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Yes - the insurance is a few grand a year
Posted by Geoff (more from Geoff) on Mon, 20 Mar 2006 16:29:40
In Reply to: Re: You have to do a lot more than get your license..., AeroDave, Mon, 20 Mar 2006 16:14:27
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called IIRC "E&O" or "errors and omissions" insurance. The payment goes into a pool that covers the deductible (uninsured) portion of a settlement if the firm is sued. And the 50/50 commission split (meaning the agent starts with 1.25% of the gross price) for new agents is what is customary here in the Burbank/Glendale/Pasadena area. Only the few really huge producers ever get to the 85/15 or 90/10 splits. Plus there are the up fronts - the firm takes a few points off the top, then you have to pay your closing specialist a few hunrded, marketing expenses, flyers, adverts, etc etc. Nickles and dimes add up fast. A million-dollar sale probably falls short of netting $10k pre-tax for a new agent lucky enough to get one. And not all are lucky.
Posts in this Thread:
- Anyone buy / sell their own house?, NickR, Mon, 20 Mar 2006 13:27:18
- Not in MLS = missing most potential customers, Bill Homer
, Tue, 21 Mar 2006 13:11:22 - Re: Anyone buy / sell their own house?, jp, Tue, 21 Mar 2006 06:59:25
- Re: Anyone buy / sell their own house?, No Snaab, Mon, 20 Mar 2006 16:59:26
- Where are commissions only 2.5%?........, MI-Roger
, Mon, 20 Mar 2006 16:48:06 - Re: You have to do a lot more than get your license..., AeroDave, Mon, 20 Mar 2006 16:14:27
- Re: Anyone buy / sell their own house?, Vicsaero95, Mon, 20 Mar 2006 13:53:06
- License not needed?, mike-p., Mon, 20 Mar 2006 13:51:31
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