Some jobs look so easy, don’t they? Take writers, for instance. They when they feel like it and all they do is sit at a keyboard and kick out words. And, they make the big bucks for this life of leisure.
Lots of people feel the same way about real estate agents. Most people don’t know how little we actually earn out of that commission check for the work we do. In fact, let’s clear that one up right now.
The commission check for real estate agents is typically split in half; 50 percent goes to the buyers’ agent’s broker and 50 percent goes to the listing agent’s broker.
All agents negotiate what is known as a “split” with their brokers. This split can range anywhere from 20 percent of the broker’s half of the commission up to 100 percent in some cases. Most, however, range from 50/50 to 60/40.
Assume your agent has negotiated a 50/50 split with his or her broker. This means that the agent will receive half of the broker’s commission. Or, 25 percent of the total commission from the sale.
From this amount, the agent deducts his or her costs of the transaction, such as gas, wear and tear on her vehicle, marketing costs, MLS fees, lockbox fees, and more.
In the end, we receive a far smaller piece of the pie than the general public assumes. Especially when one considers what a day in our shoes involves.
Here’s a list of what we do in a typical day at work:
- Check the MLS every morning for new listings that fit Southern Maryland buyers’ criteria
- Preview new listings in person
- Meet with new clients
- Set appointments to show homes to clients
- Show property to clients
- Navigate the purchase agreement with buying clients
- Present offers to purchase to sellers and their agents
- Schedule inspections (whole home, pest, etc.)
- Analyze inspection reports
- Negotiate contracts, repairs, etc. with listing agents
- Schedule repairs
- Meet service technicians at homes, wait while the technician inspects a system and writes up a price quote.
- Inspect repairs
- Shepherd transactions through escrow to closing
- Attend the final walk-through with buying clients
- Analyze the market for sellers to determine a likely market value for their homes
- Navigate the listing agreement with selling clients
- Schedule for sale sign installations
- Install lockboxes on listings
- Schedule photography session for listings
- Create and execute a marketing plan for selling clients
- Find buyers for listings
- Plan, schedule, and execute open houses
- Plan, schedule, and execute broker’s open houses
- Compile pro forma financial statements for income property sellers and buyers
- Attend broker’s open houses
- Attend broker’s sales meetings
- Attend MLS meetings
- Coordinate closing with title companies and client
- Attend closings with clients
- Coordinate simultaneous closings for clients who require them
- Make phone calls
Those phone calls are a big part of a Southern Maryland real estate agent’s workday. In fact, a typical day in the life of a real estate agent will include phone calls to or from:
- Lenders
- Inspectors
- Appraisers
- Clients
- Other agents
- Title company representatives
- Escrow companies
- Repair people
- Pest control companies
- Contractors
- Vendors
Then, there are the phone calls related to marketing our services, to prospect for new clients, and to follow up with leads.
Finally, we must set aside time each day to return the many voicemails, text messages, and emails we receive.
Yes, these tasks make for long days. But, we wouldn’t trade what we do for any other job.
Brandywine MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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