Does anyone know whether KW has a minimum allowable commission that their agents are allowed to take? If I'm selling for a family/friend, can I take 0% commission, or is there always a minimum?
You can take 0%. kW might take out a transaction charge. It’s minimal
@Connor Williams Thanks for the input.
Ask your specific office
Depends on your IC contract. If you have a split with your broker, they probably want their cut (exception being some brokers allow for agents to have 1 transaction a year "free" if a personal residence)
You need to ask your broker
I would imagine that you have to charge the brokerages commission rate. Typically the discount only comes for your own properties.
Each brokerage is independently owned and operated, so their policy on minimum commission will vary. As stated above, many offices will waive for one transaction per year, usually for self or family.
The next part of your question is why are you asking about minimum commission for friends and family? If you’re working as a broker, please know the value that you bring to each deal and be cautious of undervaluing your worth. Sure, you can reduce your rate for close relationships, and yet remember that you’re running a business and it’s ok to charge for your services!
For those who are interested, it seems like 1.5-2% is the lowest my KW franchise will allow me to take. And I believe one transaction per year can be completely waived if you meet the commission cap. As all of you pointed out, it definitely varies, and it's entirely at the discretion of the franchise owner.
Hi I'm really new to bigger pocket and I'm looking to invest out of Los Angeles mainly focusing on Kansas City Missouri and Florida can't seem to find serious agents I don't know why but I Want a knowledgeable agent and a great management company that is really motivated to work with me