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Is it worth paying a commission?

 

A professional real estate agent is usually worth the commission they are paid. Clients must remember that an agent’s many hours of dedicated work are only compensated upon successful sale and closing of the property and often many hours are spent on a transaction that does not happen.

Thus an agent could provide many hours of service and have applied his/her expertise to guide the client through the maze of requirements involved in the sale of a home, while carrying expenses out of his/her own pocket (e.g., advertising; MLS membership fees; traveling expenses; gas; copies of all documents;computers; printing costs for flyers (.35+cents each); networking fees; continuing education fees; direct mail outs; business cards; cell & data bills; wear and tear on the car;higher car insurance; All "For Sale" signs & posts; Supra Key dues & lockboxes/combo boxes; Office Space costs; office supplies, etc.) without being compensated if the house does not sell. According to a survey conducted by the National Association of Realtors® the typical Realtor® worked 46 hours per week, while one in five worked at least 60 hours per week.

Important to note is that the commission paid out is a gross amount, which is shared (split) between the listing brokerage and the listing agent, the selling brokerage and the selling agent (that's split 4 ways). Additionally, to be deducted from the commission are the amounts payable to the national franchisors, office desk fees, the MLS, showing service, sometimes a referral fee, taxes, storage fee of files, marketing expenses and advertising related to the sale of the property, and of course all the normal overhead and administrative costs associated in running a business.

According a survey conducted by the National Association of Realtors® in 2005 the median personal income earned by a Realtor® was $49,300. This was during the height of the housing boom. Moving ahead to 2012 and a recap of the industry will show that home values have depleted by approximately 50% so if we are using the data from the height of the real estate market, we will have a greater understanding as to why a true

Full-time Realtor is worth every penny.

Most sales today are derived from foreclosures or short sales, new home

construction and traditional home sales make up a very small percentage of homes for sale today.  Some homes takes months to build, or short sales take months to close and that means not pay check until it does close and fund.  The average closing and funding dates is over 45+ days.

 

So know your licensed

REALTOR is working HARD for you!