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Natalie | Do Realtors make a salary or is it 100% commission? |
I am interested in getting into real estate (as in getting my license to show & sell houses) and I was wondering if they make a salary or if it's just 100% commission based. or does it depend on who you work for?
Additional Details
thank you terry f --- i think i will reconsider =/ |
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Expert Realtor
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California is a different bird, and agents that work there really don't know that they are getting ripped off...b/c if they worked anywhere else in the country, they would be making a huge profit.
The last firm I worked for was Keller Williams before I opened up my own. A brand new agent there would be on a 40/60 split, with the agent taking the 60. Desk fees there are cheap...about $40 per month and their transaction fee is only $20. MLS fees are $40 a month in my area. 6% is the typical listing commission here.
So, if you take the SAME $500,000 house you have:
You have $30,000 in gross commission.
You'll get $15,000 of that if you are representing only once side (listing or buyer's agent).
60% of that is $9,000.
Subtract your desk and MLS fee and you still have $8,900 before taxes.
Keller Williams also has an arrangement that if you sell 2.5 million on a year, you keep 100% of your comissions after that...no splitting with the broker. |
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Realtor in CA
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It's 100% commission. Typically the selling agent and the buyer's agent split a 5%-6% commission between them, so an agent's broker (not the agent) gets 2.5% of the actual sold price.
The agent has a written contract with the broker as to how much the split is. It varies greatly (60% -90% for the agent), depending on the agent's experience, track record (sold properties) and length in business.
Then the breakdown is the broker you work for keeps a certain percentage. Typically for a new agent, it's about 30%-40% broker, 60%-70% agent. Then there is what's called a "desk fee", which is a fixed monthly amount, regardless if you make any sales or not. The fee varies from $25 all the way up to $300 per month. Then there is a per transaction fee which is about $150, regardless of the sale amount. Then there's E & O (Errors and Omissions) insurance, which is also per transaction of about $125.
Here is the summary of a $500,000 house sale where each side receives 2.5%:
$12,500 = Gross commissions before split
7,500 = Agent's share at 60%
50 = desk fee (covers use of office and equipment)
150 = transaction processing fee
125 = E&O insurance
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$7,175 = Payment from broker to agent
500 = Agent's personal expense on average transaction
750 = Advertising property (yes, agents pay out of pocket for it!)
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$5,925 Net income after split & expenses
-20% Average income tax rate (have to pay your own income taxes)
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$4,740 Take home pay
As you can see, unless you sell at least one or two homes a month, it's a living wage, but you won't get rich. A typical transaction takes 30 days work.
These numbers are the average agent's figures for California.
I am an agent in San Francisco Bay area and started 2.5 years ago and doing very well. I have sold 15 homes, ranging from $1.9 million to $525,000, while other's are struggling.
It all has to do with experience and changing focus to meet the market demand. |
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☼AstrologerJuliAnne☼
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No salary. Commission only. And, I believe to be associated with a large or even small real estate firm you have to pay what are known as *desk fees* to the company you are representing. |
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Terry F
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In every situation that I am familiar with it is 100% commission. Some companies offer more training than others but ultimately it comes down to the effort that you put in. You need substantial capital to get started. I started 4 years ago when the market was very good with $20K to get started. Now, that money is long gone and I am struggling to stay afloat. Many agents I know have quit or are only holding on by getting a full time job to support their real estate career. It is a very hard business to get into and it is a great challenge.
The biggest problem is that it is quite easy to get into the business by earning your license. Many, many new agents seem to have started because their mother is going to sell property. They have some guaranteed business to start with but then they are in trouble. Others are supported by a spouse. We often refer to them as doctors' wives even if that is not exactly the case. You still get the idea. They don't need to work. Those agents simply take the profit out of this business for those of us who need to make our living at it.
Real estate is a very tough business to be successful at and the public's perception that real estate agents make a lot of money is greatly exaggerated and just plain wrong for the most part. Some agents do very well but most struggle. |
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acermill
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There ARE some agencies here and there which offer a salary and bonus arrangement, but they are few and far between. In my 20 years of real estate work, I have encountered but two of them in my area.
Generally speaking, I would tell you to count on a 100% commission basis. If you find one offering some sort of salary arrangement, you would be quite lucky. |
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.:Madi:.
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the money is split up and the broker gets most of it. there is a percentage |
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Leo F
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No sale no pay check. Just like selling used cars. Remember never trust anyone that has to live off of 100% commission, The only time they are telling the truth is when their mouth is shut. |
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hanora
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Another thing to consider is that you will likely be an independent contractor and you will not have any benefits or insurance. So unless you choose to do without them or are covered by a spouse you will have to pay for these things yourself. A serious illness or disability could mean that you are without income for a year or more. No company pension either. |
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lksproodle51
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Not sure but I do know that you get around 3 to 5 % of each sale I don't believe you get a salary. |
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maxmom56
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It's all commission. |
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