I have a partnership with an attorney and a Realtor.
We made our first deal and when deciding how to split the margin the "work" made by the attorney and the realtor was deducted from the final margin.
Thing is, that all of the partners had different tasks however, only the attorney and the realtor demanded their work to be paid.
Of course now we are defining the rules prior to the next deal, however I would like to hear your thoughts about this
Wow, hopefully you made some money since your worth , was not!
Was their an understand of your role and the worth of your role?
If not, be sure to value your hourly rate of that of the attorney, the
attorney just has his secretary do 95 % of the work anyway.
He may have to pay his paralegal $35 a hour to do her part.
I have no problem with a good RE agent getting their split, as long as
its the going split. If the Real estate agent brought the deal to the table.
Then they are a greater partner.
Who ever brought the deal to the table should be in control.
A lot of a partnership arrangement is who is funding the deal is the most
valuable unless the work is funding by another partner and/or that partner
puts in more than the funding.
From your post, if they don't agree to pay your worth, get different partners
and put in writing everyone's split to the dollar!
Maybe your hourly rate is $200. Since the attorney's is?
Do you have as much experience in your trade as him?
Same with the RE agent?
If your busting your B----S to make the property in top shape, with your experience than
then your worth as much as them!
Good luck man
@David Avery i made money however it was after everybody was paid.
I also think that the RE agent deserves he's fee if he brought the buyer to the table.
Regarding the attorney my final conclusion is the same, to get another business partners.
The same question applies to architects, contractors, etc.
My thought process is: they are in the partnership as a whole. I'm not leaving parts of my expertise out, thus I shouldn't pay for theirs either
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