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How does a realtor professional benefit the community?

Does being a Realtor benefit me when buying my own home?

  • I am looking for a house and am trying to figure out what benefits I have since I am a Realtor. I am a new Realtor so I don't know all the ways yet. Would I be entitled to a ...show more

  • Answer:

    I was once exactly in your shoes. Yes, you can take a commission, but in order to do so, and likely by law in your state, you need to clearly point out in your offer that you are a realtor, and are acting as one representing yourself or any family member. You should also talk to your broker about making an exception to your commission split, allowing you to concede the commission to lower the cost of the house in negotiations.

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If you were a realtor, you'd know how sales commissions work.

src50

If you are licensed and your license is with a broker you run the transaction through your broker. Broker will expect broker's cut and ultimately all you will get as a benefit is your commission. If your license is not with a broker then you will not be entitled to a commission. How title to the home is vested is not an issue.

E

Best to work your commission (of course you are entitled - just as anyone with a broker would be) into the price - thus lowering the price of the house. That way you don't pay taxes on a commission. However if you want the cash and the business expense write-offs, sometimes it's to your advantage to take the commission separately. Be sure to say it's for your own personal property as some buyers prefer to sell to an owner rather than a flipper. We lost a contract once because the owners thought we were going to flip their late mom's house and instead chose a young family - even though we told their agent it was for ourselves and he might not have relayed our information to sellers.

YahooDeana

I really think it is a hindrance myself. You have to disclose the relationship in any sales ads or offers. Most people actually expect you to forfeit your commission, not to pay yourself any commission at all.

Landlord

I suppose you are using the term Realtor because you joined the National Association of Realtors. (NAR) There are some real estate brokerage firms that offer special incentives to real estate agent that work under the broker's license, in the purchase of a house for their personal use. You would need to find out if your brokerage firm offer any incentives to their real estate agents. You are required to insert a clause in your sales offer that the property being bought is for your personal use or for the use of a family member(s). You might check with your broker as to the exact clause required in the sale contract. You are entitled to a commission as long as you act as the selling or listing agent. I hope this has been of some benefit to you, good luck. "FIGHT ON"

loanmasterone

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