Real Estate

Are you referring the the broker in charge (BIC) or someone who has their brokers license but is not in charge of the office?

Everyone else is answering based on BIC so I will as well.

When you affiliate with a firm you negotiate your independent contractors agreement with them. That is what will determine your split with the firm. For example: If you have negotiated a 50-50 split you get 50% and the firm gets 50% of the commission. If you have negotiated a 70-30 split you get 70 and firm gets 30.

Some firms work on a 95 or 100% percent split but the licensee pays a desk fee on a monthly basis or commits to pay a certain amount to the firm for the year.

Some firms work on a flat fee per sale to the agent. This is usually the discounted brokerages. I am aware of one company that only compensates the licensee with $600 per transaction.

It all depends on how the firm operates and what the licensee agrees too.

In most cases the BIC does not receive the firm portion of the commission. The firm gets it and pays the BIC a salary plus an override of what the office produces or the net income to the office.

Most companies do not negotiate their splits just as they will not allow their agents to negotiate commission rates.

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we but an offer on a house sat morning. it is now sunday when should I hear back from our agent. I feel as though she has too much going on in her personal life to get the job done. we have sold our home so now time is limited in finding a new home. Am I expecting too much from her if I need her to work nights and weekends for us???

Give it more time, lots of time if it is not being sold by a private party. I hope she told you not to bother with short sales if time is an issue for you.

Yes, it is reasonable to expect her to work 9-5 with the banks, inspectors, title companies, etc, and nights and weekends with you and other buyers. Those are the hours of the profession she signed up for.

I would really love to change careers and realestate has always interested me. I have a high school diploma and have operated a successful home based business for 12 years. I am afraid it will take years to make any money in realestate in London, Ontario, Canada. Any one have any input to help me make my decision?

You can make the 50k right away, even in your first year! It all depends on how many houses you sell. Sure when someone is looking for a realestate agent they look for experience, but not always. Right now its not a good time to go into realestate because the market is so down and it doesn’t look like it will increase in the near future. I’m sure you can get 50k in your first year but its not an easy job, you must work hard and let a lot of your time go towards your clients, its not like you have work hours and personal hours like you do in some other careers. Good luck in what you choose.

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Lol, you don’t need to be good at anything to be a real estate agent. It’s a job where you take a 2-4 week class depending on what state you live in. The classes aren’t even all day long. You take some cheesy 100 question (give or take) exam. I’ve taken harder exams in accelerated junior high courses. It takes more time, money and effort to get your certification in refrigeration or plumbing than it does to be a real estate agent.

In a hot market, you don’t have to do anything except know how to breathe. In this current market, whether or not you can sell depends on if you can be nice to your clients. The hardest part will be learning to talk a good game if you can’t do it naturally. Otherwise, you just have to chase a lot of leads and talk to a lot of people. Oh, and you take a lot of digital pictures and craft listings. Essentially, you need arts and crafts skills.

All I can tell you is that there are a lot of real estate schools. If you find a company that you’d like to get down with, talk to them. Many brokerages like ReMAX, have their own accredited real estate schools. If you sign up with them in advance, they will waive, reimburse or discount a lot of the fees you will have to pay in the course of obtaining your license. Good luck.

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I have a broker/agent, that I can never get in touch with. Never met her personally. She is the sellers grandaughter. Very frustrating when you have questions and she never has time for you. I want to get an agent that is there all the time and explains all the moves. What should I do?

Unless you have a contractual obligation to the current broker/agent, CHANGE.

dcnaughtonhttp://gdata.youtube.com/feeds/api/users/dcnaughtonEducationdean naughton, dean411, SEO, search, engine, optimization, realtor, training, technology, classes, coach, website, propertynut, coaching, agent listings, real estate training, real estate websites, realestate training, realestate website, realestate websites, realtor coaching, realtor education, realtor sales, realtor tool, realtor training, realtor web design, realtor websites, realtors training, realty website, sales evolution, seo and googleDean Naughton teaches SEO for Real Estate Agents Chapter 5

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The appraisal didn’t come high enough on the home we are going to purchase. The sellers are not willing to come down and the bank won’t borrow us the full amount. Our realestate agent has offered to lend to us the rest needed at a certain rate for 10 years. Is this legal?

He must disclose this to the vender’s as well as to the bank that is giving you the mortgage legally.Most agent do not do this as a practice.But if the bank will not give that much of a mortgage there is a reason(total debt service ratio,gross debt service ratio are not in line). This means that you probably can not afford the house and after about 6 months you will realize this and your nice agent will get a new listing and also collect interest on your second mortgage as you pay almost entirely interest for the first 3 years.