What Is a Real Estate Agent’s Commission?

It’s your money. Why not try to keep as much of it as you can?

Where does 6% of your home sale go? A lot of different places …

Working with a real estate agent is par for the course when buying or selling a home, so it’s good to know how they get paid for their real estate commission, what specific duties they should or shouldn’t be involved in, and their role in helping you into the home and neighborhood that best suits your lifestyle.

Typically, a real estate agent is paid on commission based on a home’s sale price. (In certain cases, their commission is a flat fee.) When a commission is based on a percentage, the agents get 6%— split between the buyer’s agent and the seller’s agent—and always paid by the seller. If you’re using the same agent to trade up or downsize, they’ll receive the 3% commission twice, but on differing values.

Real estate agents work for brokers, and agents and brokers are both licensed by the state in which they work. The broker acts as an umbrella company and the agent is essentially a salesperson working for that company. Although a real estate agent can’t work independently from a broker and can’t be paid directly by a buyer or seller, a broker doesn’t need to work with an agent. However, a broker is the one who receives the agent’s commission and splits it between all agents involved in the transaction.

Because of the level of involvement, the 6% commission is typically split four ways: The seller’s agent, the seller’s broker, the buyer’s agent, and the buyer’s broker all get a piece of the pie. The broker and agent have separate agreements dictating what percentage of the commission each receives, and therefore your specific agent’s commission may and will most likely be less than the full 3% on the buyer or seller’s side. However, if the broker and agent helped you sell and buy, the brokerage will receive the full 6% and split it however they deem appropriate.

Because your agent can get you in or out of a house or neighborhood, they’re the source of truth when it comes to the best practices in real estate transactions and should be trusted. Make sure you’re working with an agent that has your specific needs and wants in mind before jumping into the real estate market.

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Original posted https://www.trulia.com/blog/negotiate-real-estate-commission/

 

Helpful Property Management Tips and Strategies

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Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order. Apart from making your tenants feel worthy, you should also find ways of making the management process easy for you especially when handling large properties or multiple properties. When you are organized in how you handle your property, it becomes easier to keep everything in check and a few tips can help you put in the best measures into the management process.

Tip 1 - Get a professional property manager

If you are a property owner with little knowledge of how to go about management, you should consider getting a professional property manager to ease out the process for you. Professional managers with some knowledge and experience in the real estate industry will know exactly how to go about the process and find organizational solutions to ease everything out. When there is a manager in place, you will feel more at peace and have fewer issues to deal with.

Tip 2 - Embrace technology

There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution.

Tip 3 - Handle tenants appropriately

First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.

Tip 4 - Keep the property in top shape

Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.

Tip 5 - Oversee managers

They should be competent enough to keep your property in check. It is therefore important that as a landlord you choose and supervise property managers. Background checks and clearly spelling out their duties will prevent issues cropping out later.

Malaysia’s property sector stable in H1 2017, survey finds

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Confidence in the Malaysian property sector remained stable in the first half of 2017, with 36 per cent of respondents expressing overall satisfaction with market conditions during the period, according to PropertyGuru Malaysia’s Consumer Sentiment Survey.

The survey also found that another 24 per cent of respondents expressed neutral views, with negative perceptions declining to 39 per cent from a high of 53 per cent in the first quarter of 2015.

The sentiment was further supported by stable price perception for all property types in Malaysia, PropertyGuru said in a statement today.

“The key factor cited by consumers for overall satisfaction was the gradual but stable appreciation of property prices, particularly for landed residential properties in the key urban epicentres of Kuala Lumpur, Penang and Johor.

Malaysia’s property

“This is a marked contrast to the price hikes of previous years where flipping activity by speculators contributed to market over-heating and over-supply for certain property classes,” it said.

PropertyGuru Malaysia Country Manager, Sheldon Fernandez, said currently, the property market primarily consists of owner-occupiers or longer-term investors, with landed properties purchased largely by families or newly-weds using joint income affordability, providing the momentum for sales and purchase transactions.

“Houses are being bought further away from the city centre and this has emerged as a trend for 2016 and 2017. These factors are driving the development of a more stable property market where price appreciation may be smaller compared to recent years, but is also more stable and sustainable,” he said.

However, given rising living cost, a weaker ringgit, low oil prices and other factors, Sheldon said the real estate sector could still see slow growth in the second half of 2017.

On the impact of possible elections in 2017, he said Malaysians generally tended to adopt a wait and watch approach and transactions usually tapered off before the elections.

Source http://www.themalaymailonline.com/malaysia/article/malaysias-property-sector-stable-in-h1-2017-survey-finds