How do real estate commissions work?
In this episode, Dave discussES:
How real estate agents get paid.
What a listing agreement is and what it does.
The Split: how brokerages and agents make money from the real estate transaction.
Being a 1099 Contractor as an agent.
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Key Takeaways:
Agents cannot be paid directly by the seller. They must be compensated by their brokerage.
Most traditionally run brokerages take a portion of every single transaction.
Zillow isn’t a brokerage, but they market and sell to agents that pay for the leads that they generate.
There are a lot of costs that the agents pay, not their brokerage - more than you might think.
Quotable: "From the outside, it really looks like it's all swimming pools and movie stars, which it’s not. It is 100% commission, with many expenses left for the agent to pay. Agents do not receive anything until an actual transaction is closed, after which they still need to invest in their business." — Dave Nimick
your host, dave nimick:
Thought Leader & Chicago REALTOR® with Keller Williams Realty
Contact Dave here for your real estate needs or for podcast guests & features
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