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How do REALTORS® make their money?
(05.04.02) REALTORS® most often work on commission. The commission is generally a percentage of the sale price of the listed property. This percentage is negotiated with the Seller when the property is listed and most often is paid when the sale is completed. If the property fails to sell, the REALTOR® does not get paid and he/she and his/her brokerage firm absorbs the marketing costs. Upon completion of the sale, the commission is generally divided with the brokerage firm that may have participated in the sale. The funds are split again between the listing brokerage and the individual REALTOR®, each having their own expenses to pay to support the services they contribute. The costs of advertising, support staff, francise fees, office space, automobile expenses, insurance, equipment (the list goes on and on) are all a part of the necessary expenses supporting the sales effort.
Disclaimer: These answers are in general terms and may vary with specific factual circumstances.
Upcoming Events
Real Estate Salesperson Pre-License Series begins January 15 - check the Course Catalog for more information!
Online Appraisal courses available from VanEd - click here to learn more.
IMPORTANT MESSAGE FROM THE COMMISSION: Due to a change in the Rules, there are no accommodations for tardiness or leaving early from classes. Anyone arriving late (no matter how little) "shall not" receive a certificate. Please click here to read more.
Beginning January 1, 2009, educational requirements to receive a license will be raised. In addition to the 60-hour pre-license course, students will be required to take the 36 hours of education that were originally required in the first 3 years. The new law will require that the three 12 hour courses (Listing Practices, Buying Practices and Developing Professional Conduct & Ethical Practices) be taken before a student can apply for a license. Check out "Getting a License" in the Education section of this website or contact Bonnie at 338-6460 if you have questions.