Should I Become A Real Estate Salesperson?
By admin. Filed in chicago multi family real estate |Tags: Become, Estate, Real, Salesperson, Should
My husband is interested in buying large multi-family properties. I thought about getting licensed as a real estate agent to be more involved and more knowledgeable in the purchases.
Would it be advantageous for me to get a real estate license and work in his behalf? How would this affect his purchases? Would I still make commission from the sellers? Is this legal and ethical? Just starting to think about it, so any advice would be very much appreciated… Thanks!
Monday, June 22nd 2009 at 10:24 pm |
Sure this is legal. You have to make sure all parties know you a licensed buyer (hubby can not buy w/o you).
You also HAVE to collect your commission, you share half with your broker and pay income tax on your share. However, you can collect it on paper only and apply all of your share towards the down payment.
Generally speaking you will have a commission of 1 to 1.5% of the sales price, after the broker takes their cut.
Tuesday, June 23rd 2009 at 4:48 am |
Yes you would make commission from the sellers. The way it works it the seller negotiates a fee with the listing agent usually around 6%. This is then split between the selling real estate agent and buyers real estate agent. Are you looking at re-selling the property or holding on to it? You would have to check the laws in your area for the legalities. Based on the laws where I am from you shouldn’t have any issues. The only thing ethically that I could see being a problem is if you try and list other properties and represent the seller while your husband was trying to purchase that particular property.
Tuesday, June 23rd 2009 at 7:43 am |
If you don’t have a job now and don’t need one then you can save him some money being an agent. If he’s going to buy and hold then there will be less potential earnings.
If he is going to buy and sell then you will save him more.
You can also become a broker and have your own agency.
Yes you get the commision if you present the buyer contract.
Tuesday, June 23rd 2009 at 10:16 am |
In PA, the only requirement is that it should be clearly stated that the “listing agent is a relative of the seller or is the seller”.
Going into real estate can be very rewarding as is. Go for it.
Tuesday, June 23rd 2009 at 11:05 am |
Well, You Should Think Twice, or you can do it by yourself without all the complicated stuff, i’m in the real estate business having excelent results : ) I Recommend you this http://snipurl.com/homeprofit Check it Out, Have a Great Day