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Video instructions and help with filling out and completing Colorado real estate commissions

Instructions and Help about Colorado real estate commissions

I'm Travis without nuts we're top agents compete to earn your business if you're doing research on selling your home you probably want your develop commission rates real estate in this video I'll cover a few key aspects such as what is a commission in real estate who pays how much how was the money distributed and how you can negotiate commission rates successfully real estate agents are paid for the services they prin a transaction based on commission a percentage of the total selling price of a home paid for by the seller different agents offer different services AB best partner agents typically offer services such as comparative marketing analysis photography strategic marketing plans videography advertising on sites like Zillow and possibly staging services rates can vary by market trends the condition the location and the potential selling price of a home but most sellers can expect to pay five to six percent commission of the total selling price for example if a home sells for $250,000 with a six percent commission rate the total Commission paid will be fifteen thousand dollars leaving the seller with two hundred thirty five thousand dollars in net proceeds six percent might sound like a lot but a lot of sellers don't understand how the Commission is distributed the total Commission is split between the sell side and the buy side for bringing a buyer to the table then agents have to pay a fee to their managing brokers this percentage can vary depending on the agent broker contract but forty to fifty percent is the norm so with our example of a 250 thousand dollar home fifteen thousand is the total Commission paid with seven thousand five hundred going to the buy-side and seven thousand five hundred to the sell side if the agent saw their brokers 50 percent the three thousand seven hundred fifty dollars goes to each broker and each agent gets to keep three thousand seven hundred fifty dollars yes commission rates are negotiable between the seller and listening agent the traditional 6% is not set in stone according to a recent study over 37% of agents serve a charge less than five and a half percent commission they just don't like to advertise that they're willing to negotiate their rates but the reality is that most will due to increasing competition in the industry keep in mind the agents do not have to lower their Commission just like you they have a choice the key negotiating is to compare and interview several agents to learn more about commission rates and upness we have helpful links down at the bottom of the description you can click the logo on the bottom right corner hope that this video has helped you understand real estate Commission's better please leave your comments and questions.


How much were real estate commissions in the United States prior to the Multiple Listing Service?
Commissions were always negotiable between the principal and real estate agent, way before the MLS came along.Indeed, back in the day, commissions were often higher as it was quite difficult to complete a sale transaction. With the lower prices and tons of legwork involved, the listing real estate broker would command between 7–10% commissions on a sale. Since the concept of a buyer’s broker wasn't well developed, the listing real estate broker would handle the entire transaction, mostly for the benefit of the seller, who paid the commission fees. The buyers were left to their own devices.This is still very much how it works in commercial real estate.Eventually, residential home buyers sought to get some better advice for themselves to avoid being scammed by the listing real estate brokers. Starting in the 1960s and 1970s, new regulations came along to force additional disclosures to be provided to buyers and new rules of ethics were created to stop all the egregious violations of public trust like steering and blockbusting. No doubt the rising demand for government money for home financing through the major agencies had something to do with that.With the rise of the real estate buyer agents, buyers had more say and confidence in the purchase transaction. Given all the work that the buyer’s agent did, they demanded a commission split from the listing real estate broker. While this split is also negotiable, the rise of the MLS stabilized it at around 50/50 to ensure that buyers were comfortable that their agents were paid enough to work hard on their behalf.The MLS also opened up much more competition to the real estate professional market and that drove down the asking commission rates to about the 6% range. There it stabilized as ever increasing numbers of government regulations about the real estate transaction poured in, all in the guise of trying to protect home buyers from fraud. Well, all those protections had a time and effort cost. You can either be safe