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can somobody PLEASE tell me how the comission split is ? Im lost ! Is it like this :
Broker gets 20%
I get 80% but only if is my own listing and ina dual agency.
how bout if its not my listing ,I get some but less , if is within my company its better,another company is less, I mean this are just an example of persentages but whats the real split . ?
can somobody PLEASE tell me how the comission split is ? Im lost ! Is it like this :
Broker gets 20%
I get 80% but only if is my own listing and ina dual agency.
how bout if its not my listing ,I get some but less , if is within my company its better,another company is less, I mean this are just an example of persentages but whats the real split . ?
OK, in most brokerages, it works this way, very simplified.
1. When you join the company, you and the broker agree on an amount of your commission you will share with the brokerage. In some cases, it's 80/20 (you keep 80, they keep 20). Depending on your track record as a newbie or a proven producer, you may have a 70/30 split, or even 60/40 split, etc. Newbies tend to have to pay more than established producers, because they have fewer, if any, sales. Start racking up sales, and you can negotiate a better split.
2. If you sell a house for $200,000, with a 6% total commission (or whatever the common commission is in your area), your share will be almost always be half of the commission, or $6,000. And that's regardless of whether it's your listing or someone else's listing. The MLS information sheet will generally tell you what the commission is for a listing; with FSBO's, etc., you have to negotiate your own commission.
3. From that $6,000, you will give the brokerage the agreed-upon share. So, in this case, you would be giving the broker 20%, or $1,200, and you would be keeping $4,800.
4. ASK your brokerage what their policy is in dual-agency situations, and if they even allow them. Some only take their percentage on half of the commisson, some take their percentage on the full commission. It varies from brokerage to brokerage.
Commission splits are very specific to each office. My office offers an 80/20 split. It should be as simple as that but it never is. What if it's a dual agency? What if it's your own house you are selling? What if it's your kids house? What if the other agent is in the same office? There are all kinds of scenarios that could effect that split. It should be spelled out in the office manual. Sit down with your Broker in Charge and go over it with them.
Referral fees and franchise fees come off the top. Then whats leftover gets the split that you signed up for. If you get the whole commission same math applies.
Referral fees and franchise fees come off the top. Then whats leftover gets the split that you signed up for. If you get the whole commission same math applies.
Ah, yes, the dreaded referral and franchise fees. In Dblackga's example that $6000 can turn into a sub $3000 check to the agent real quick.
Ah, yes, the dreaded referral and franchise fees. In Dblackga's example that $6000 can turn into a sub $3000 check to the agent real quick.
Depends on the company -- the only additional fees that ours takes, other than their split, is a monthly fee that covers technology, desk rental, and one of the MLS membership fees, plus consumables like copies, etc. The office doesn't charge agents for referrals/leads that come in. But, different companies, different policies. The OP should definitely have a sit-down with their broker! Referrals from other agents, to me, are a different kettle of fish -- it's a cost of doing business, if you choose to take the referral. *shrug*
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