@properties increases the broker fee and adds a new broker fee
Christie’s International Real Estate has introduced a new fee on agent commissions, according to a recent article published by the The Real Deal.
Thad Wong, Mike Golden and Mike Golden, co-CEOs, acquired New York City-based brokerage Christie’s International Real Estate, in December 2021. They informed agents via email that they are adding a 1% agent fees to gross commissions for company-owned @properties office.
According to TRD, the reason for the company’s move was low brokerage revenues and high costs.
“Inflation has hit everyone, including @properties,” the email stated. It also noted that it was “incredibly difficult” to keep the fee low.
Transactions closed after April 1 will be subject to the fee. It will be split between the agent (or the company, depending on previous splits).
According to the report, the fee does not apply to @properties franchisees or Christie’s International Real Estate franchisees.
The company also announced that it will raise its MLS fee for transactions by $100 to cover outside brokers. The fee was $395 previously and will rise to $495. The fee for in-house agent will remain at $250
Christie’s International Real Estate, an invitation-only affiliate network, operates in nearly 50 countries and territories.