Does anyone have information on agent becoming Real Estate Partners and Co-listing properties?

Question

I am considering partnering with another agent in my office to sell real estate and advertising. I am a new agent and I want to know if anyone is doing this and how they are handling the commission splits on the the listings. Also, are you using written contracts to govern your partnerships? Are there any drawbacks that any of you have experienced?

Answer 1

its usually a 50/50 split, there;'s usually no special contract- except the selling contract should have both of your names listed with signatures.
and in most cases- if you are a new agent- other agents in the office are there to help you to some extent without co-listing, for the most part many people remember how it was facing things on their own in a new office and new career and are willing to help, its almost expected in most offices.
besides that - your broker has agreed to take you under their wing and show you the ropes, you are already splitting commissions with your broker- so they should be the ones helping out.
As for drawbacks- well real estate in my opinion is a dog eat dog buisness- commissions put food on the table , and because of that I have noticed alot of unethical things occur. Thats not to say the agent you paired up with is like that- but its something to watch out for. Just be careful, and make sure your broker kows about how you plan on splitting commissions.
good luck

Answer 2

Not quite: Real estate agents are not stock brokers, and their buying or selling of a property does not affect the value of the a company for other stockholders or manipulate the market to give a false idea of the worth of a company, which is what insider trading laws is designed to curtail. Yep, they have first shot at properties. No doubt about it. That's why a lot of investors choose to get their license, to be able to plug into the network. But keep in mind that a LOT of "flips" are never on MLS in the first place, as they are immient foreclosures, abandoned properties, etc. Very few properties get listed on MLS waaay under value, if an agent has been doing their homework on comparables, etc. Also, an investor would be wise to make friends with a reputable agent who CAN be on the lookout for property that meets their client's criteria. Many, many agents don't have the desire or ability to make a flip work -- they'd much rather pocket the commission on several houses for the same client! The only time it gets ethically shady is if an agent representing a client suddenly decides to buy that client's property. As it is impossible for the agent to be unbiased in such a transaction, an ethical agent would refer their client to another listing agent, an agent that will look out for the client's best interests.

Answer 3

Eight of us work as a group, but we rarely 'partner' on anything. We simply use the resources we have developed to benefit more than one person. Partnering can be dicey. If you agree on a 50-50 split and one person does more of the work than another, there could be some bad feelings which develop. I recommend going it alone.