or get a cheaper deal, not both. Most choose to be safe.As for your ancillary questions:If there was no MLS and agents didn’t have to share commissions, wouldn’t commissions be cut in half?The MLS is just a marketing tool. Without it, there would still need to be agents involved to put together deals. The only way to save on commissions is to do a deal directly with the listing real estate broker and having the buyer take his chances. Even then, the listing real estate broker is unlikely to welcome the additional litigation risk and would need to bring in another broker to represent the buyer. Hence, commissions wouldn't be cut in half. Now, if the buyer is as competent as a professional real estate broker, then he can negotiate the commission discounts accordingly. There's nothing to prevent that from happening, even now.In some countries (UK) commissions are half what they are in the U.S. and you get highly qualified agents. Why are we forced to pay for two agents and two brokers here?This is simply the free market at work. It's the same as comparing health care costs between the U.K. and the US. Until there's a structural change that reduces the number of regulations and litigation risk, the cost structure today will remain for both. It's simply what the market has determined is necessary to do the job. As it is, abut 80% of new real estate brokers and subagents are out of the business in five years. They just don't make enough to survive. The average income for real estate agents is about $25K, much lower than the median income in the US, around $33.6K.And, nobody is forcing the buyer to pay two agents and two brokers here. That just doesn't happen. Indeed, the buyer DOESN’T pay for any broker or agent. The seller hires a real estate broker to list and market the property, paying the full commission to get the result, whoever is involved. Obviously, during negotiations, the broker’s split may come into play, so regardless of how many people are involved in the transaction, the total commission paid may be reduced.If the coop commission were offered directly to buyers instead of to their brokers, wouldn’t there be more do it yourself home buyers saving lots of money as a result?Maybe and maybe not. Again, a competent buyer who can negotiate toe to toe with the listing agent can always bring the coop commission into the deal as a result. Why doesn't this happen more often? Simply, most buyers are way out of their depths when it comes to negotiations, the ever changing landscape of regulations, and all the legal nuances required to complete a successful transaction. Real estate brokers are constantly playing catchup with whatever new requirements come out from the Federal, state, and local governments, each one a potential new legal land mine. It's hardly something to be risked when you're living in such a litigious country.Bottomline, all the technology changes will have minimal impact on overall real estate commissions. The only way to make a meaningful reduction in the cost of the real estate transaction is to reduce the number of protections in place. Currently, we are headed squarely in the opposite direction, at least until the Orange clown in the White House and the crazy doctor leading HUD gets to work, if ever.
How do I get a real estate liscence in Colorado?
Here you go! Real Estate Broker Steps for Initial Licensure
Is Colorado a good state to invest in real estate?
Mashvisor recently had an interview with Joe Mivshek, a real estate agent at Keller Williams Realty who’s been living in Colorado for 30 years. In this interview, Mivshek states that Colorado is still a very hot seller’s market. Over the past 3 years appreciation has been 7-11% per year, depending on the areas. Many records have been shattered like the average home price is now over 400k.Colorado has the lowest unemployment rate in the country at 3% compared to a national average of 4.1%, which is a main driver of the housing market and an important factor in real estate investing. The Colorado real estate market is still booming in terms of both residential and commercial real estate properties. Population is increasing, as Colorado gained 70k people in 2017!According to Mivshek, if interest rates climb slowly, we’ll switch to an even market (neither a buyer’s market nor a seller’s market) in 18-24 months, but no one sees downturn since the unemployment rate is so low. Real estate investors are advised to look for both short term and long term rental options. If an investment is priced high, look at the short term/vacation rental market. If you find a home that can be rented long term with a 6% or better cap rate, that’s the way to go. You’ll get great rental income and long term appreciation on both options.If you’re interested in reading the full interview, read: The Colorado Real Estate Market 2022. Interview with Expert Joe Mivshek
I'm moving to Colorado springs Colorado and want to get my real estate license. Do you know the best way for me to proceed or anything to look out for?
