Wolverine Development Corporation Commission Policy
We enjoy an outstanding relationship with commercial real estate brokers and have established a spotless record of paying commissions when they are due – usually the very day they are due.
We pay brokerage commissions to licensed individuals who procure tenants or purchasers for our business properties. If a lease is consummated with a business represented by a broker, then we pay based on a 6% split – that is 3% of the lease payments during the original term of the lease – to the procuring broker. The commission is paid immediately upon the following events:
- The first half upon full execution of a lease and removal or waiver of any contingencies; and
- The remainder upon tenant’s opening for business at the leased premises.
If we have listed the property for lease with another broker, as we often do, then the same applies, but the commission is paid from the proceeds of the broker we have secured.
We also pay finder’s fees to non-licensed individuals.
While we typically do not pay commissions directly to brokers representing us in the purchase of a property, we will recognize the first broker to bring us a property for sale, even if it is listed with another broker. Put another way, if you are the first to show us or tell us about a property for sale, then we will recognize you in our consideration and possible purchase of the property.
If you have any questions about this policy or any other matters relating to our ongoing work with the commercial brokerage community, please contact Joe Maguire at 517-337-8282 or 616-458-8282.