What is 100% commission real estate?

100% commision real estate is a name for a low cost real estate brokerage model for agents. Instead of the traditional percentage fee of a real estate agent’s commission paid to the broker, also known as a commission split, a nominal flat fee or annual fee is paid instead.

As an example, an agent earns a $9,000 commission. In a traditional commission split the agent might pay 30%  to the brokerage ($2,700), but in a 100% commission model they would pay a flat fee, such as $600.

To put it a very simple way, a 100% commission real estate brokerage charges agents less of the commission they earn. Agents typically pay a flat fee, sometimes a monthly fee in addition, or sometimes a simple pre-paid annual fee, instead of a broker split.

The 100% commission model has become very popular in the last 10 years, but the concept is actually decades old.

So why has 100% commission real estate become such a mainstream brokerage model?

The answer is technology. Paperwork is done through services like Docusign or, at the very least, scanned and sent through email. In the past, listings weren’t accessible online, whereas now MLS data is accessible from a multitude of websites. Given that all the tools for agents and their clients need are online and can be accessed remotely, there is less of a reason to have an office to go for client meetings. More agents work from home offices and don’t need to contribute a large percentage of commission for office-related overhead that they don’t use.

Find out more about Balboa Real Estate’s 100% Commission Model HERE

 

 

Are Personality Tests Needed for Real Estate Agents?

Can the liklihood of a real estate agent’s success be predicted by a personality test or bevaiorial assessment?

Some real estate companies have adopted the same screening technique as large companies hiring employees by asking prospective real estate agents to take an Activity Vector Analysis (AVA) assessment or the DISC behavior assessment, which is based on four different behavioral traits: dominance, influence, support, and conscientiousness.

Personality tests have long been up for debate in terms of their predictive effectiveness. Most candidates, even in a real estate recruiting setting, will answer subjectively as how they want to be perceived rather than their true objective habits.

However, real estate agents are a unique segement of the workforce. They are typcally more self-reliant, industrious, resourceful, and independent  than the typical model employee. After all, real estate agents are set-employed independent contractors that like to create their own job. Plus, it is reall agents that choose which real estate brokerage to join.  It is more of a case that agents are hiring a broker and not the borker is hiring an agent. Agents can go anywhere.

It would be very interesting to have a large group of successful real estate agents take a personality test and look for behavioral patterns, but again, it doesn’t guarantee that if someone scores similarly on a personality test then they will be successful in real estate agency.

There are many factors that must work in conjunction to behavior to make an agent successful. Chief among these factors is a large network. A real estate agent needs a lot of people to know what they do competently (sell property) to keep busy. A network would be like gasoline and the right personality would be the match to ignite it.

There is evidence that personality tests for real estate agents could allow a company to determine which agents are a better fit to their company culture. However,  there are too many variable and factors to suggest that having a certain result on a personality test alone would ensure success at an occupation.

 

What To Look For in a 100% Commission Brokerage

For years, many real estate agents have left the traditional office model of paying 20%-50% of their commission to the brokerage. These agent go to brokerages that charge agents a flat fee instead instead of a percentage of the commission. This flat fee commission arrangement between brokers and agents is what is referred to as a “100% commission brokerage.”

Once a real estate agent decides that the 100% commission brokerage model is right for them, they have several options to consider when choosing the right brokerage.

Does the agent want to pay monthly fees? Many 100% commission real estate offices charge a monthly fee, but some don’t.

Is errors and ommissions insurance included in the flat fee or is is paid separately? Find out if the E&O fee is included in the flat fee or paid separately, If it is paid separately find our how much and how often.

Is there a workspace or conference room to use?

Is there any sort of application or initial fee to start with a 100% commission real estate brokerage?

Can you buy or sell your own home as a real estate agent with a 100% commission real estate brokerage?  Some brokerages have rules against this and require agents to use another agent within the brokerage to represent them on their own home sale.

Is there broker support, and how often is the broker available?

