#realEstate #Commissions #RealEstateAgent
In this video, I will talk about how real estate agents get paid.
This one is for real estate agents and consumers.
It will be very useful knowledge, especially if you are a new agent or about selling or buying real estate.
Traditional Real estate sales agents work on commission.
As you work as an independent contractor, even if you work in a real estate brokerage, you still an independent contractor,
The commission is set on the agreement before the selling process,
For example, it could be 6%, and it could be divided between the seller and the buyer, and in some cases, you could be the seller and the buyer.
And this commission is decided upfront, meaning if someone asks you for any money outside it, do not pay him.
The commission split:
A brokerage commission split of 80/20 means that the real estate agent will get 80% of the gross commission, and the brokerage will get 20% of the gross commission.
And this commission split could be different from one brokerage to another.
3:37 Franchise fee
A brokerage could apply a franchise fee and this fee gets deducted from the total amount of the commission.
In the beginning, you could have a mentor who shares 50% of the commission, and this could be for the first 2 – 3 sales to help you as a beginner in real estate, or if you don’t need one, it is up to you.
All of the above rely on the sale close, as you only get paid when the real estate sale is closed.
With this knowledge, you can plan for your career as a real estate agent on solid ground based on reality and not speculation.
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