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Dave Nimick: How Real Estate Commissions Work
Manage episode 373252271 series 3499311
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In this episode, Dave discusses:
- How real estate agents get paid.
- What a listing agreement is and what it does.
- The Split: how brokerages and agents make money from the real estate transaction.
- Being a 1099 Contractor as an agent.
Key Takeaways:
- Agents cannot be paid directly by the seller. They must be compensated by their brokerage.
- Most traditionally run brokerages take a portion of every single transaction.
- Zillow isn’t a brokerage, but they market and sell to agents that pay for the leads that they generate.
- There are a lot of costs that the agents pay, not their brokerage - more than you might think.
"From the outside, it really looks like it's all swimming pools and movie stars, which it’s not. It is 100% commission, with many expenses left for the agent to pay. Agents do not receive anything until an actual transaction is closed, after which they still need to invest in their business." — Dave Nimick
Connect with Dave Nimick:
Website: https://thenimickteam.com/
Email: [email protected]
YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos
LinkedIn: https://www.linkedin.com/in/davenimick/
Facebook: https://www.facebook.com/thenimickteam
Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty
Show notes by Podcastologist: Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
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