These are the basic questions that should be asked by any prospective agent looking for a 100% commission real estate brokerage.

Balboa Real Estate does not charge monthly fees. Errors and ommissions is included in the low flat fee.

To find our more about our 100% commission brokerage, please CLICK HERE

 

 

 

Taking Initiative in Real Estate Agency

Often, we have ideas about how to grow our real estate agency business. Some are good and some aren’t, but many ideas never get a chance. This is because we think about something to do, or maybe a way to do something better, but never do it. Just think about it for a second, have you thought of something that you should do, or something that can be done better, a more “right” way, but just never do it?

Everyone has, they just don’t always admit it.

Now think of why you do it? What is the reason that you know you should be doing something, the right thing, but are not?

Wait! Save that answer for a therapy session. To be successful in real estate agency you don’t need to know why, you just need to do something when you realize there is a better way to do it.

Wasn’t it Confuscious, or maybe Phil Knight, that said “just do it.”

Don’t get “analysis paralysis,” if you know there is something that you should be doing, or perhaps a better way to do it, then take control in one easy step: make it so.

 

 

 

 

 

 

Advice For Part-Time Real Estate Agents Looking For 100% Commission

Maybe you are looking to ramp up your real estate business, whether you’re just starting out or have been in the business for a while. Some of you may be deciding whether to focus on residential or commercial real estate. Of course you’re considering which real estate brokerage to join.

Have you asked yourself whether to work full time or part time as real estate agent? If you are considering working as a part-time agent it might be probably because you don’t want to quit your full time job yet for whatever reason. You can work as a part time real estate agent but it will be difficult to achieve the success in this industry without the help of a team. Working by yourself will be very difficult to effectively represent your client who are asking professional advice in buying or selling real estate properties.  For new agents, joining a real estate team has good benefits. Joining the right team that doesn’t charge agents some high split can save part time real agents a lot of money.

One of the benefits of a brokerage for a part-time agents is to have a reputable team behind them. With reliable associates and a company supporting you, clients will feel more secure with you and as an agent becaus ethey are getting all the company resources.

Another advantage of joining a real estate team where you can work part time is the ability to have your manager meet your client on your behalf. There are situations you cannot avoid like when you need to bring more expertise to the meeting or need a team member to help you market a property. This is when having a team to help a part-time real estate agent is beneficial.

So, if you are a licensed real estate agents in California or Florida looking for a real estate company to join, Balboa Real Estate gives full service real estate brokerage with professional affiliates all over the state. Whether you want to specialize in residential, commercial, or land transactions. Remember that part-time real estate agents are eligible for our 100% commission plan.

Contact us to see if Balboa Real Estate is a fit for your business.

Balboa Real Estate: Your Real Estate Future Starts with Us

When you got licensed as a real estate agent, it was extremely important to decide which broker is best to work with and get trained. A strong start at the beginning of your career from a 100% commission broker will make a huge impact for those who are new to real estate field. Some larger and renowned brokers, like Balboa Real Estate, offer an extensive training programs to new real estate agents. Before joining a real estate firm, it is important to check certain factors like the business image, environment, size and so on. Let’s have a look at what you as a newly licensed real estate required to know about a broker before giving interview.

Size
Size does matter. In states like California, where you can find companies which range from 10 agents to hundreds of agents. It is important to be. With a real estate company with the best commission program and statewide coverage. Always consider to join a reputable company with statewide coverage that gives the support that you need while working.

Facilities
Facilities are important and one of the more important factors to look for. You surely  don’t want to take your clients in an office without basic facilities. Its important to check whether broker office has basic amenities like computer, fax machine, copier, adequate parking space, etc.

Management
Management of the broker company is as important as you contact with potential buyers. In large company, salaried managers will be in your primary contact list while in small real estate company, owner of the company will manage your work. It is your duty to ask about how many full-time and part-time agents the company have. How managers will manage the work of all agents and how they all will communicate.

