It's because i going to be real estat agent and i just want to know if i have to split the commission with the broker even though i own the house.
2007-05-23 12:25:39 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Why would there be a commission to split???? I did this very same thing and I almost got my rear in a bind doing it. I DID NOT disclose to my client that I was a licensed realtor. Big NO NO. Now it may be differnet in your state but here in Texas a licensed realtor must disclose to the customer two things in this situation. 1. You are the owner of this home and 2 that you are a licensed realtor or you too can get in deep do do.
2007-05-23 13:34:39 · answer #1 · answered by Dano N 3 · 0⤊ 0⤋
Each Broker is different. Some brokers want the split even if it's you're own home you're selling,
some will just charge a small transaction fee
some will allow 1 or 2 personal "free" sales per year.
Do you know which brokerage you'll be working with?
Start asking the brokers now to see what their policies are.
2007-05-23 14:29:08 · answer #2 · answered by Miss Emily 3 · 0⤊ 1⤋
Look, you can sell your home without paying your broker if the transaction does not involve your broker's license. For example, you did not use the broker's name or company (like Century 21) on your advertisment or legal forms. So if your broker can't get sued in the transaction, then he/she is not entitled to a commission.
As a seller of your own property, you can pay anyone who brings you a buyer, whether they are licensed or not.
The responses that state "It depends on your broker" are false. My agents, like any other person with real property, are free to buy or sell without paying me a dime.
Regards
2007-05-24 13:35:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
i'd get my own agent. keep in concepts the agent who's promoting the residing house is getting paid a commision on the sale as a share of the sale value. The more beneficial the residing house sells for the better their commision. hence they have a vested interest in getting the optimal value conceivable for the residing house. You own agent has an interest contained in the sale value besides yet no longer a intense of a stake and could be more beneficial than chuffed as an instance you different properties to analyze. they're going to also help you contained in the negotations more beneficial... i.e. the carpets prefer to be replaces or different issues that prefer to be fastened earlier you pass in.
2016-10-18 09:57:31 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It depends on how you propose to sell. If there are advertising costs involved, signage, and other things you expect the broker to pay for, yes, you will have to pay a percentage. Many brokers will give you a break on the charges, but at a minimum expect to reimburse the firm for any costs it incurs in generating a buyer for your home.
2007-05-23 13:59:27 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
If you sell it for sale by owner, you owe no commission. If you are going to list it through your company and put it in MLS, then you need to talk to your broker. If it goes in MLS and another agent sells it, you would have to pay their part of commission.
If you sell it for sale by owner, you will need to indicate in your ad that you are the owner but also a licensed agent. Most states require this public disclosure.
Todd
MillionaireCoaching.com
HomeBuyingSecretsExposed.com
2007-05-23 12:39:15 · answer #6 · answered by Todd B 2 · 1⤊ 1⤋
Ask your broker what they require. You most likely will not because you are the seller so why would you charge yourself a commission??
2007-05-23 12:33:20 · answer #7 · answered by ♥ Emily ♥ 5 · 0⤊ 0⤋
why not buy the house, paying your self 0 commission and then half of 0 is still 0?
2007-05-23 12:33:55 · answer #8 · answered by jacksonphisig 4 · 0⤊ 0⤋
Each broker handles these situations differently and it should be discussed in your independent contractor agreement btwn yourself and your broker.
2007-05-23 14:53:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