Rental Basics: How much commission do we have to pay the Realtor when renting a condo? Trulia Voices

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how much commission do we have to pay the Realtor when renting a condo?

Asked by Elizabeth Stever, 07016 • Thu Apr 18, 2013

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In Southern Jersey the landlord usually pays the fee also equal to 1 months rent.

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Typically it's one months rent. You may be able to find a place where landlord pays full commission or at least half but that is on a rare occasion. In our area of Union Cty, rentals go quickly so landlords are less inclined to pay any portion of the commission. However, you should look at the bottom of each listing where it will specify who mays the commission and how much.

David Realty Group

Each property can be different, however typically the commission is equal to one months rent. The commission can be paid by the landlord, tenant or split by both. I would advise you ask about each property you have an interest in. If I can be of any assistance in your search, please don't hesitate to contact me.

Coldwell Banker - Robert Michael Realty

(732) 239-7452 cell

If you are asking how much to pay a Realtor who is showing you homes for you to rent again there is no set price but I think that $25/showing is fair or a flat rate of $500-$1000 if you plan on looking at a lot of properties.

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How to Become a Real Estate Agent, Steps to Becoming a Real Estate Salesperson

How to Become a Real Estate Agent

Posted by: Brightwood College

Updated: January 9, 2018

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Deciding to become a real estate agent is a major move in anyone's career journey. People enter the field of real estate from various occupations and careers, and at various stages of their lives. Everyone has different reasons why they think real estate is the correct career choice for them. But, one question consistently comes from people looking to enter the real estate industry: "How do I become a real estate agent?"

The simple answer is, “it depends.” It mostly depends on where an individual wants to practice real estate. Becoming a real estate agent requires a state license. Each state regulates their own real estate licensing process, and each state’s regulations or rules are slightly different. But, there are a few basic requirements that are always consistent.

General Requirements to Qualify to Become a Real Estate Salesperson

To be eligible to become a licensed real estate salesperson or agent, you must:

1. Be at least 18 or 19 years old (depends on the state)


2. Have legal US residency


3. Complete your required prelicense education (find your state's requirements)


4. Pass your state real estate license examination

These items represent the high-level checklist of what it takes to become a licensed real estate agent, but there are a lot of decisions you need to make along the way that will dictate whether your journey is successful or not.

Is Real Estate Right For You?

The first step in this process is making sure that real estate is right for you. As a real estate salesperson, each day is spent working for you. This means handling your own office management, paperwork, prospecting leads, developing relationships, managing contacts, and dealing with buyers and sellers. Reach out to local real estate agents and brokers and ask them questions about what the day-to-day work is like. Ask questions about real estate as a long-term career. Starting a full-time career as a real estate agent can’t be treated like a hobby. It requires a full commitment. Make sure real estate is the right path for you.

Thinking about starting a real estate career? Download the Launching Your Real Estate Career eBook.

Becoming a Real Estate Agent

While the specifics vary by state, there are five steps that every individual must take to earn their license and become a real estate agent.

Step 1: Understand Your State’s Real Estate Licensing Requirements

Each state’s real estate licensing requirements are different. Your state’s real estate commission website will list the official prelicensing requirements. Kaplan Real Estate Education offers a couple pages that narrow this knowledge gap down. The Steps to Licensing page is designed to show, in simple steps, what it takes to become licensed in each state. In addition, Kaplan offers a page dedicated to each state’s real estate licensing and continuing education requirements. See the link below for your state’s pages.

Step 2: Enroll in a Real Estate Prelicensing Course

There are variety of ways you can choose to complete your real estate prelicensing education requirements, from live classroom locations at local real estate schools, some realty firms, universities and technical schools offer real estate licensing programs, home-study, and online real estate education. This is an important decision in your journey. Make sure you enroll with a school that has a good reputation, offers quality content and instructors, and is focused on positive student outcomes. Your real estate licensing education will be difficult and comprehensive, but it will also be the springboard to a successful career as a real estate professional.

