Selling my own house while working as a real estate broker?

3 Replies

I used to pay for a flat fee listing on the MLS to save myself money when selling my properties. I'm now a licensed broker. My agency contract states that:

Property Investment: Associate may acquire, for personal investment or residence, property listed with Firm's office or through the MLS, provided that Firm and any other Associate's portion of the commission provided in the listing is paid at closing. Firm or Firm's other Associate(s) may likewise acquire property listed by Associate, provided that the Associates portion of the commission provided in the listing is paid at closing.

Does this mean that when I buy a house from now on whether for personal or investment purposes, my firm and I split the buyers agent commission now based on the agreed split rate?

Does it also mean that I will now owe the firm commission from selling my personal or rental properties?

If so I guess this is one downside of being a licensed broker now (part time).

I agree with @Caleb Heimsoth . Ask your broker. It sounds like they want their piece of the pie for anything you put on the MLS. Which makes sense since their E&O insurance takes the hit. Of course you can still use a flat fee listing service and not your own broker (depending on your split of course).

We allow personal residences at a 95/5 which covers the bare minimum. But if you are buying investments you are at your split. Now you are welcome to not take your part (save paying income taxes on it). You are even welcome to pay the other side what they need to keep your assessed value down. 

Originally posted by @Caleb Heimsoth :

@Jack B. Wouldn’t these be good questions for your broker ?

 I thought about that of course but figured I'd see if anyone could clarify so I don't have to disturb the designated broker.