When speaking with potential new agents for our office, one of the first questions I'll typically ask is "What was your gross commission income last year?" And nine times out of ten I get a blank stare.
Gross Commission Income (GCI) is the amount of money paid by the seller to the broker, when the sale closes. As the buying or selling agent, you get a percentage of that percentage and your broker gets a percentage too.
As a broker, I am obligated to pay certain fees for every agent doing business with my franchise. Whether they sell a lot, a little or nothing, there are certain hard costs I need to pay to RE/MAX. Hence, knowing a prospect's GCI is extremely relevant to me. And it should be to you, as well.
I hope you enjoy this week's video. Let's take flight!