Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   Realtors, Mortgage & Property Management Companies (https://www.talkofthevillages.com/forums/realtors-mortgage-property-management-companies-261/)
-   -   Realtors commission on newly built homes (https://www.talkofthevillages.com/forums/realtors-mortgage-property-management-companies-261/realtors-commission-newly-built-homes-334760/)

retiredguy123 08-28-2022 12:52 PM
Quote:
Originally Posted by daddymac1127 (Post 2130747)
Doesn't have to do with licensing? To obtain a License one usually has to take and pass a test. There are certain rules and laws that need to be followed. I think what people are trying to say is if a Real Estate agent is not licensed that anything goes as far as following common practices and rules.
Not exactly. An unlicensed real estate agent is breaking the law. You must have a state license to sell real estate on a commission basis.

Dee Smith 08-28-2022 01:50 PM
Who represents me
 
Quote:
Originally Posted by wandamarshall005 (Post 2130250)
What percentage do The Villages realtors receive from the Villages? Is their percentage based on the entire sales price of the home, including added cost for customization?
As a buyer of a home from a Village sales agent, who represents me? It seems they represent The Villages.

retiredguy123 08-28-2022 01:54 PM
Quote:
Originally Posted by Dee Smith (Post 2130766)
As a buyer of a home from a Village sales agent, who represents me? It seems they represent The Villages.
They definitely represent The Villages, not you.

Ksfirefighter 08-28-2022 03:01 PM
Quote:
Originally Posted by retiredguy123 (Post 2130348)
Whatever compensation The Villages pays to their agents is decided between The Villages and the agent. I would expect it to vary, based on the skill and experience of the agent. A highly experienced and competent agent is going to demand adequate compensation, or they will work somewhere else. When you buy a house, new or pre-owned, the commission is almost always paid by the seller.
But the question is who pays the seller?
Answer : The buyer

merrymini 08-29-2022 06:35 AM
Historically, on a 5 or 6 per cent commission, the break is 1/4 to the selling real estate agency, 1/4 to the selling listing realtor, 1/4 to the the buying real estate agency and 1/4 to the buyers realtor. That seems to be similar to the Villages. I have worked with many “realtors” and they can be the dumbest, laziest people around. It depends on the individual real estate agent and not the real estate they are associated with. All have to be licensed by the state and the “realtors” name is pretty meaningless in my experience.

RICH1 08-29-2022 07:10 AM
They make their money on the Turnpike wall Construction

OhioBuckeye 08-29-2022 08:29 AM
Same for us too!!

Marathon Man 08-29-2022 09:38 AM
So many experts. So little time.

Bonanza 08-30-2022 12:25 AM
The Realtor did Not get 5%
 
Quote:
Originally Posted by frose (Post 2130337)
When I was looking village realtors were not sell homes, just lifestyles. There shouldn’t be a commission on lifestyle. The MLS agent I did eventually use was 5%.
There is no such thing as a "Village Realtor." The Villages salespeople are only agents. The hype is that you are buying a lifestyle but yes -- the agents do get a commission.

If the MLS agent's commission (yes, that person was a Realtor) was a 5% commission, that 5% was split between the selling office and the listing office. The salespeople then got their split from their broker from the 2.5%.

Bonanza 08-30-2022 12:47 AM
The National Assn. of Realtors Code of Ethics DOES Have Teeth!
 
Quote:
Originally Posted by asianthree (Post 2130596)
We filed a formal complaint, years ago, that was encouraged by other realtors, we got a letter that complaint was received. several agents, that knew the severe issues, told us there was no action was taken from the board or the person who owned the agency. Not even a slap on the wrist. Realtor is still working, with that so called “Code of Ethics” In TV have witnessed bold lies from Realtors, guess code of ethics has a grey area for some, or maybe they know fines or loss of license is few and far between
It sounds like a piece or two of your story is missing. With whom did you file a complaint? That is the key, I think. First, you go to the broker of record of that office. Did you send a copy to the local Assn. of Realtors, the Florida Assn. of Realtors, Florida Dept. of Business and Professional Regulation? You probably missed a step or two. Who sent you the letter you received? How would other Realtors in the office know that no action was taken; it was none of their business???

If the situation was as "severe" as you say, being severe, the Realtor could have lost his/her license. The Realtors Code of Ethics does have teeth and penalties can be fines, suspension, or loss of license. Something is wrong with your version of what happened.

Bonanza 08-30-2022 12:56 AM
You Are Wrong About the Commiossion!
 
Quote:
Originally Posted by merrymini (Post 2130912)
Historically, on a 5 or 6 per cent commission, the break is 1/4 to the selling real estate agency, 1/4 to the selling listing realtor, 1/4 to the the buying real estate agency and 1/4 to the buyers realtor. That seems to be similar to the Villages. I have worked with many “realtors” and they can be the dumbest, laziest people around. It depends on the individual real estate agent and not the real estate they are associated with. All have to be licensed by the state and the “realtors” name is pretty meaningless in my experience.
Regardless of the amount of commission, the amount is divided 50/50 between the listing office and the selling office unless a different arrangement was made when the listing was taken. From the 50% to each broker, the Realtor/salesperson gets his/her split from the broker which varies and is strictly between the broker and the Realtor.

There is NO set amount because that is against the Sherman Anti-Trust law!

Bonanza 08-30-2022 01:02 AM
No Sir!
 
Quote:
Originally Posted by Ksfirefighter (Post 2130785)
But the question is who pays the seller?
Answer : The buyer
The buyer absolutely does NOT pay the seller!