You’ll need to complete your real estate classes, just like any other state. If you’ve already passed your national exam in another state, then you should be able to skip it here in Colorado.Getting your Colorado real estate agent’s license (here in Colorado, the official title is “associate broker”) is harder than other states when it comes to passing the state exam.I had my license in Arizona (which provides agents a lot of legal power, which requires a lot of understanding about AZ real estate law) and Texas (where closings require real estate attorneys to review and approve paperwork, so there was less legal demands on agents) - and both states• exam content and requirements were definitely easier.Based on the latest passing rates (May 2019), only 63% of the people taking the exam the first time passed it. And that’s an increase from past years, where it was somewhere around 50%. That’s an intimidating passing rate for aspiring “associate brokers”, which means that many of them weren’t ready for the exam.The moral of the story is this: do your homework and find one of the best real estate school in Colorado to do your prep work. Don’t fall into the trap of “hey, I can save a couple of bucks, so I’ll go with the cheapest school” strategy.Go with a school that is up-to-date on current laws and requirements and requires a lot from their students. Otherwise, you will be rudely surprised when you take the exam and see questions on material that were either not covered enough in your classes, or, worse yet, not covered at all.(Yes, I speak from experience, although I did pass the exam the first time - only because I had a solid knowledge from other states and of real estate law and principles in general.)The Colorado Division of Real Estate provides a great resource - they prthe stats on where students went to school and then their total passing rates on the first try of taking the exam.Check out this page: Real Estate Broker Steps for Initial Licensure and selectReal Estate Broker Course Provider First Time Exam Pass RateAdditionally, there is a book you can purchase: Principles of Real Estate Practice Textbook. It’s definitely worth the money, especially when you’re preparing for the exam. That book ultimately saved me from getting close to failing the exam as it covered areas that my classes neglected to cover.Lastly, there are people in Colorado who do tutoring and exam prep classes that are not associated with a particular school. I would definitely recommend one of these people and their services - especially when it comes to the point where you need to choose which broker you want to work with.Be aware that the expenses of getting and maintaining your real estate agent’s license in Colorado is higher than other states. State fees, class fees, mandatory E&O insurance, CE fees, etc. all add up for over $1500 to start. And that doesn’t include what your broker will require you to pay in office fees, technology fees, etc.When it comes to brokers, that’s an even more important conversation . . . your choice depends on how committed you are, how much money you have in starting your career here, how much mentorship you need, and what services you want. And with the highly competitive sellers• market in Colorado, it’s extremely critical to have a powerful marketing plan in place once you get started. Otherwise, it will be a painful, expensive business venture.
How many mailers do you need to send in Colorado Springs, CO to get a real estate deal?
It depends on several things including your target audience, current market condition and competition. Typical response rate from distressed homeowners is 1–2% but you may need to mail to them 5–6 times before that response rate is reached.Adam - We Buy Houses Fast in Dallas
Is now a good time to invest in real estate in Denver, Colorado?
Just by with cashflow and prudently add to your portfolio.Mark Ferguson just had me on his podcast. He is killing it in Denver as a home flipper and doing it right by putting part of his earnings to cashflowing rentals... Here is the post from Mark's website below:Lane Kawaoka is my guest on this week’s episode of the InvestFourMore Real Estate Podcast. Lane is a full-time engineer but also loves to invest in real estate. Lane has always worked on the west coast or Hawaii, where it is really hard to find cash-flowing rental properties. He has had to invest out-of-state to find deals that made sense to him. On this show, we talk about how he first got involved in real estate and how he both bought houses from turn-key companies and on his own. We also talk about what his current goals and how he is changing his investing strategy.Click the green button below to listen to the podcastiframe style="border: none" src="//html5-player.libsyn.com/embed/episode/id/5783630/height/90/theme/custom/autoplay/no/autonext/no/thumbnail/yes/preload/no/no_addthis/no/direction/backward/render-playlist/no/custom-color/87A93A/" height="90" width="100%" scrolling="no" allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen/iframeHow did Lane first get involved in real estate?Lane graduated college and became a full-time engineer about ten years ago. He wanted to buy a primary residence but had to save up money to afford properties in his area. He finally bought a house for himself, but it was not as great as he thought it would be. He was always traveling for work and never had a chance to enjoy his home. He decided to rent out the property, and that became his first rental.How to use house hacking to buy rental properties.Lane realized he loved the passive income that his rental property provided, and he decided to keep buying rentals. He bought a duplex in Seattle for $250,000. That duplex