Commission
From CaseyPedia
A commission is a payment that is received in exchange for arranging a transaction, typically a percentage of the total deal amount.
Mortgage brokers and real estate agents are professionals whose income depends entirely on commissions. Sales people are also usually paid commissions, or occasionally a small salary plus commissions.
In addition, commissions represent a real opportunity for entrepreneurs seeking unlimited income potential. Casey Serin has noted that many of the opportunities he has found in his inbox involve commission-only deals. In one laughable statement, Serin suggested that if he is able to find a buyer for a $1.5b casino, he could "easily" earn a $15m commission:
- He learned, through his blog, of a $1.5 billion Las Vegas casino for sale. If he can find a buyer, Serin says, he'd get a 1 percent commission ($15 million) for his trouble. "Doesn't that make more sense than a W-2 job?" he said.[1]
In an email to his subscribers, Serin explained further:
- I've been invited to work as a commission-only account executive for a large capital brokerage firm out of Utah. We do commercial loans and private equity for projects $10 million and up. We also have a TON of big deals available. From prime developments in Costa Rica to private-sale buildings in San Francisco to billion-dollar casinos in Las Vegas to pools of mortgage notes, to an NBA team and gold mine for sale... you name it![2]
The "casino deal" claim was comprehensively debunked by Aspeth:
- Just having someone like Casey Serin sitting at the table would muddy any potential deal. Hell, let's be honest. Just having someone like Casey Serin licking stamps in the mail room would muddy the deal.[3]
Unfortunately, Serin has not recognized that working on commission is often unstable and almost always requires significant concentrated effort.
[edit] References
- ↑ Casey Serin: The world's most hated blogger?, CNET News, May 14th 2007
- ↑ serin.us mailing, May 18th 2007
- ↑ Put It All On Red, Twelve Years of Being Annoyed by Chloe Sevigny, May 14th 2007
