All Forum Posts by: Ivy Wang

Yes, they do in CA.

It's really dependent on the broker and agent. Some agents do this because they don't feel like it's otherwise financially worth them working with you. I don't see minimum $n commissions very often where I am. I'm sure it varies by states and areas. If most properties are below $100k, I can see why a broker would implement it. What's more common in Los Angeles are minimum percentages i.e. if the seller is offering 2% selling commission to the buyer's agent, the agent can have a separate agreement with you to pay the remaining 1% if they require a minimum 3% commission. Just know in real estate, everything is negotiable. Your agent may be asking for $3,000 minimum, but I'm sure you could negotiate that down if you truly like the agent and broker.

Not exactly sure what you're asking - are you looking for a firm that works exclusively with buyers? If yes, I'm not sure any exist. All brokers want listings as listings bring the most steady business. All firms want to work with buyers and sellers. If you want to work solely with buyers first and specialize as a selling (buying) agent), that's fine, but it's not dependent on the broker at all.

I'm with Century 21. Regardless if it's them, Re/Max, Keller Williams, or any other big name firm, each office is independently owned, therefore are very different in the way they do things. MY broker doesn't give us a quota, although I know some who do. He doesn't force us to come into the office either. In my opinion, that'd be counter-productive... if you're out all day doing showings, presentations, and meeting clients, why would you be forced to go into the office? Doesn't make sense. Your broker is also not your boss and you don't have to report to them on a daily basis. Your client is your boss (although some would beg to differ lol just as clients can fire us, we can fire clients as well).

The reason you have to hang your license under a broker is because the broker assumes all liability for you, a contractor. Your broker's ultimately there to bail you out if you get into any kind of sticky situation or legal trouble. As a real estate agent, you don't have a DBA license - your broker does. You don't have a choice to hang or not hang (if the latter, you aren't considered active and cannot legally practice real estate), unless you get your broker license yourself. However, I know many agents who eventually get their broker license and still hang with another broker because they don't want the liability and expenses that come with it.

Your broker may provide training, but s/he does not provide leads. I think if it was that easy, everyone would become a real estate agent.

@Marcus H. To have access to all the listings, a Supra key, and all that jazz, you need to join a local MLS board, which costs $600-1,000/year. Average commission splits and fees are pretty consistent across the nation, but will ultimately be dependent on your broker. If it's for education, I'm assuming you would want a broker who would provide any and all necessary training. If yes, your broker will definitely take a high cut of your commission.

A day in the life...

I could be working from home, the office, in a cafe, it's whatever I want. Sometimes I spend all day prospecting. Sometimes I spend all day showing homes. Sometimes it's a balance and mixture of that and making sure my clients are getting the kind of service they deserve, whether it's sending listings, showing homes, writing contracts, negotiating, and/or handling escrow. Sometimes I'm attending classes, caravan, or meetings. I love this job because everyday is different. 

No. Depending on state, you would have to retake their state exam to obtain a real estate license OR file a bunch of paperwork as @Account Closed mentioned.

Many investors think that getting a real estate license will save them money, but unless you do multiple transactions a year (5+), the fees associated with getting and maintaining your license are not worth it, in my opinion. It worked for @James Wise and that's awesome that he loved it enough to also deal non-personal transactions, but realistically, that doesn't happen very often.

You need to take your broker's training courses and ask your broker these questions. Books will only do so much. Start networking as much as you can. 

The second may say she can list it for $325k because she just wants your listing. How much it can actually sell for depends on the market, so the third may actually be correct. It doesn't matter how much you list it at if price is the main concern. If there is a demand, it will go over asking. If it's priced too high, it will come down in negotiations. I would believe the third when they say you won't get $325k in your market.

As for the first not knowing her finishes... you're just nitpicking. In my opinion, finishes are not what sell a house. It's condition, sqft, lot size, area, and school district. Finishes are bonuses and add very little property value.

You could ask the first two agents if they would be willing to co-list the property. We do this in CA, so you may want to check with your state laws and regulations. Typically, I would advise to hire who you think will be the best at negotiating and getting sh*t done. But in this case, I'd honor the deceased wishes and hire the first regardless of how I feel.