Wholesaler working with a Realtor
What would be the standard as far as enough incentive for realtor(s) to market your wholesale deals to their buyers list, if we were to close with their investor?
The "standard" is a commission. You list with a Realtor (or licensed broker) and pay a commission. If they have a "buyer in hand", you may be able to get a reduced commission....
Sorry I didn't clarify. I did not mean listing the property with them. Just along the same lines as a Buyers agent agreement, 3-4%. Is that the 'norm'?
In my state, a licensed real estate broker (which means Realtors too) cannot accept compensation from an unlicensed "person" (to include entities like LLCs, etc.) without the property being listed. I think most states operate the same way.
Originally posted by Chris Martin:
In my state, a licensed real estate broker (which means Realtors too) cannot accept compensation from an unlicensed "person" (to include entities like LLCs, etc.) without the property being listed. I think most states operate the same way.
How do we, as agents, find out what OUR state's laws are on it ahead of time?
Originally posted by Renae Bliss:Originally posted by Chris Martin:
In my state, a licensed real estate broker (which means Realtors too) cannot accept compensation from an unlicensed "person" (to include entities like LLCs, etc.) without the property being listed. I think most states operate the same way.How do we, as agents, find out what OUR state's laws are on it ahead of time?
Ask your broker. As a licensed agent, It's unlikely you'll be allowed to advertise a property without a listing agreement in place.
Co-oping with a buyers agent doesn't require a listing in any state I've done stuff in and that includes North Carolina. It only requires the party receiving the fee to be licensed.
So unless they have passed some idiotic law the last few years, that is still true. But who knows what some soused up state legislator might have come up with, they aren't the brightest people in the world, just look at congress, which is why we are going to go the way of the Roman Empire.
1-2% might work for a few agents.
If you think Realtors might have buyers who want your properties, and you are willing to pay a co-op fee to them, why not just list your properties on the MLS with a flat fee service for a couple hundred bucks?
You'll get exposure to a lot more Realtors than just some e-mail list you cobble together.
Originally posted by Brian P:
Co-oping with a buyers agent doesn't require a listing in any state I've done stuff in and that includes North Carolina. It only requires the party receiving the fee to be licensed.So unless they have passed some idiotic law the last few years, that is still true. But who knows what some soused up state legislator might have come up with, they aren't the brightest people in the world, just look at congress, which is why we are going to go the way of the Roman Empire.
This comment is inconsistent with the NC real estate commission rules. See this 2003 bulletin called No Listing, No Sign, No Sale, No Service which sums it up. The 'idiotic law' is Chapter 93A.