questions about real estate agents – what are brokers and what is typically the commission rate details below?
April 10, 2010
okay firstly do real estate agents buy and sell houses and property for people?
2. Also with real estate agencies do they hire the real estate agents to sell the house, make large profits and then give a small portion (commission) to the agent for selling the property?
3. Do people give properties to the real estate agents to sell/buy or do they sell property they buy themselves
4. What exactly are brokers?
Brokers are simply agents
commission 6 %
April 10th, 2010 at 3:57 pm
you take a state approved course and pass a state test to become a R.E. salesperson – work for a broker for at least 1 yr to be eligible to become a broker…take another state approved course and pass another state test to become a broker. traditionally R.E. people work for the person that wants to sell their house. as a person that wants to sell my house, i would list it with an agency and they would try to sell it for me. at the time of listing we would negotiate the % fee the listing agency would charge me – say 6%. now the listing agency controls that 6%, so they decide who gets paid what. if this agency belongs to multiple listing service (MLS) everybody in every agency that belongs to MLS can sell this property… the split of that 6% commission may be 50/50 or 3% for the selling agency
both the listing agency and the selling agency will split their monies with the agents involved
so what we have for that 6%
listing agency 1.5%
listing salesperson/broker 1.5%
selling agency 1.5%
selling salesperson/broker 1.5%
once a property is listed, everybody is looking for a buyer for that property
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April 10th, 2010 at 4:04 pm
Brokers are simply agents
commission 6 %
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April 10th, 2010 at 4:49 pm
brokers are like 6 %
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