Have you ever thought about what it would be like never to have to pay monthly fees, E&O fees, or commission splits to your broker? You’re not alone! In the current market, where sales have declined across the country, many agents are beginning to feel the strain and likely ponder that very thought.
To address that question, Fathom Realty recently announced their new CAP4Life and FREE4Life Referral Programs designed to reward their agents for referring other agents to the company. Fathom agents currently pay a small flat $550 transaction fee on their first fifteen sales, at which point they cap. Once a Fathom agent caps, their transaction fee reduces to only $150 per sale. Fathom’s cap works much like other traditional split companies in that the agent remains ‘capped’ for the remainder of the year before the cap resets, and they go back to paying $550 per sale.
With this new referral program, when a Fathom agent refers four other agents to Fathom Realty, they will be capped for life. Meaning their transaction fee will remain at the lower capped fee of $150 per sale for as long as they are with Fathom, even if one of those four agents leaves Fathom in the future. Better yet, when they refer an additional four agents, they will become free for life, never paying another fee to Fathom. The plan is on top of the stock grants agents already receive for each agent they refer to Fathom. With the current market conditions, the timing of this program could not be more vital as it puts even more money into their agent’s pockets.
“Currently, over 35% of our agent growth comes from our agent’s referrals. So we wanted to thank them by providing them with greater and more permanent benefits for their referrals. We have already seen an increase in agent referrals and look forward to seeing how our agents take advantage of this new program,” explained Josh Harley, Fathom’s Founder and CEO. “We believe an agent should receive the highest commission possible for their transactions and be immediately rewarded for their referrals rather than depend on others.”
This new agent referral program can also improve real estate team recruiting and retention. When a team leader joins Fathom Realty, they immediately receive credit for the agents on their team. That means a team leader with four or eight agents will be capped for life or free for life from day one.
Many companies provide incentives for agent referrals, but none directly and immediately reward their agents as Fathom does. By offering lower transaction fees and stock grants for referrals, Fathom is significantly improving its agents’ lives. The typical agent who joins Fathom saves an average of over $12,000 per year and increases their business by an average of 49%, thanks partly to the significant savings in their commissions.
To learn more about Fathom Realty and its CAP4Life and FREE4Life referral programs, visit https://fathomcareers.com/cap4life/.