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03-20-2007, 05:36 PM
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Senior Member
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Join Date: Feb 2007
2,759 posts, read 2,530,827 times
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Is there any such thing as a broker rather than a realtor?
We are NOT looking to sell right now, but I was just curious.
We were able to use a broker to sell our house in CA and the broker and buyers' agent took a total of 4% of our sale rather than the usual 6%.
Thanks,
dawn
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03-20-2007, 05:39 PM
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Senior Member
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Join Date: Jan 2007
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Commissions vary from agency to agency. In North Carolina all Realtors are or will eventually be Brokers. When you are ready to list your home for sell is the time to discuss commission with your Broker.
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03-20-2007, 07:40 PM
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Senior Member
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Yes, but if they work for an agency they need to pay their agency 1.5% and the buyer's agency and agent another 3%. That is 4.5% right there.
Saying that all agents are brokers doesn't mean that work independently.
Guess my symantics weren't right.
Dawn
Quote:
Originally Posted by businessperson
Commissions vary from agency to agency. In North Carolina all Realtors are or will eventually be Brokers. When you are ready to list your home for sell is the time to discuss commission with your Broker.
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03-20-2007, 08:01 PM
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Not a member
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Join Date: Aug 2006
Location: Cornelius
2,309 posts
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All Realtors are agents (and soon to be brokers;law changes in NC) not all Brokers/Agents (if you will) are Realtors
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03-21-2007, 09:06 AM
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Senior Member
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Join Date: Feb 2007
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So all realters will be independant soon? Or will they still work for agencies that they have to split commission with?
Dawn
Quote:
Originally Posted by CharlotteAgent
All Realtors are agents (and soon to be brokers;law changes in NC) not all Brokers/Agents (if you will) are Realtors
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03-21-2007, 09:36 AM
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Not a member
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Join Date: Aug 2006
Location: Cornelius
2,309 posts
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New Agents have to get there Brokers License within 3 years and are required to take a 90 hour course with 30 hours min. each year.
NC will not have any salesagents just brokers. New licensee's will have to be active under a BIC (Broker in Charge) for at least two years before opening up there new company.
This IMO is a good thing. At least they will have some on the job training.
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03-21-2007, 09:47 AM
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Member
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Join Date: Nov 2006
57 posts, read 91,242 times
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If you are looking to keep your commission costs down, here's another alternative. I think the call it "Flat fee MLS listing". Google it and you'll find a dozen websites that offer this service.
Essentially it works like this:
You pay a Flat Fee MLS Listing service a fee of about $200-$400 to list your house in your local MLS Service. You agree to show your house and arrange appointments/open houses, etc. If a buyer makes an offer for your house and he/she doesn't have a broker, you pay 0% commisssion! If a buyer makes an offer for your house, but he/she was brought in by a realtor, then you pay just the buyer's realtor commission. (You get to set the commission when you sign up with the Flat Fee Listing Service.)
I did this myself in NY and it worked great. Not only do you save half or sometimes all of the commission, but you get the visibility of having your house listed on your local MLS website.
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03-21-2007, 10:07 AM
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Real Estate Agent
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Join Date: Aug 2006
Location: Burlington VT
1,405 posts, read 1,257,892 times
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A Realtor is a member of The National Association of Realtors.
The word Broker means different things in different states, but typically to own or run a real estate office, a person must hold a brokers license, rather than a salesperson's license.
The commission structures vary widely:
In the majority of offices the commission dollars are split 6 ways before anybody pays taxes on them: half goes to each office, then the corporate entities take a big chunk right off the top, then the office pays the agent a split that depends typically on how well the agent's been doing.
The fee charged by an agent is a matter of negotiation between the seller or the buyer, and the agent. I negotiate my fee each and every time I begin a professional relationship. And yes, there are indeed companies which specialize in offering thier services ala carte. MLS for a flat fee and so forth.
hope that helps...
David
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03-21-2007, 10:14 AM
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Member
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Join Date: Mar 2007
Location: Charlotte, NC
82 posts, read 94,430 times
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Realtor is a copyrighted term & just means they're a member of the National Assoc of Realtors.
Commissions are ALWAYS negotiable. Most big firms won't cut deals, but smaller ones usually will.
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03-21-2007, 10:54 AM
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Member
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Join Date: Jul 2006
99 posts, read 144,931 times
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Realtor is just that.....a realtor
Broker is someone who owns an office and has his/her broker's license
'Broker associate' is a realtor who has his/her broker's license, but still works for a broker
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