You may also call the hot-line to verify this
Your first step in finding a home is finding a Great Realtor. We Sell over 150 homes a year, we know the market, we know how to treat Buyers and Sellers. Treat All fair. We also get a lot of foreclosures and not all are treated like they should be, I hear a lot of things from buyers, some say "foreclosures are just down right discussing" Not true, we have some really nice foreclosures that I would buy myself.
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The quick answer is no. Commission is the service fee paid by the seller to the agent(s) who provided service during the sales and closing process. The money comes from the proceeds of the sale.
I think you are confusing the buyer's agent with buyer. This is a real estate agent a buyer hires to represent them in the process. This person is paid, usually, from the sales proceeds.
RE/MAX On the Water
"Can a real estate broker offer a finderâ€™s fee to people who make successful referrals to the broker?
No. Wis. Stat. Â§ 452.19 prohibits the payment of a finderâ€™s fee or a commission to a person not licensed as a salesperson or broker. However, there are no restrictions on a licensee giving a gift or an incentive to a buyer or seller. "
If an incentive is being offered to a buyer or seller it must be disclosed in writing and in advance.
The practice of sharing the proceeds from the purchase or sale of Real Estate is rare but it is also a business practice that a brokerage could adapt. Because of this, If a brokerage received a $2000 commission on the sale of a home they may be able to give half of that to the buyer or seller.
Hope this helps!
But goodness, if the realtor worked for you and got you the house, doesn't that realtor deserve his commission? We're hired professionals just like anyone else.
If a plumber fixed your leaky toilet, are you going to ask him for 50% of what you pay him? Or if the dentist put a crown on your tooth, are you going to ask him for 50% of his bill paid back to you? Or if you got contractors to work on your house --- etc....
Commission splits are contractual and set by the broker. Referrals commissions can only paid to licensed realtors. Put your focus on finding the perfect house and working with a licensed professional realtor that has your best interest in mind.
I have researched the statute you quoted and I am finding nothing other than licensees or licensed people. I have taken the time to do this because I was shocked at your answer regarding this. What I have found is the following:
"A. Wis. Stat. Â§ 452.19 permits a broker to pay referral fees and finders fees to other Wisconsin licensees as long as that person's license is active, regardless of the fact that the person holds a salesperson's license (rather than a broker's license). The fact that the person is not currently employed by a broker is not relevant.
Pursuant to Wis. Stat. Â§ 452.14(3)(f), any referral fee received by an employed salesperson (whether licensed as a broker or a salesperson) in connection with a real estate transaction may be received by the salesperson only from the salesperson's employing broker. A non-employed or inactive salesperson, however, can make a referral and receive a fee.
It may be prudent practice to ask for a copy of an agent's license before entering into an agreement for a paid referral. The agent must have a valid, current license - he or she must complete the continuing education requirements and pay the renewal fee each biennium to keep his or her salesperson's license current, or must have an inactive license with the DRL per Wis. Stat. Â§ 452.12(6). It is not necessary that the agent be a local Board or WRA member."
If you have information to the contrary, I would truly be interested in seeing it first hand.
I do agree with most of the content of the answers, but do want to correct one item repeated by just about every agent. In Wisconsin, it IS allowed for an agent to share their commission with any party to the contract with the consent of both parties. Wisconsin Statute 452 and Rule 24 should help you understand this topic more.
I am quite sure, like most agents pointed out, that you are simply confused by some bit of information that you heard from a friend about commission splits, but I did want to set the record straight
That being said, the seller will pay for the commissions so nothing is coming out of your poacket to pay a buyers agent.
Moreover, if it's important to you a good agent can try to negotiate up to 6% seller credit towards your closing costs. Rather than trying to get a good agent to give you half of his pay, try to get an good agent to negotiate you a seller credit. Mike Werth seemed to be in your area and have access to alot of foreclosures. Foreclosures often give seller credits. Call him and maybe you can end up with 6% instead of 1.25-1.5% and allow a good agent to get paid what he/she is worth too.
Hope this helps.
The agents pretty well explained the commission process to you. The commission is split between the listing agent and his/her broker (the person who lists the home is the listing agent )and the buyers agent and his/her broker (the agent that sells the home).
If I can be of further assistance dont hesitate to contact me, I specialize in the Appleton and surrounding area.
Century 21 First Realty
However, if you meant to write buyers agent, then yes, its normal to split the fees 50/50 or 60/40 between real estate agents.
Best of luck.
In the end your goal is to successfully negotiate the purchase of a home you want to live in. I am of an opinion that what you gain in working with a really good negotiator will outweigh any commission savings you might realize.
....just a thought.
Good luck to you,
Unwavering Commitment to Service
If you have questions about properties in Appleton I am happy to help out. Feel free to contact me at any time!
The commission is paid by the seller. The seller contracts with an agent for a certain amount and part of that amount is offered as a "co-broke". The co-broke is the agent who brings the buyer. Your best bet is to interview a minimum of three agents and find a good fit for your needs and personality. If this is your first home, you will want someone who specialized in first-time home buyers. There are many challenges that arise with first-time home buyers and you will need an agent that is both knowledgeable and patient in this area.
Once you choose an agent, don't be afraid to sign a buyer agency. This will ensure that you are committed to that agent and therefore they will be committed to you.