Chicago-based brokerage and technology firm @properties | Christie’s International Real Estate has introduced a new fee on agent commissions, according to a recent article published by the The Real Deal.
Co-CEOs Thad Wong and Mike Golden, who acquired New York City-based brokerage Christie’s International Real Estate in December 2021, told agents in an email that the company is adding a 1% agent services fee on gross commissions for company-owned @properties offices.
The company leaders cited low brokerage revenues and high expenses as the reasons behind the move, according to TRD.
“Inflation has hit everyone including @properties, and today it costs significantly more to run a large brokerage firm than it did just a couple of years ago,” the email stated, noting that it was “incredibly hard” to keep the fee as low as possible.
The fee will apply to transactions closed on or after April 1. It will be shared between the agent and the company, “depending on previously established splits.”
However, the fee will not extend to @properties franchises or Christie’s International Real Estate franchisees, according to the report.
The company also announced that it will increase its MLS fee for transactions by $100 for outside brokers. The fee was previously $395 and will increase to $495. The fee for in-house agents will remain at $250.
Christie’s International Real Estate is an invitation-only affiliate network operating across nearly 50 countries and territories.