The seller receives the proceeds from the sale after the commission and other fees have been deducted from the sale price.

Bonanza 08-30-2022 01:10 AM
You're Either a Villages Agent or a Realtor --- not both!
 
Quote:
Originally Posted by retiredguy123 (Post 2130558)
I was told by a Villages agent that they are not allowed to be Realtors because The Villages (broker) is not a member of the National Association of Realtors (NAR). And, the only way to be a Realtor is if the broker who you work for is an NAR member. If some Villages agents are Realtors, then they may also be working for another non-Villages broker who is an NAR member.
The Villages would have to be a member of the local Assn. of Realtors in order to be Realtors. They are not members.
If you belong to the local association, you automatically become a member of the Natl. Assn. of Realtors.

Under no circumstances could a Villages agent be both a Realtor and a Villages agent.

Bonanza 08-30-2022 01:21 AM
Quote:
Originally Posted by TeresaE (Post 2130667)
The agents are independent contractors and their commission on new sales is 1.5% Out of that they pay all their own expenses. Tough way to make a living.
Quote:
Originally Posted by Bogie Shooter (Post 2130695)
Nailing shingles on a roof in 90+ degrees is a tough way to make a living!
What a ridiculous comment! Are you serious?
Are you really comparing a roofer's job to that of a real estate agent?

A Realtor's costs can easily amount to a few thousand dollars a year.
There ain't no free lunch! (That's a figure of speech for wise guys comments!)

dewilson58 08-30-2022 05:30 AM
Quote:
Originally Posted by Bonanza (Post 2131329)
What )
Good Morning!!!

Welcome to the conversation.

ThirdOfFive 08-30-2022 06:05 AM
Quote:
Originally Posted by dewilson58 (Post 2131353)
Good Morning!!!

Welcome to the conversation.
Interesting. Many hairs being split.

I know very little about the ins and outs of real estate buying and selling. But common sense tells me that if A) the shadowy presence known as “the Developer” is building new homes by the bushel, and B) it doesn’t do this”Developer” much good if those homes sit empty for any length of time, then C) of course said “Developer” is going to incentivize sales of the new homes. Pre-owned home sales merely represent transactions on properties ALREADY sold once by the “Developer”.

Seems as if the REAL money is on the new stuff.

JMintzer 08-30-2022 07:02 AM
I'm not sure, but I think that TV sales agents are not realtors...

Apparently, this is a HUGE issue that can make or break a sale.

Can anyone confirm, as I haven't seen anyone post about this before...

https://i.pinimg.com/originals/bb/fc...a22d753e39.gif

retiredguy123 08-30-2022 07:14 AM
Quote:
Originally Posted by JMintzer (Post 2131393)
I'm not sure, but I think that TV sales agents are not realtors...

Apparently, this is a HUGE issue that can make or break a sale.

Can anyone confirm, as I haven't seen anyone post about this before...

https://i.pinimg.com/originals/bb/fc...a22d753e39.gif
See Post No. 5.

It depends what you mean by the term "realtor". All Villages salespeople are licensed real estate agents, who are licensed by the State of Florida. They are not "Realtors" with a capital "R" because the Villages has chosen to not join the National Association of Realtors". But, anyone who sells real estate in Florida, whether they are a Realtor or not, must obtain the same license from the state.

JMintzer 08-30-2022 07:23 AM
Quote:
Originally Posted by retiredguy123 (Post 2131398)
See Post No. 5.

It depends what you mean by the term "realtor". All Villages salespeople are licensed real estate agents, who are licensed by the State of Florida. They are not "Realtors" with a capital "R" because the Villages has chosen to not join the National Association of Realtors". But, anyone who sells real estate in Florida, whether they are a Realtor or not, must obtain the same license from the state.
OH... MY... GOD...

Really? You could not sense the sarcasm, even with the attached gif???

Certain people seem to make it their life's work to continually remind us of this inane factoid...

My comment was directed to them...

retiredguy123 08-30-2022 07:28 AM
Quote:
Originally Posted by JMintzer (Post 2131404)
OH... MY... GOD...

Really? You could not sense the sarcasm, even with the attached gif???

Certain people seem to make it their life's work to continually remind us of this inane factoid...

My comment was directed to them...
Sorry, I didn't see the GIF because I am still using the old version of TOTV, like a lot of other posters.

Note, that if you had indicated that there was a GIF, I could have switched to the new version and viewed it.

Ksfirefighter 08-30-2022 07:50 AM
You miss my point.
All monies brought to pay every part of the transaction comes from the buyer.
Then monies are distributed from that contract to the agents from that sale.
The buyer pays all of the money.
The seller only gets the net after distribution of money from their agreed upon sales contract.
All money came from the buyer and not the seller!
Thats like saying you invite me over for dinner but I have to bring all of the food and you give some to your family and say you bought them dinner.

dewilson58 08-30-2022 07:54 AM
Quote:
Originally Posted by Ksfirefighter (Post 2131430)
You miss my point.
All monies brought to pay every part of the transaction comes from the buyer.
Then monies are distributed from that contract to the agents agents from that sale.
The buyer pays all of the money.
The seller only gets the net after distribution of money from their agreed upon sales contract.
All money came from the buyer and not the seller!
Thats like saying you invite me over for dinner but I have to bring all of the food and you give some to your family and say you bought them dinner.
Some would say you miss the point.

If market value says the house is worth $300k.
The house will sell for $300k (humor me on the numbers).
The seller will get more net proceeds by not using a broker.
If a seller uses a broker, they will get less because they are paying the fee.

:ho:


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