Posted by brandoncbsre on February 14, 2009 at 16:58:26:
I’ve gotten around this by having my Broker represent me and splitting 50/50 anyway.
Agent Commission on own transaction - Posted by Horhay
Posted by Horhay on February 14, 2009 at 01:01:27:
Can a real estate agent receive a commission representing themselves when buying his/her own property?
Normal to do so, but… - Posted by John Merchant
Posted by John Merchant on February 15, 2009 at 11:25:44:
Just remember to fully disclose when you’re selling.
If you currenty watch MLS and/or newspaper ads, you’ll frequently see “agent owned. 3% SOC” so selling agent knows you’re te owner and he’s only going to get 3% gross SOC to his office.
Now question for you…do you suspect that the selling REA isn’t going to be realy excited about his only getting a piece of that 3%?
If so it might be worth more to you to give Sslling REA ALL the commissions.
Re: Agent Commission on own transaction - Posted by BTI
Posted by BTI on February 15, 2009 at 11:10:40:
Horhay
Why would you want to? In most instances it is better just to have the price reduced or closing costs paid by the seller.
Why pay the self employment taxes, etc. I’m assuming your talking about listed properties. I just have the listing agent reduce the selling fee by the amount he would have paid me as selling agent, and reduce the sales price accordingly. Seller loses nothing, listing agent loses nothing, and I don’t have to come up with the tax money by April 15th.
BTI
Re: Agent Commission on own transaction - Posted by Lee
Posted by Lee on February 14, 2009 at 23:21:22:
Normally a lender won’t pay a realtor a commission if they are the buyer and the selling agent. Also your E&O insurance won’t cover transactions that you are a part of.
The way that my office gets around this is that I pay my broker $500 to be the selling agent. When the lender cuts a check to the selling agent it is made out to my brokerage. My broker deposits the check into the brokerage, takes his $500 cut, and then makes out a check to me for the balance.
Re: Agent Commission on own transaction - Posted by Natalie-VA
Posted by Natalie-VA on February 14, 2009 at 06:52:26:
Yes, but if a lender is the seller, they may not be willing to pay a commmission to a buyer’s agent when they are also the buyer.
–Natalie
Re: Agent Commission on own transaction - Posted by thutch fl
Posted by thutch fl on February 14, 2009 at 05:07:14:
yes in florida. maybe not in other states.