When it comes to real estate commissions, sometimes you can pay a whole lot LESS while receiving a whole lot MORE in terms of services and experience.
Real Estate Myth Buster #1 – “A large portion of a Realtor’s commission is paid to her/his brokerage!”
“A large portion of a REALTOR’S® commission is paid to her/his brokerage!” This is myth. Twenty some years ago REALTORS® paid hefty commission splits, upwards of 30%, to their brokerage; however, this is not the case anymore. The majority of successful REALTORS® pay a rather small fee to their brokerage on every transaction.
For example, I work at Fair Realty in Victoria, B.C. and I pay $150/month for something called a “desk fee” to my brokerage. In addition to that I pay $250 per transaction; whether the commission is $5,000, $10,000 or $25,000 I pay the same $250 transaction fee to my brokerage.
In fact, the 6th largest brokerage in all of Canada, Right At Home Realty Inc., also charges a similar amount: $79 per month, $275 per transaction, 100% commission. Right at Home Realty Inc. started in 2004 and has grown every year to over 2,300 REALTORS® in the Greater Toronto Area. You can look at what they offer to REALTORS® on their website -> http://www.joinrightathome.com/
How much does it cost to build a home in Victoria per square foot?
And why is it expensive?
Mere Postings, also known as “Flat Fee MLS®,” sales increasing in Victoria
Essentially what a mere posting amounts to is a For Sale by Owner (FSBO) that appears in the MLS®. Take a look at my website under the “Sellers” for more details!
Zoocasa now a member of the Victoria Real Estate Board!
Zoocasa, an online service for people searching for a new home, is seeking to become a licensed real estate brokerage as it pushes further into the business.
The young firm, which is owned by Rogers Communications, does not plan to employ any agents of its own, president Carolyn Beatty said in an interview. But it is looking to become a brokerage in every province, starting with Ontario, with the aim of accessing the latest housing data. The company needs to become a licensed broker to get the most up-to-date listings information from local real estate boards.
http://www.theglobeandmail.com/report-on-business/economy/housing/zoocasa-makes-push-to-become-licensed-real-estate-brokerage/article10252888/
Seller Psychology Behind Real Estate Commissions!
Would consumers pay the commissions they do if they had to pay real estate commission up front? In my opinion, probably not.
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