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So do you feel that the Realtor Association /MLS fees are a burden or do you feel that one transaction a year or so is worth the payments to the association? I guess you keep it the license active.
I keep the license active because i never know when a tenant is going to break a lease -
Annual association dues (local,state, & federal) run $450/yr, +~$400/ yr for mls access, + $300/yr for electronic key, +$300 to hang my license, +$200~ish per yr for the state license + continuing ed.
One transaction a year breaks even, two or more, and youre saving money. But to be honest, i would never have gotten the deals i've done without being an agent. Not many agents are going to spend much time helping you find $70k rentals.
I took a look at the Realtor Asso and dues in Las Vegas.
Here its : $560 for the year in dues, $440 for MLS, $100 MLS key plus (one time activation fee $100) ($275 refundable lease key deposit) or a person can do the E-key at $50 for the year.
Adding all that up is $1,000 + $100 (first time fee) + $275 deposit = $1375.
or Ekey way = $1,000 + $100 (first time fee) + $50 = $1,150
Those are the Realtor dues, then depending on what brokerage: KW is $45 per month and 70/30 split . Realty One is 100% with $100 per month.
Going with Realty One Group would be $1,200 a year.
So I would be in it $2,350 per year. Of course I could pay on a monthly basis. But I suppose one deal could pay for this per year at the least.
Quote:
Originally Posted by Zippyman
I keep the license active because i never know when a tenant is going to break a lease -
Annual association dues (local,state, & federal) run $450/yr, +~$400/ yr for mls access, + $300/yr for electronic key, +$300 to hang my license, +$200~ish per yr for the state license + continuing ed.
One transaction a year breaks even, two or more, and youre saving money. But to be honest, i would never have gotten the deals i've done without being an agent. Not many agents are going to spend much time helping you find $70k rentals.
You can totally list and potentially sell your own house as long as you disclose that you are an agent. If your property is upside down and for any reason require bank approval to sell, you can hang it up. The bank will not allow you to be the agent for your house if their approval is needed.
It might be easier thing to find a limited service agency. Your transaction seems like it may be a little too complicated for a beginner and your attempt to save 3% could possibly cost you more in the long run.
Quote:
Originally Posted by Rudydog1
Evening...I am curious if you are a licensed agent and wish to move can you list and potentially sell your own home? Assuming of course that you fully disclose to the buyers that it is your own home. That being said I have an ulterior motive behind my question. Recently retired I have been considering obtaining my license, especially since we have not been able to sell our home to relocate. We are upside down and I have cash to buy us out to some degree however the 6% commission really rings up the price tag. So it was suggested to me if I become an agent that skill is transferable pending local state requirements. I could list our own home and possibly shave off half of the commission? Therefore I have a new career started and can hopefully afford to list our home and relocate. Hope this doesn't sound to bogus..Thank you for your input.think:
Agents help sell houses - but they cant sell a house to someone who does not want it. If you are overpriced, the best agent in the world wont be able to sell your house. It is just a fact.
You can save money by representing yourself, if you buy/sell frequently you can save alot of money, BUT you will still have to be realistic about what your houses are actually worth. It does not matter what you paid, or what you invested in it - the ONLY thing that matters is what it is currently worth. People have a hard time doing that with their own houses.
I think there are 2 HUGE pitfalls when it comes to selling your own house 1) Thinking its worth what you paid or have in it and 2) Counting on the alleged "equity" for your next house.
I think most people make up a high number they think they will get for their house, then use that number to figure out what they can buy next - when they end up lower than they wanted on their current house, they can no longer afford the new house and they have gotten themselves in trouble.
Just be realistic and avoid those pitfalls and its not so bad....take emotion out, and be 100% rational. Emotions dont work well in real estate.
In Florida you can as long as you disclose. With the explanation you gave, I would ensure you get a Broker that provides 100% commission structure. You may have to pay a transaction fee and Error and Ommission Insurance, but you keep the commission.
I work for a Broker here in Tampa where I get 100% commission, but pay 195 per transaction and 35 for E/O.
I would try For Sale By Owner right now and see if you can sell it. Pay a couple hundred dollars to get it into the MLS and see how that goes. Find a good Real Estate Attorney to handle the entire transaction.
Gulfer: What is the name of your broker please? I am looking for a broker with this type of fee structure.
I looked at a house and the listing agent was the owner. Bit it doesn't stop there either. She also demanded all agents to bring their clients to her. For that she was ( graciously may I add) willing to give them a $500 finders fee. I had a pretty good laugh when I heard she was listing agent owner AND wanted to represent the buyer. I asked my agent if the contract came with a good supply of KY. I wanted nothing to do with that deal.
Talk about a greedy person.
A lot of standard E&O policies will not cover you if you are selling a home you have an ownership interest in. So, if you're an agent make sure you have appropriate coverage.
Quote:
Originally Posted by Electrician4you
I looked at a house and the listing agent was the owner. Bit it doesn't stop there either. She also demanded all agents to bring their clients to her. For that she was ( graciously may I add) willing to give them a $500 finders fee. I had a pretty good laugh when I heard she was listing agent owner AND wanted to represent the buyer. I asked my agent if the contract came with a good supply of KY. I wanted nothing to do with that deal.
Talk about a greedy person.
A listing agent or a seller cannot prevent you from having your own agent. However, there's no legal requirement for them to compensate your agent. All MLS systems do have a rule that cooperating compensation must be offered but I know my MLS does not put a minimum on that amount. We recently had a limited service brokerage put a listing in MLS with a $1 co-broke and everyone was up in arms.
What you describe was not only greedy, but just plain stupid. I would have avoided this listing not because of the level of compensation but because if this person is willing to do something this dumb (it scared you off and I'm sure countless other buyers) what else are they capable of?
A lot of standard E&O policies will not cover you if you are selling a home you have an ownership interest in. So, if you're an agent make sure you have appropriate coverage.
A listing agent or a seller cannot prevent you from having your own agent. However, there's no legal requirement for them to compensate your agent. All MLS systems do have a rule that cooperating compensation must be offered but I know my MLS does not put a minimum on that amount. We recently had a limited service brokerage put a listing in MLS with a $1 co-broke and everyone was up in arms.
What you describe was not only greedy, but just plain stupid. I would have avoided this listing not because of the level of compensation but because if this person is willing to do something this dumb (it scared you off and I'm sure countless other buyers) what else are they capable of?
Exactly. The house was fine it was a flip. Its ok i get it peple have the right to mke money. I thought the price was a bit higher than what I was willing to ay buy my wife fell in love ith it and I was willing to buy until my agent got back to me with the sellers conditions. She was very snide about the whole thing. My realtor forwarded me the complete email.
The house was on the market for 6 months before the market heated up enough and I'm sure someone agreed to all her conditions to get the house. I'm not willing to take that kind if screwing. Well maybe if you're Kate Beckinsale but other than that no thank you
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