Frequently Asked Questions
We know that sometimes it can be scary to take that first step to change company, and you probably have a few questions. So, to help you feel fully confident in the decision you're about to make, let us take a minute or two to answer some of the most commonly asked questions about Saba Realty and the company's business system.
Q. In what way Saba Realty is different from other real estate brokerages?
A. Saba Realty is a 'No Monthly Desk Fees' membership brokerage. There are no commission split or other hidden charges. Agents are paid 100% of their commission, subject to payment of a transaction (deal) fee when the company processess a real estate deal for the agent. Agents at Saba Realty pay $360.00 + GST a year for management support, trust accounts, conveyancing service, sales administration, training, marketing and tech support. This yearly cost is equivalent to A DOLLAR A DAY for an agent to operate their real estate business at Saba Realty.
Q. How Saba Realty can offer such a low cost business platform to agents?
A. The internet has fundamentally changed many aspects of the real estate business. On the brokerage front, centralized back-office administration, streamlined accounting and deal processing have resulted in huge cost savings for new brokerages like Saba Realty. The company has low overhead costs and it operates its business on a diffrent cost model than traditional brokerages. Saba Realty's management is compensated based on a cost-efficient hybrid remuneration system and profit sharing when the company meets its performance targets.
Q. How Saba Realty makes money when the company charges no monthly desk fees?
A. The partners at Saba are active working REALTORS® who have a long term view in its business approach to build the company's business. The one-time $500 joining fee provides the company a small revenue to support the company's operations. The management envisions that over a period of 4 to 5 years, the company can be profitable when the company has 500 or more active agents. These agents are producing deals and paying their transaction fees as a part of the company's revenue streams. In addition, each agent pays $360 a year annual admin./accounting fee to support the company's operations. The one-time joining fee that an agent pays to join Saba Realty's 'No Monthly Desk Fees' program is a small addition to the company's revenues.
Q. What is the cost to join Saba Realty's "No Monthly Desk Fees" program?
There is a one-time $500 joining fee to become a Lifetime Member of Saba Realty. The company's yearly membership cost is $360 which is billed on the first week of January each year. The one-time joining fee is expected to be raised progressively over a period of time from $500 to $1,000. The company offers a $100 referral incentive to any agent who refers their friends to join Saba Realty.
Q. What other revenues the company is getting to maintain its operations?
We offer agents a marketing program that our agents can participate to increase their business. For successful sales, Saba Realty will receive 25% referral commissions and the agent keeps 75% of the commission. The company is active on online marketing using its propriotery MLS® Search website to attract home sellers and buyers to use the company's service.
Q. How does the 'Saba Deal Centre' work?
A. Saba Deal Centre is a centralized real estate deal conveyance service for its REALTORS®. Saba Realty takes care of every aspect of a real estate deal, from accounting, conveyance and adminstration of a transaction, and pays out the real estate commission to the agent after deducting the appropriate deal fee.
Q. What Are Saba’s Fees And Charges?
A. Unlike other brokerages, Saba Realty is a membership brokerage, and its agents have "No Monthly Desk Fees" to pay. Instead, they pay a yearly $360 membership charge for management and admin/accounting support to operate their business. Saba Realty's Transaction/Deal Fee is based on 3.5% of an agent's earned commission for the deal, with a minimum commission charge of $250.00 (where the earned commission is less than $7,142.86) and a maximum charge of $625.00 (when the earned commision is over $17,857.14) + GST. For example, if an agent's gross commission earning for a deal is $10,000, the deal fee is $350 + GST.
Q. How Do I Transfer My License To Saba?
A. This is a simple process. We'll provide you the real estate council licence application form "APPLICATION FOR REPRESENTATIVE, ASSOCIATE OR MANAGING BROKER LICENCE." Once completed, the form can be returned to us by email: firstname.lastname@example.org. Saba’s management will process your transfer application and send the form to the real estate council for processing. You will also receive from us the required notifiction form for your REBGV or FVREB membership change. For a new agent, a new membership application form from REBGV or FVREB is required to be completed to apply to become a member of the real estate board where the new agent wishes to operate.
Q. Does Saba Pays The $250 Licence Transfer Fee?
A. No. You will have to pay your $250 licence transfer fee by way of a credit card payment which the Real Estate Council of B.C. will deduct when the license is approved.
Q. What About The Board's Membership Fees, Title Search, Lockbox And Other Board Charges?
A. Saba is operating on REBGV's 'Agent Pay' system which the Board will bill the agent directly their membership dues, MLS accesss, sentrilock fee, etc. For agents at FVREB, the Board will bill Saba Realty's agent account for their board's expenses. Saba Realty in turn, will bill the respective agent their monthly expenses.
Q. Is Saba Planning To Open An Office Near To Where I Work?
A. Our Head Office is based in Richmond to cater to agents working in various cities around Greater Vancouver. We have a second office in Surrey to support our agents working in cities around Fraser Valley and Chilliwack District. As for other cities where the agents operate, we will response to our agents' feedbacks and needs to provide them additional support facilities in the future.
Q. What If I Have Other Questions?
A. You are welcome to talk to us and ask any other questions you may have about Saba Realty’s support services or how to transfer your license to Saba Realty.