Getting Real Estate Wisdom From Uncle Sam
January 24, 2010 by Dunkin
As individuals in the process of deciding to buy or sell a piece of property can tell you, the entire ordeal can seem hard. Many who enjoin the assistance of a professional real estate broker endure a whole lot of long sleepless nights attempting to decide who is taking advantage of them the most — the broker or the mortgage company. The Federal Trade Commission booklet gives tips to sort things out.
You may want to click on the Homes for Sale story to read more about buying your first home.
The Federal Government has recently issued a practical booklet that presents new purchasers or property sellers with some frequently asked questions concerning real estate. entitled “Selling Your Home – Tips for Selecting a Real Estate Professional”. The booklet focuses on the proper amount you should expect to pay for a real estate commission, the ins and outs of contracts as well as business models.
While the booklet is a bit slim, with only a few pages, it does have a good many helpful tips. Under the section dealing with real estate fees, the booklet states that 6% is the traditional commission, it is negotiable.
The booklet attempts to prompt prospective customers to attempt to negotiate for a more favorable commission, since the broker wants your business as much as you need their help.
You can request the booklet by going to the Federal Trade Commission site at ftc.gov. When you are ready to buy or sell you may want to visit the Property for Sale site to get an excellent buy on a new home.
Yeah it is computer regulated. There is no real easy way to alter the governor without getting a computer altering device. Some might not even let you alter it at all.
Century 21 has always offered this. (i don't work there)..
Sounds more like fashion advice than a threat! LOL! I think yer just “threatened” by my sweet looking legs!
Typical 1st year fees:
MLS fees 100 per qtr = $400
MLS initiation fee = $100
REALTOR fees National, State, Local = $270
REALTOR initiation fee = $50
Company fees (low end) = $600
Errors and Ommissions Insurance = $500
RE License Fee = $98
Electronic Key = $150
Criminal Clearances = $66
RE Pre-licensing course =$400
That's over $2600 and not including any advertising, mailings, supplies, equipment, etc.
Subsequent years everything above except for initiation fees, pre-licensing, criminal clearances. RE License renewal is $98.. There is also continuing education requirements where you must pay for course work.
Typically you will get 50% of your companies split of the commission – and franchise fees.
Grand View Awarded $91,704 by the State of Iowa Real Estate Commission
Did you know that real estate commissions are negotiable? Many people assume that they can not negotiate these fees, but the reality is that it’s perfectly acceptable to ask your agent to lower his or her commission fee. Before you start the negotiating process, however, it is necessary for you to understand a lot of about how commissions are earned. This means, you may be in a position to work out a fee that’s fair to both you and the agent.
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Criticism of MLM
The Federal Trade Commission (FTC) issued a decision, In re Amway Corp., in 1979 in which it indicated that multi-level marketing was not illegal per se in the United States. However, Amway was found guilty of price fixing (by requiring “independent” distributors to sell at the low price) and making exaggerated income claims.[25][26]
any thoughts?
If you cant do this math with paper and pencil, how do you expect to be a better then most real estate agent?
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