i'm a new agent and will be listing one of my parents house soon. But i dont want to get rich off of them. I'm just trying to help them. What percentage should i charge. they say to just charge like normal because i didn't sell their house someone else would and they would make their money. i understand my broker still has to get paid. i cant do it for free. any agents that have been in this situation. i know i'll talk to my broker, but just wanted to hear some yahoo answers......oh by the way i'm in california. and it's my first listing. i thought about charging a reosanble percentage and then giving them money back once i get paid......but i dont know.
2006-12-26 17:23:09 · 12 answers · asked by sexy-cecy 3 in Business & Finance ➔ Renting & Real Estate
also my parents are trying to sell the house fast, so by having a small commision split i'm afraid it will stay in the market longer because agents wont wan to show it
2006-12-26 17:31:48 · update #1
I would advertise the property with a 3% commission to the buyers agent. This will at least get those agents to look at this home. As far as your compensation this needs to be brought to your brokers attention. He/she may allow you to lower his share to 1% only. This would still be a great deal for your parents. 4% versus 6%. If your in So Cal then you know this could easily save them more than $10,000.
Think of this as an employee discount. If you worked retail somewhere your family could maybe get a discount on what they buy in your store. They will still pay something at the register but now what everyone else pays. This is how you can assit them and still be able to sleep at night.
Good luck!
Kevin 866-562-6838 x 106
Kruorock@firstratelending.com
2006-12-26 19:49:24 · answer #1 · answered by Mudisfun 3 · 0⤊ 0⤋
You should charge the broker fee and any expenses you incur. Tell them you appreciate them giving you the listing and chalk it up to experience and don't forget to thank them. If they want to give you a gift after, you can ask them to have some real estate agent signs made for you, or a website or some other expense such as licence fees, business cards, etc. This way, you won't feel guilty charging them... Do keep in mind tho that if you have to share the listing, you will have to ask your parents to pay a percentage to that other agent....
Good luck... and if you want to sell the house fast, you should think about finding a professional home stager in your area... the average cost of staging a home is less than a first reduction in the asking price.... and the average return on the investment is about 169%... not shabby...
Enjoy your new career....!
2006-12-27 02:02:16 · answer #2 · answered by The ReDesign Diva 7 · 0⤊ 0⤋
I don't know about CA but in other places it is illegal to rebate part of your commission. Charge the market rate less 1% but split full with the buyer agent. Ex: if 7% is usual then charge 6% but pay 3.5% as you would for someone else. You are going to work harder for this one than most so get paid for it.
2006-12-27 10:17:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would charge them the broker's fee ONLY!! What did they charge you for living in their home? Why would you take the money pay taxes on it then give it back to them? Thank them for having enough confidence in you to list their home with an inexperienced broker. Thank them for allowing you to gain some experience and confidence. Tell them you wouldn't DREAM of taking their money under ANY circumstances.
2006-12-27 01:37:37 · answer #4 · answered by thirsty mind 6 · 0⤊ 0⤋
Dont be crazy. How can you charge your parents? After all they have brought you up to what you are today. Put yourself in their position and then see. Tomorrow if your child does a transactrion for you, would you like it if he charged you, you may say yes you wouldnt mind paying after all he is your child, but it is not right.If they pay out of their own will, accept whatever they give as a blessing. and if they dont dont ask.With God's grace you'll make much more than what you are expecting from your parents as commission.
Rajiv
2006-12-27 04:47:40 · answer #5 · answered by rajivapunjabhi 2 · 0⤊ 0⤋
If your parents insist on paying, charge them the lowest percentage allowed, that your broker won't cringe over.
Then, when the house is sold, pay the broker his/her portion and give the balance back if you feel guilty about accepting it.
2006-12-27 01:28:49 · answer #6 · answered by Ambassador Z 4 · 1⤊ 0⤋
Charge the lowest fee that will cover your broker and any out of pocket expenses....give anything over that back to your parents....let them know that them giving you the listing for experience and their trust in you is payment enough and to please refer people to you (offer a finders fee)
2006-12-27 01:33:23 · answer #7 · answered by Teri 2 · 0⤊ 0⤋
1%
2006-12-27 01:25:18 · answer #8 · answered by Myspace/UltraFMonline 2 · 0⤊ 0⤋
I wouldn't charge them anything or give them whatever you charge afterall, they have supported you all those years.
Keep money and family separate.
Never do any deals with emotion. That includes with the family.
2006-12-27 01:50:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If you are going to be a Good Realtor not only do you need to sell your soul to the devil but also sell out your parents.
2006-12-27 02:27:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