Training
As a new in real estate field, it is essential for very real estate agent to get trained under experts who have decades’ experience in real estate field. Broker companies should offer training for their new agents. It is important to the principals and fundamentals. For example, how to write purchase agreements, you will learn about real estate law and contract law, how to finance real estate, how to list property for sale, and how to evaluate real estate property. Proper guidance and training is important to get for acquiring skills in such areas as negotiating and sales techniques.

Administrative Support
In many real estate company, brokers handle MLS listings and processing of paperwork transaction. Ask account department about how long you will get your commission after closing the deal.

Recognition
Your personal goal determines how successful you can become in real estate. Making money is goal of every real estate person, but you should get recognition for your achievements from your broker or the real estate company for which you are working. Successful real estate companies recognize their top agents.

Balboa Real Estate is looking for agents to join their team on a 100% commission basis. There is no need to pay the monthly or yearly fee. Just pay a transaction fee and we provide training and guidance from experienced real estate professionals. successful

What a Real Estate Agent Should Look For In a Brokerage

What a Real Estate Agent Should Look For In A Brokerage

Choosing a real estate brokerage could be tough for agents who wanted to make sure that all their efforts in finding buyers are all worth the commissions they are getting. I know because finding and prospecting clients are not easy as pie, unless you are an elite and a very experienced agent who had already built brand and connections in real estate industry, you have to go certain measures to turn that inquiry into a closing sale.

If you have a license and whether you are new or professional real estate agent, one thing you need is a real estate broker to run your career. Sure, you can pick any brokerage you want, but remember that in order for an agent to be successful, there are few important factors a new real estate agent needs to consider about their brokerage.

There are two important factors an agent should consider when searching for a real estate company to work with:

Commission

Real Estate agent commissions have different types, the split commission and the 100% commission. Example of a split commission is s 70/30 or 50/50 percent agreement between the real estate agent and the broker. The split commission may or may not yet include the broker’s fee because fees vary from broker to broker. Additionally there may be franchise fees or separate error and omissions fees. Whereas, with 100% commission, a real estate agent would take home the full commission and only need to pay a transaction fee like broker or office fee.

Balboa Real Estate offers 100% commission to both new and experienced agents with just a very small fee in every transactions starting from only $99. No start-up fees or any other fees are required for any licensed real estate agent in California to join the company. When considering other companies, make sure to find hidden fees there are in addition to a transaction fee.

Support / Marketing Training

There is more in a brokerage other than the commission. Another thing that a real estate agent would look for when finding a broker is their marketing support. A good working environment, support and tools available in the office are mostly newer agent need to run their business.

A good working relationship with your company and a healthy environment as a whole means more sales and more commissions. That’s why Balboa Real Estate offers both 100% commission and marketing support for agents to perform exceptionally.

Depending on which real estate career you are in right now, choose a broker that is worth all your hard-earned money. Contact us to find our more about 100% commission. 

Grow Your Real Estate Career At A 100% Commission Real Estate Brokerage

The journey of real estate agent is a most rewarding journey and can be a big reason for stress too. There are many decisions you have to take that can change your entire career path. As a new real estate agent, finding the best brokerage is difficult. Real estate is business is relationship oriented. Successful business can come from referrals and past clients, which a new agent typically doesn’t have.

 

For your starting years as a real estate agent, you have to do hard work and earn your business through efforts ranging from door knocking to cold calling expired listings. Such activities take a lot of time and to pay off. Sometimes agents have to go months without any single commission check. Therefore, it is essential to choose the right brokerage from the beginning of your career as a real estate agent.