rented for $3,000 per month and was also a great investment. The problem he ran into was the market exploded in Seattle much like it has in Colorado. His duplex was worth $400,000 a few years after he bought it, but rents had barely risen. Finding any good proprieties in the Seattle area was really hard.How to invest in rentals when prices are high.How did Lane start investing in out-of-state rental properties?Lane knew he could not invest in the Seattle market any longer, so he looked into turn-key rentals. Turn-key rentals are properties that have already been repaired, rented out, and have property management in place so that investors can buy a property and start making money immediately.Lane bought a property in Birmingham Alabama for $70,000 that he rented out for $850 per month. Lane bought a few more turn-key properties and then started to buy properties himself with the use of agents and property managers.How did Lane make sure he bought good turn-key properties?Lane has a number of tips for people looking to buy turn-key rental properties:Get a 3rd party to check out the neighborhood and area if you are not familiar with it.Don’t be afraid to find your own property management company.Sometimes, buying properties with a loan can be a benefit because you need to get an appraisal that will confirm the value.I also think people looking to buy a turn-key should not be afraid to get an inspection done on the house. You could even order a BPO to be done on the property.How to complete due diligence on a turn-key property.How has Lane bought out-of-state rental properties without a turn-key company?If you want to buy out-of-state rental properties on your own, it can be tough, but it is possible. The problem with many turn-key companies is getting a good deal is very tough. If you can find deals yourself, you may be able to make more money. However, you need to find:A great real estate agent.A great property manager.A great contractor.Lane has bought a number of properties outside of his areas without using a turn-key company. He said the key to pulling off the investment was finding a great property manager. If you can find a really good property manager, they can help you decide where to buy properties and what they will rent out for, and they can help you find contractors and agents.How to invest in out-of-state rentals.How can you contact Lane?Lane loves to help others invest, and he is also working on syndicating large multifamily deals. Make sure you listen to the podcast to hear what his plans are with apartments and why they have become his focus over single-family rentals. You can find lane at Simple Passive Cashflow - Simple Passive Cashflow,where he has a podcast and many free resources for investors.
Do real estate broker commissions seem excessive to you?
Most of the buying public do not understand what is involved in selling Real Estate. You are a small business and have to pay fees to organizations and pay for advertising and work under the supervision of a broker who takes about 15% right off the top of your commission. In most sales, you will get half the advertised commission and the other Realtor will get the other half. Rarely will you have a transaction where you get the full advertised per cent.You have to have a vehicle that is reliable and able to carry clients. You must somehow generate leads to consumers who are in the market to purchase .You only have so many hours in the day and so much energy. After you have a viable lead, then you have to help them find a property they like and can afford. Then you must be the advisor on the legal paperwork required and negotiations on price and repairs. The other side is gaining the trust of a property owner who wants to sell his property and you want the commission or you want the job of selling their property.Both buyers and sellers are emotional and you can understand why. You are dealing with possibly the most important financial decision of their lives and from $100,000 to a million dollars, this is important money.You are not an attorney, but you must be aware of the pitfalls of the legal documents your clients are signing and you must sometimes counsel them on the emotional roller coaster of the process.Real Estate is not for someone who has a fear of conflict and so, no, Realtor fees are not excessive.
What’s the best city in Colorado to buy real estate?
That would depend on what you hope to gain. Are you wanting to glip houses for a fast but greater return, buy a house to keep for awhile for a long term investment, or buy cheap housing.If flipping houses is your thing than you may want to stick to the mountainous cities such as Glenwood Springs all the way to Parchute on the I-70 corridor or the thriving cities like Colo Springs and Denver ( these places have certain areas that will get you a faster and better return than other parts of the cities). If you are looking for a long trrm investment again the front range or perhaps Grand Junction are optimal. For cheap housing you want to go to the cities outside of the more expensive cities, for Denver you may want to look in Thorton or Littlton or even Aurora and Centennial, for Fort Collins. Loveland is optimal but Berthoud is a bit cheaper. For Colo Springs you want to go south, Widefield/Security or Fountain are optimal but places like Hanover and Pueblo are significantly cheaper and are an easy commute (Pueblo is roughly 45 min from Colorado Springs). Or on the Western Slope You may want to look at Clifton, Palisade or Fruita if you want to commute to Grand Junctuon. Again, it is what you hope to gain in the process that would determine where you should buy real estate.
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