Frequently Asked Questions
We know that sometimes it can be scary to take that first step 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 go ahead answer some of the most common questions we get asked right now.
Q. How Saba Realty can offer such a low cost business platform to agents?
A. The internet, big data and mobile technology have fundamentally changed many aspects of the real estate business. On the brokerage front, centralized back-office administration and streamlined deal processing, have resulted in huge cost savings for new brokerage like Saba Realty. This new business model allows Saba Realty to offer a ‘membership business model’ where agents pay just a norminal $360.00 a year management and administration charge.
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 adopted a long term view to build the company's business. The company envisions that over a period of 3 to 5 years, the company can be profitable when the company has 500 or more active agents. With 500 agents producing say, between 2 to 4 deals per year, we estimated the company will receive between $350,000 to $700,000 each year. In addition, each agent paying $360 a year annual admin./accounting fee, will provide the company an extra $180,000 revenue.
Q. What is the cost to join Saba Realty's "No Monthly Desk Fees" program?
There is a one-time $500 joining fee to participate in the company's "No Monthly Desk Fees" business program. We also offer a referral incentive of $150 for each agent is referred to join Saba Realty. We believe in building a community of agents who can share information and help one another in their business.
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 20% referral commissions and the agent keeps 80% of the commission. The company is actively marketing the use of its MLS® Search website to home sellers and buyers.
Q. How does the 'Saba Deal Centre' work?
A. Saba Deal Centre is a centralized real estate deal conveyance service for REALTORS®. Saba Realty takes care of the accounting, conveyance and adminstration of a deal and pay out the commission to the agent after deducting the deal fee in accordance to the agent's Independent Contractor Agreement.
Q. What Are Saba’s Fees And Charges?
A. Unlike other brokerages, Saba's business model charges "No Monthly Desk Fees" to the company's agents. Saba Realty's Transaction/Deal Fee is at 3.5% of your earned commission for the deal (if your gross commission per end is $10,000, the deal fee is $360). The minimum commission charged is $250.00 and the maximum charge is $625.00 for high commission deals over $17,900.00.
Q. Are There Other Charges?
There is an annual administration/accounting fee of $360.00. Saba Realty's annual admin/accounting charge is prepaid, and it is due and payable the first week of January each year. The prorated cost is $30 a month for the first year that an agent joins the company. All other fees and charges payable to Saba are outlined in your Independent Contractor Agreement you signed with Saba.
Q. How To 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 new agents, REBGV and FVREB have theiri own new membership application form that are required to be completed by a new agent to apply for membership with their respective real estate board.
Q. Does Saba Pays The $250 Licence Transfer Fee?
A. No. You will have to pay your $250 licence transfer fee to the real estate council. Saba can provide you some start up business cards.
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 the FVREB, the Board is planning to offer 'Agent Pay' system in the near future. As of now, agents at FVREB will bill Saba Realty an agent's board expenses. In turn, Saba Realty will bill the respective agent their monthly expenses.
Q. Is Saba Planning To Open An Office Near To Where I Work?
A. Yes, beside our current Richmond and Surrey offices, we have already identified Vancouver, Coquitlam and North Shore to locate our next 3 satellite offices. We will act on our agents' feedbacks to consider adding other satellite offices close to where they work.
Q. What If I Have Other Questions?
A. You are welcome to talk to us and ask any other questions you may have about your transfer or Saba’s support services.