Should you use your friend as a realtor?

Should you use your friend as a realtor?

If you’re 100% comfortable entering a business relationship with them, go for it! A good agent who is also a good friend “is going to work harder for you than any other agent you can hire,” Freund says. ” Not only will they work hard, but they may be better able to understand your specific needs.

Does a real estate agent work on commission?

Do real estate agents get paid weekly? Real estate agents do not get paid weekly. Instead, they work for commissions on the sales they make. These commissions are split between the agency and the agent and are paid following closings.

How do I prepare my house to be a realtor?

Here are your bare minimum requirements to get your home agent-ready:

  1. Clean everything off the kitchen counters.
  2. Remove from the refrigerator magnets, clippings, your children’s artwork, etc.
  3. Put away all personal photographs and photos on the walls.
  4. Make the beds.
  5. Vacuum and sweep the floors.

Is Redfin really 1%?

Redfin brokerage firm is now charging just one percent to sellers in 18 new housing markets after determining that the reduced commission model worked well in the Washington, D.C., metro area, Baltimore, Chicago, Denver, San Diego and Seattle.

Can a real estate agent pay a commission?

If an agent is properly licensed during the entire time he/she worked on a listing, the broker can likely pay the commission due under an independent contractor agreement – even if the agent’s license becomes inactive later.

How does the Florida real estate commission work?

The Florida Real Estate Commission (FREC) will not force a broker to pay the commission to the salesperson. However, if the broker does not satisfy that judgment in accordance with its terms, the salesperson can file a complaint with FREC for violating licensing law (Section 475.25 (1) (d), Florida Statutes)

Can a commission be paid to an employee?

If part or all of the service charges are paid to service employees, that payment may be considered commission and, if other conditions in section 7 (i) are met, the service employees may be exempt from the payment of overtime premium pay.

Can a person rebate a portion of their commission?

However, there is an exception: You may rebate any portion of your commission to a party to the transaction, as long as you make appropriate disclosures “to all interested parties.” This should include any person or entity involved in the deal.

Can a real estate employee be paid commission only?

Commission only is a term for employees who work in property sales or commercial, industrial or retail leasing as a Real Estate Employee Level 2 or higher and agree to be paid on a commission only basis. If someone is engaged as commission only under the Real Estate Award, the normal minimum wage doesn’t apply. Can I be paid commission only?

Can a real estate agent share Commission with buyers?

short answer is yes if the buyers lender will allow it and knows about it and if the Agents Broker will allow it and knows about it. ALL monetary credits to a buyer in a real estate transaction must be listed on the HUD-1 and disclosed to the buyer’s lender.

What is a fair amount to pay for real estate commission?

What is a fair amount to pay for real estate commission? “Fair” is whatever you and the agent decide is fair, and just as you are not under any obligation to pay more than you want to, the agent is not under any obligation to do business with you if they are not going to earn what they want.

Do you get paid on a commission only basis?

Commission only payments Commission only is a term for employees who work in property sales or commercial, industrial or retail leasing as a Real Estate Employee Level 2 or higher and agree to be paid on a commission only basis. If someone is engaged as commission only under the Real Estate Award, the normal minimum wage doesn’t apply.