Your Commission Split Doesn’t Matter It’s What’s On Your W2 That Counts [Video]
Not too long ago, I was in the middle of a heated discussion among bankers about their commission splits. Many of them made 1 to 1.5% of the loan amount they closed. One of the bankers, mentioned that his commission split was about 70 basis points or bps. This was less than half of what most of the others were earning. People commenced to tell him to quit, that he was getting ripped off.
What the banker with the low commission split did next, silenced the whole group. He told them how much was on his W2 for the year and it was more than 99.9% of the members of the group. Then, he went on to talk about why your commission split doesn’t matter and it’s the W2 that counts. It’s not what you make per deal that pays the bills. It’s what you can bring in overall that counts.
He went on to talk about how 1.5% of nothing was still nothing. This particular banker was old school. He’d been around the mortgage business for a few decades. He’s seen some sh!t man. Enough sh!t to know it’s about how much money you earn, not your commission split.
Getting a salesman to focus on his commission split instead of potential earnings, is like getting a car buyer away from price and on to payments. It’s a magic trick with one hand distracting while the other does its thing. Commission splits are important, but they are not the be all end all when it comes to earning money in sales.
In this video, I’ll explain what to look for, what to ask for and what matters when it comes to working in a commissioned sales job. There’s more to making big money in sales than just what you get off of each sale. Learn all about what you need in order to make the most of what you got when you get it.
Last of all, if you’re looking to make a serious investment into yourself or your company and you’re ready to bring me and my team on board to help you grow, fill out the form below. I’m not cheap but I don’t require health benefits, any office space or employer taxes. My team will make you a profit if we work together.