As a dual agent realtor, do you get both cuts that buyer and seller realtors get? What percentage of the sale do you get as a dual agent?
I think I’m out of getting new lights for a while
- Thread starter raggie33
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raggie33
*the raggedier*
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- Aug 11, 2003
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Dang seems complicated
IMA SOL MAN
Flashlight Enthusiast
Yep, that's why they have lawyers.
Guitar Guy
Enlightened
Yes, when you sell your own listing, you get both sides of the commission.
Around here, the typical commission, for decades, has been 6% of the sale. The listing company / broker gets half of that, so if you list and sell a property, you make 3%.
If the listing and selling agents are both with the listing company, each agent gets 1.5%. If the selling agent is from another company, the 3% sales commission is split on a 60/40 basis instead of 50/50, with the idea that the listing firm has spent money on advertising expenses.
Of course, you are working as an independent contractor for the broker, so you use your own vehicle, pay for your own gas, pay for your own health insurance, pay over 1k per year for MLS fees, license renewal, continuing education classes. You get paid on the sale only, and nothing for working in the office.
IMA SOL MAN
Flashlight Enthusiast
Yupp. My late father tried real estate, decided the broker was just using him to staff the office. Quit.
Guitar Guy
Enlightened
Bingo, most do quit. It is a very tough business, and takes a long time to get established. We get compared to lawyers, and there are some similarities, except in the $$$. I had customers tell me that I should have been a lawyer, and if I had it to do over, I would have.
Most agents either have another job, or a spouse who has a real job. Smaller areas in the heartland where most homes are under 100 to 200K, means you have to sell a lot of them, which means long hours, and taking phone calls from 7am to midnite 7 days a week, and while you're on vacation.
I ended up getting away from "floor time" at the office, because I got most of my business calls at home from referrals from satisfied customers. Half the time if I'd work the office, the secretary seemed to have a day off, and I had to juggle a zillion phone calls every 30 seconds, with no time to do my own business. I stopped being a free secretary, and stopped driving a half hour to go to the useless sales meetings every week. Pissed the broker off, but I told her I had offers from 3 other brokerages and can easily leave if she didn't like my method of working. NO - brokers don't want you going to work for the competition. Those women who worked there were scared to death of that witch, but I had her in the palm of my hand. She was a greedy unethical liar, and we despised each other. Four of us eventually left and went to Century 21 up the street.
I've gone mostly from sales to rentals.
aznsx
Flashlight Enthusiast
I think I'm out of getting new lights for a while
Me too (if anyone remembers what this thread was about).
Guitar Guy
Enlightened
Sorry @aznsx, but since it was the OP who mentioned buying a lot, and asked if it was smart to buy land, I got us off on the Real Estate tangent by answering his question, and then someone else's.
Yeah raggie threads meander, flit and flutter. No big deal.
Real estate agents also have to endure the dry patches and interest rate hikes.
Based on what raggie has said in the past, money invested in land can be very hard to cash out in case of fiscal emergencies.
Real estate agents also have to endure the dry patches and interest rate hikes.
Based on what raggie has said in the past, money invested in land can be very hard to cash out in case of fiscal emergencies.
By now Raggie has probably decided screw buying land I'll buy flashlights again.
Anyone wanna trade some buildable land for a large flashlight collection?
aznsx
Flashlight Enthusiast
Definitely a very un-"liquid" asset. Rather "solid" I guess. Always those pesky choices. Life - if it was easy, anyone could do it ;-)
