Download 21 Things I Wish My Broker Had Told Me: Practical Advice for by Frank Cook PDF

By Frank Cook

Within the moment variation of this best-selling ebook, Frank cook dinner offers much more hands-on suggestion from top-producing genuine property execs to assist new brokers get their commence, or retain, a winning profession in genuine property. the second one version deals useful assistance for fast-tracking your first transaction, constructing a business plan, effectively facing opponents and masses more.

Highlights:

Interviews and real-life insights from the genuine property industry's such a lot winning and most sensible generating agents and agents.

Revised and up-to-date expertise bankruptcy deals a jargon-free rationalization of the hi-tech thoughts on hand today.

New appendix outlines the approximately two hundred parts of a true property transaction in a brief, at-a-glance checklist.

New end-of-chapter information provide sensible, take-away recommendation and spotlight key strategies.

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Extra resources for 21 Things I Wish My Broker Had Told Me: Practical Advice for New Real Estate Professionals (2nd Edition)

Sample text

Realtor. A broker member of the National Association of Realtors (NAR), a national trade organization representing agents and dedicated to increasing the education and ethics of its members. Salespeople can be Realtor Associate members. As before in our example, each broker/realty gets half of the total commission. Ted’s broker gets $7,000 and Alice’s broker gets $7,000 after paying franchise fees. But now, the split between agents is different because Ted is going to get 80 percent of the $7,000 his broker receives: 80 Percent Commission Breakdown Our agent (Ted) Our agent’s broker 80% 20 $5,600 1,400 On the other hand, Alice gets the same breakdown as before since she’s only a 50 percent agent.

Our buyer’s salesperson may be Alice, who works for 123 Realty (broker). XYZ and 123 “cobroker” or work together on the sale of our home. At closing, the checks go to the realty companies (brokers). Thus, XYZ gets $7,500 and 123 gets $7,500. From the raw commission, each company now pays a franchise fee, typically 6 percent. Thus, XYZ’s net is $7,050 and 123’s net is also $7,050. For convenience, we’ll assume the net is $7,000. Now, each realty company/broker pays the salesperson. Ted who worked with us, is a “50 percent” salesperson and splits the proceeds from the commission in half with his broker (XYZ Realty).

A critical function of your agent is to track the buyer’s financing. If there are problems, your agent should start waving the red f lag. As early as possible, the agent should notify you 37 SELL YOUR HOME AND SAVE THOUSANDS ON THE COMMISSION that the buyers are having problems and let you know whether they are minor, serious, or fatal to the financing. That way you can start preparing to put your house back on the market and redirect your efforts to reselling it. Successful agents give top priority to a buyer’s financing.

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