I'm a licensed realtor in NJ and have been with my brokerage for 3 years. I'm just now questioning the MLS fees coming out of my end of the commission. I paid to join the MLS's that I list on. I pay all my own fees and dues and insurance across the board.
Here's my question. If I list a property and I do both sides of the deal acting as both selling and listing agent, and my broker and I are on a 50/50 commission split, when I get my commission, does the MLS listing fee come off the top before I get my 50% or do we split the commission 50/50 and then the listing fee comes out of my end?
@Melissa Castro so you pay monthly MLS dues plus a mls listing fee ?
I pay quarterly participation fees and my broker is charged a listing fee for each listing.
That's an odd situation. I would expect your Broker to break down responsibilities in your Independent Contractor agreement, but not everyone is that professional.
If you're paying a 50/50 split, I would say the Broker should be paying that cost, along with the cost of signs and a few other things. But you'll just have to work it out.
You may want to consider a different Broker. My split is 40/60 (Broker/Agent) or 30/70 (Broker/Assistant Broker) and then it increases based on the amount of sales commission earned until they reach 100% commission. My top agent has earned 100% commission on some of her sales the last couple of years. If you're active enough, you could double your income by switching to another Broker with a better split.
The mls fee should be a wash if you have both sides of the deal in NJ. May I ask which firm you are at? 50/50 seems very low for 3 years experience. You are an independent contractor dont stay with a firm that takes that much away from your hard earned money. Feel free to message me about other options!
I agree. Seems low. 70/30 is really common and that usually includes use of office materials, lock boxes, signs, copier etc.
I work for a small independent brokerage. (Rather not provide the name) He does provide us with signs, lock boxes, use of office and office supplies and copier. He says if I worked somewhere else I would be paying $500 in desk fees each month. I’m definitely his top producer. I have asked for a higher commission but he said I need to have even more deals under my belt. This year I will receive the bronze circle of excellence award and had hoped that would warrant a higher commission split.
I’m currently in school to get my broker’s license and am hesitant to leave before then just out of sheer comfort and convenience of being at my current brokerage.
But really, I can't let this MLS listing fee go, lol. It's really bothering me. Is it a fee that I have to pay, or does the broker decide which one of us pays it? I understand that it should ideally be paid by him but who is obligated to pay it?