AGREEMENT
Mentor:
Mentee:
E
ffective Date:
OBJECTIVE
The Berkshire Hathaway HomeServices Mentoring Program is designed to assist new and seasoned agents with identifying and expanding their real estate career options. Towards that goal, the Mentoring Program provides these agents with the opportunity to develop a relationship with an experienced practitioner from Berkshire Hathaway HomeServices.
Topics of discussion include the Mentee’s career goals, day to day real estate practice, types of properties and transactions, how best to assimilate successfully within the real estate environment, career networking, and marketing strategies and skills.
MENTOR PROGRAM GOALS
To provide the mentees with the opportunity to learn about the general practice of real estate and how it pertains to the California market so they can independently operate as a professional real estate agent in the immediate future.
To act as a personal resource to mentees including advising them on issues related to real estate practice.
To provide the mentees with the technical knowledge, expertise and professional conduct expected of Berkshire Hathaway HomeServices Real Estate Agents. To prepare mentees to compete successfully for clients, including educating them with listing presentations, marketing materials, analytics, contracts, lending options, and other technical aspects necessary to become a competent real estate professional.
ELIGIBILITY
Eligibility is limited to those who apply as this is an exclusive program. All mentees must be licensed by the State of California and must be in good standing with the CAR. Applications for consideration must include a business plan and proposal. Mentees are required to attend all Berkshire Hathaway HomeServices Business Development Training and accountability sessions.
TERMS OF PROGRAM
The Mentoring Program shall commence on the date specified on the first page of this document. It will remain in effect until two (3) transactions have closed and / or <agent name> signs off that the Mentee’s performance has demonstrated his/her ability to conduct transactions independently and represent Berkshire Hathaway HomeServices in a professional manner. Transactions will be broken down into three (2) categories:
• Listing Representation
• Buyer Representation
COMMISSION SPLITS
All leads will be brought from the mentee. Mentor and mentee will work together on the transaction until close. Commissions will be divided equally off of the top. Mentee shall then be paid out at the highest commission tier.
Compensation Structure
Mentors compensation would be 90% of 50% of the gross commission for a closed transaction. Mentors will have complete control of the compensation % offered to Mentees depending on the client source and engagement level of the Mentee.
Typical Example: Sale Made = $1,400,000
Total Gross Commission Earned based on 3% = $42,000
First TWO Transactions listing or buyer = 50% – 50% between Mentor and Mentee
Both M&M will receive a 90% split on their portion of the closed commission. $42,000 divided by 2 = $21,000
90% of $21,000 = $18,900 each for M&M
THE MENTORING RELATIONSHIP
The program requires a serious commitment from both mentees and mentors. Each mentor is asked to commit a minimum of five (5) hours weekly during the term of the Program. <agent name> agrees to meet with the mentee at a set date time weekly and communicate with the mentee at least once per day during a transaction during the term
of the Program. In addition, mentees are encouraged to initiate contact with <agent name>. This two-way relationship requires the mentee’s input in suggesting ways in which a mentor might be helpful.
We advise each mentee to recognize that <agent name> is taking time away from his work and other responsibilities to meet with the mentee; therefore, a mentee must be responsive to the mentor’s initiatives and follow through with scheduled meetings.
All terms agreed and accepted on ______________________
By:_______________________________________________
By:_______________________________________________