • I'm going to give the 100% model a go-- with E&O.
  • Yes. And RE/MAX took off. But 95% is not 100%
  • philhoov
    hmmmm . . . . didn't a company named "RE/MAX" think of this 30+ years ago?
  • My new Twitter friend... first visit to your blog and I'm LMFAO at the image you chose for this post! Thanks! Good way to start a weekend!!

    Will bookmark your site and visit more often.
  • Thanks Matt. I'll keep an eye on you too. Looking forward to your new work. Also (self-promo warning).... take a look at theClozing.com, a real estate news aggregator. http://theclozing.com/
  • Your graphic is making me laugh so hard I can't read the post.
  • That is an honor, coming from you Teresa.
  • Nice Picture! Hahah... It's an ok business model, but you are still paying $500 a month. I think that newer agents that won't get a pay check for 6 months, as they are just starting their contact base, are going to have a tough time paying the $500 a month without any closings.
  • Right, Logan Utah.

    In our model, agents have a choice to go 85/15 with no monthly and no transaction fee or $100 per month w/$500 - $1000 transaction fees-- unless the agent has another way they want to go. Plus, we have no quotas, like some "up to 100%" models.

    Plus we've got residual and referral income streams in our virtual brokerage.

    The 100% model is prevalent in Canada and is gaining steam here. Think about it-- an independent contractor in any other profession gets 100% (as far as I know)

    I got back into brokerage to be in the real estate agent business-- these times demand giving agents more of what they earn (heck, they earn the whole thing unless the broker is giving them the leads)
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