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How Do Realtors Get Paid


 

How Do We Get Paid?

There is often a great deal of confusion regarding how Realtors® are paid. Yes, we are paid a commission, but there are some aspects you probably don't realize. 

When you find a home or property on our site, for us to get paid, we need to be involved when you see the property and when you write the offer. There are several properties listed on my site for your convenience. We work hard to give you the information you need to make a good choice. Please remember that there are people who created this site and who work in the office and in the field to provide this information, answer your questions and show you homes. When you're ready to see a home, please call US at 904-347-6987.

Agents are generally independent contractors, not employees. There's no salary involved and no regular pay-day. As independent contractors, each agent must pay self-employment taxes, their own medical insurance, errors and omissions insurance, licensure fees, access fees for the MLS (multiple listing service) as well as their own business expenses - mobile telephone, mileage, etc. 

We work on a contingency basis - we are only paid if and when a deal closes. So if a buyer's financing falls through or there's a problem with the title and the sale doesn't close, the agent isn't paid... period. Because of that, we are very committed to working with you and making your transaction a successful one. 

We have a fiduciary duty to you. That means if it's not in your best interest to buy or sell, we'll advise you to walk away - that means we don't get paid. Now that's commitment! Accordingly, we ask you to be willing to commit to us. Sometimes it's not a 'good fit' and we'll both move on in those rare instances because we need to be able to work as a team. But once we meet and start working for you, please stick with us. 

You likely also know that the commission is most often paid by the seller of the property. But did you know that commission is shared by a number of people? First, the listing broker gets paid - that's the company whose name is on the listing. If the buyer is represented, the listing broker pays a 'co-broker' commission - that's the 'carrot' for agents to sell each others' listing on the MLS.  Each broker - the listing broker and the buyers' broker - pay their agents a share. By the time all these 'splits' are done, your agent will typically receive only 20-25% of the total commission. 

Why should you use a Realtor®? Not all licensed real estate agents & brokers are Realtors®. To use the registered trademark Realtor® an agent must be a member of the National Association of Realtors®. All of the licensed professionals with whom I work with are Realtors® and as such must follow the strict Code of Ethics set forth by the National Association of Realtors®.  

The purchase of your home is likely one of the most important financial decisions and transactions in your life. And each subsequent sale and purchase is typically larger than the one before. The average home in the St. Augustine area costs $200,000. If you had an income tax issue for even half that, would you hire a tax professional? If you had a legal issue of $90,000 would you hire an attorney or handle it yourself? Considering the small cost to you (and if you're a buyer, there is typically no cost) and the tremendous risk it would be foolish not to use a professional Realtor®.


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