Do you have commission only employees? If you do, then you must review their performance every 12 months!
Each year at this time, we like to remind our members that for commission-only salespeople who were employed by your agency on or before the 2nd of April 2018, the 1st of April is an important date.
For these employees, the 1st of April is the date that the commission-only employee must have their commission income assessed for the previous 12 month period. If the commission only employee’s income falls short of the Minimum Income Threshold Amount (MITA), then the employee is not permitted to continue to be employed on a commission-only basis.
For a Real Estate Employee Level 2, the current MITA amount (as at 1st of April 2024) is $65,036
For commission-only employees employed after the 1st of April 2018, this MITA review must be undertaken annually on the anniversary date of their employment each year.
If you are a REEF member and it appears that you have a commission-only salesperson who will fail their annual MITA review, please contact the REEF Helpline on 1300 616 170 or [email protected] to discuss your options
