Posted by mary on August 03, 2002 at 18:34:32:
Congrats!! for not being a realtor, you gave the most concise and accurate description of how it works and why each person involved typically sees 25% of that commission.
Realtor turned appraiser due to those low commissions. LOL!!
Mary
Realtor comission question… - Posted by RR
Posted by RR on August 01, 2002 at 22:23:29:
I am a realtor in florida, and just closed my first deal, the realtor that I am working with had a listing for 125k, charging a 5% comission,2.5% coba , 2.5% cotb, I brought the buyer and got a check for 25% of of $6250,00 on this afternoon I talked to her on the phone and told her that 50% of $6250,00 iS $3125,00 and she told me that was HER LISTING , and I got " 50 % " ofer listing , tomorrow I will talk to her in person to try to understand this comission cut.
any realtors out there that could explain me this?
I am a little confused
thanks
RR
Re: Realtor comission question… - Posted by Kristy-AZ
Posted by Kristy-AZ on August 03, 2002 at 24:01:13:
We can all give you advice, but the best thing to do is TALK WITH YOUR BROKER!! NOT the other agent! Your Broker is there to protect you and make sure you get your commissions etc. Don’t waste time talking with the other agent. If they know you are new, they will walk all over you. Go directly to your Broker and ask them what to do.
Re: All commissions are negotiable - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on August 02, 2002 at 19:43:42:
This means that whatever percentage that you negotiated in writing with the other office is the amount that you agreed on.
It sounds to me like you assumed that all splits are 50/50, which is very common in the marketplace. You probably have just cured yourself of the proctice of “assuming”. It happens to all of us sooner or later, if it happens twice that would be your fault. Just suck it up, call it a seminar and move on unless of course you do have an agreement in writing.
Actually according to FL Law… - Posted by Ed OrtizFL
Posted by Ed OrtizFL on August 02, 2002 at 18:44:02:
Real Estate sales commissions will only be paid to a licensed Real Estate BROKER who then will pay the Sales Person according to agreement between that Broker and Sales Person.
Re: Realtor comission question… - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on August 02, 2002 at 10:13:08:
If the other agent is giving you 2.5% of their commission, then your broker would get a check for $3,125. From that, your broker (according to your split) should be $2,812.50.
Did you send into escrow a form that tells escrow how to pay your office, or do you use these in your area? In my area, I would have sent in a commission disbursement form that tells escrow what my broker should receive. The other agent, the listing agent, would also send in a form but it will show their cut and the cut they are splitting to the cooperating broker. This is done so that if the listing broker was keeping 3.5% and giving you only 2.5%, the escrow department knows the proper split to apply to each broker in the transaction.
Talk with your broker on how this came out, and also talk to the escrow department to view the situation. Have you also checked to see that the actual incoming money from escrow is ‘less’ than the money due, but the difference is the money given to your office as earnest money? Thus your check from escrow is less because of this amount already in the trust account, but the total amount is paid in full?
Re: Realtor comission question… - Posted by Buck_GA
Posted by Buck_GA on August 02, 2002 at 09:56:03:
Call the local realtor commission and ask them to explain. I am surprised your broker didn’t have the answer.
Buck
Re: Realtor comission question… - Posted by Karen (MI)
Posted by Karen (MI) on August 02, 2002 at 08:01:25:
In a listing there are two sides, a listing side and a selling side. In Michigan if there is a co-broke it is usually stated in the agreement what the split is for the buyers side, say 2.5%. That would mean that the real estate office bringing the buyer would get 2.5% of the commission. What arrangements the agent has in that office would determine how much you would get. Is your office taking 50% of your commission? Check with your office to make sure of your split and if they aren’t you may be due more commission.
Re: Realtor comission question… - Posted by Dave
Posted by Dave on August 01, 2002 at 23:30:57:
I am not an agent, but I will tell you my understanding anyway.
In a typical sale of a listed property, there are four people splitting the commission. The selling agent’s firm and the buying agent’s firm each get half of the commission.
The buying agent’s firm splits their share of the commission between the broker and the buyer’s agent. The selling agent’s firm also splits their share of the commission between the broker and the listing agent.
If everyone splits their respective share 50/50, the listing agent and the buyer’s agent each get 25% of the total commission paid by the seller.
Re: Realtor comission question… - Posted by RR
Posted by RR on August 02, 2002 at 09:26:15:
well, the truth is that my office keeps 10% and realtors 90%, I’ll meet this other realtor today to find out why I am getting 25% .
thanks