For those of you that thought you read the title wrong, I can assure you that you did not. You might be asking yourself: “how can a freight broker afford to compensate its agents with 100% commission and still profit?” – Don’t worry, everything will become clear by the end of this article.
In fact, after reading this and understanding the multitude of benefits, you’ll probably be asking yourself why more freight brokers aren’t replicating it or at least offering a similar type of compensation plan. However, this structure for freight broker agents is not a one size fits all system; a brokerage must be set up in a way that it is can accommodate something with this mold.
The company behind the commission
Currently, Eagle Express Service – a non-asset based freight broker on the outskirts of Los Angeles, California and is the only brokerage in the industry that has introduced this commission structure. In fact, the next best commission split being offered is 70/30, with 70% commission going to the agent and 30% going to the broker. Even receiving this large of a split is difficult to come by and is usually only offered if you’re meeting a certain amount of monthly/annual revenue (i.e. $1,000,000 or more in annual revenue).
If you know anything about freight brokerage (which I am assuming you do if you’re reading this), then you know how difficult it can be to move the kind of volume required to hit that target. At Eagle, there are no million-dollar minimums. You receive the 100% commission without any of the contingencies.
No contingencies or hidden fees
You may be thinking: “alright, this all sounds fine and dandy, but what’s the catch?” I can assure you, there is no “catch” or even any “hidden fees.” Eagle Express has simply developed a more progressive structure to their freight broker agent program.
What makes it more progressive?
Well, rather than splitting commissions with their agents, all the brokerage back-end support and resources are provided inclusive of a fixed 5% administrative fee taken assessed on the agent’s gross receipts. Included in that 5% is a state-of-the-art web-based Transportation Management System (TMS), which has been integrated with Truckstop, DAT, and MacroPoint satellite tracking.
DAT includes premium features such as RateView to stay updated on the going rates. The best part is that all these features are accessible from any computer, which gives you the freedom and the flexibility to work whenever you want, wherever you want.
As an agent, you receive back-end support services as well: customer invoicing, carrier settlements, carrier-vetting and set-ups, as well as payment collections.
Eagle has one of the quickest set-up processes for both carriers (10 – 15 minutes) and customers (same day). There is also unlimited financial funding for customers, so you can grow or expand your business.
Lastly, there is no non-compete contract with Eagle, so your customers remain your customers if you ever take your business elsewhere… not that you’ll want to.
Who is the right fit for this program?
So, you might be thinking, “wow, Eagle has so many good perks, why doesn’t everyone become an agent with them.” Well, to be completely transparent, Eagle isn’t looking for just anyone. Solid freight broker agents are hard to come by, and even then, they are usually already partnered up with another brokerage. If you’re an agent with another broker and you’re happy with where you are and the money you’re making, then it is probably in your best interest to stay where you’re at.
However, If the goal is to open your own brokerage, increase profits, work from home, and have the flexibility to work the schedule that you want, then leverage Eagle’s broker authority, surety bond, and insurances to operate your own freight brokerage. Consider the 5% fee like a factoring fee, which is what a factoring company is going to charge you, except they’re only focusing on paying your carriers on time. Eagle does it all!
Go ahead and apply
So, if you’ve gotten to this point and you feel as though you are a qualified candidate for the Eagle Express freight broker agent position, follow the link below to view available positions and submit an application today.