 

When you start working as real estate agent, it is important to you to see whether the brokerage is good to fit you or not. In this process, it is important to discuss over commission splits, training support and lead generation. If you are a recently licensed real estate agent, then joining the right a 100% commission real estate broker can expose you to a long list of client base and help you to grow your real estate career. Therefore, it is essential to find a 100% commission real estate broker that offers you the opportunities that help to enhance your career, where you can learn new marketing techniques, selling techniques, and very importantly allows agents to keep most of the commission they earn.
Doing online research of 100% commission real estate brokers will be your starting point from which you can do the broker search. By calling them or visiting their office or website, you can inquire about whether they are recruiting new agents or not and what fees they charge. Pay attention to all the fees that these companies will add on or that might be hidden. It is also important to check whether such companies have social media presence or not. A successful broker has a presence on different social media websites like Facebook, Twitter etc. and has an attractive website. You can check reviews and testimonials about such a real estate company.

 

It’s always a safe bet to join a real estate brokerage that does not charge agents any upfront fees when you start a real estate career. Brokerages have different mentoring programs that will help you shape your career. You will get specific tips that will improve your insight into real estate world. Check the members of their team, how long their members shave been with the company, and what are their areas of expertise and experience levels. All this information is usually available on real estate brokerage’s websites.

 

Balboa Real Estate is welcoming new real estate agent to join their team online through their website. We do not charge start-up, monthly or quarterly fees. You need to pay only one low flat fee that is only due at closing. For more information about our 100% commission structure, Please Click Here.

When is the seller exempt from a Transfer Disclosure Statement (TDS)

When is a seller exempt from a Transfer Disclosure Statement?
This question comes up very often. It’s required more often than you migh think.
By the way, if a Transfer Disclosure Statement (TDS) is needed then the Seller Property Questionnaire (SPQ) is needed too. State law makes it a package deal to use both forms on a transaction.
The following transfers are exempt from these disclosure requirements:
  • The sale of new homes as part of a subdivision project where a public report must be delivered to the purchaser or a public report is not required. However, when such new homes are sold through a real estate broker, the broker owes the buyer a duty to disclose any material facts which affect the value, desirability and intended use of the property;
  • Foreclosure sales;
  • Court ordered transfers;
  • Transfers by a fiduciary in the administration of a decedent’s estate, a guardianship, conservatorship, or trust except where the trustee is a former owner of the property;
  • Transfers to a spouse or to a person or persons in the lineal line of consanguinity;
  • Transfers resulting from a judgment of dissolution of marriage, or of legal separation, or from a property settlement agreement incidental to such a judgment;
  • Transfers from one co-owner to another;
  • Transfers by the State Controller for unclaimed property;
  • Transfers resulting from failure to pay taxes; and
  • Transfers to or from any governmental entity.(CAL. CIV. §§ 1102, 1102.2, 1102.3)

Contact us to learn more about 100% commission 

Where Are Your Clients?

Where are your real estate clients? Are they offline or online?offline and online real estate marketing

There are two very important things to think about before you start on a real estate marketing campaign.

  1. What is your brand/identity
  2. Where are your clients

Brand/Identity is a topic for another day. For now we need to figure out where your clients are in order to effectively market to them.  So, this is what you do:

The first step is to draw a line between the online and offline world. Unplug your clients from the internet and think about the offline behavior of your target audience.

Where do they go when they are out and about? Are there groups that they are part of? What associative activity brings the community together and makes them a captive audience?

Schools are the most obvious example of a community staple alongside church. What about clubhouses or community events? The top agents in my community are at every neighborhood event promoting their business. When there isn’t an event they are sponsoring garage sales or promoting their local open houses.

Let’s go back online. When your target demographic is toying with the idea of buying or selling a home, how do they do it? Do they go online? If so, how would they come across you online?

Agents who have determined that their clients are online are very clever. They have an abundance of yelp reviews that mention specific keywords that relate to their niche.

They have a website dedicated exclusively to the local HOA with their info everywhere. These agents know that online clients do research and know what they are looking for. Top agents know these clients are looking up keywords that relate to housing tracts, schools district, HOAs, and other local niche words and landmarks.

What percentage of your clients are better reached online versus offline? You must determine this and dedicate a percentage of your marketing efforts to online and offline efforts before you draw up a business plan.