Step 3: Apply To Take the Real Estate Salesperson Exam

Timing is important at this step. Make sure you are following the application process with your state so you can sit for your real estate agent exam soon after you finish your real estate licensing classes. This process will be state-specific and include a fee. Check with your state’s real estate regulatory authority for complete details. Some states require you submit fingerprints and pass a background check. This can take weeks to process. In many states, the application process must be complete before you can register or schedule your exam date. Don’t let the paperwork become a roadblock to getting started in your new real estate career.

Step 4: Pass the Real Estate Salesperson Exam

Passing the real estate exam takes more than finishing the educational requirements—it takes preparation. Not everyone passes the exam the first time. Preparing yourself to pass the state exam takes additional study time. Kaplan highly recommends enrolling in an exam prep class. Because the ultimate goal is to help you pass the exam, most of Kaplan’s prelicensing packages include the comprehensive Exam Prep Course. Taking practice exams, measuring your strengths and weaknesses, and working through comprehensive topical review will sharpen your knowledge and prepare you for exam day.

Show up to the exam location with a positive attitude, answer the questions using the massive knowledge bank you accumulated in your studies, and walk out with a passing grade on your state real estate exam!

Step 5: Find a Real Estate Broker

Your passing grade on your state real estate licensing exam doesn’t quite mean you have a license yet. A real estate salesperson (agent) is licensed to act on behalf of a broker and may not act as a real estate agent independently. Consider finding a real estate broker early in your licensing process. Once you have completed your prelicensing education requirements and passed your exam, you and your broker will both need to complete final paperwork with the state. Once the form is accepted, your license will be issued, and you may practice real estate under the sponsorship of the broker. Keep in mind that there are a number of items to consider when finding the right real estate brokerage.

Good luck on your journey to becoming licensed, as well as your eventual successful career as a real estate agent! Each day can be unique and different for a real estate agent, and it can be a very rewarding and exciting career!

To view your state's specific Steps to Licensing pages and/or your specific state Real Estate Licensing and Continuing Education Requirements page, simply select your state from the list on the real estate education landing page.

FREE eBook: Launching Your Real Estate Career

Wouldn’t it be great if you could sit down with a room full of successful real estate professionals and ask them for career advice? We asked several accomplished real estate professionals what they wish they knew before they earned their license and started their career, and what they thought all aspiring real estate professionals should know. We put all of their advice into a value-packed eBook.

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Tampa School of Real Estate, Florida Real Estate License

How to Get Started in Real Estate

Obtaining a Florida Real Estate License is far easier than most would think. At the Tampa School of Real Estate, the required real estate license course can be completed online 24/7, or at one of our Tampa Bay area school locations in less than 2 weeks. The course includes an exam in which you must score at least 70%. Read More

Florida Sales Associate License Classroom Course

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Learn everything you need to know to pass the Florida Real Estate License exam and get your Real Estate License.

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Florida Sales Associate License Online Course

Florida Real Estate Commission required course needed to take State Real Estate License Exam.

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Before your first license renewal, you must complete the Post Licensing Course.

Along with the two year experience requirement, you must complete the Broker Pre-Licensing Course

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With the Tampa School of Real Estate, you have up to one year to retake our classroom courses. You may retake the course as many times as necessary as long as class seats are available. The Florida Real Estate Commission requires you wait at least thirty (30) days before retaking the end of course exam, and that you must retake the course in full before your third exam attempt.

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With the Tampa School of Real Estate, you have access to our online course materials for up to one year. You may go through the course as many times as necessary. The Florida Real Estate Commission allows two attempts of the end of course exam and requires you wait at least thirty (30) days before retaking the exam.

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How to Calculate Real Estate Commissions: 10 Steps (with Pictures)

How to Calculate Real Estate Commissions

If you buy or sell a real estate property, you may owe a commission to the brokers involved in buying or selling the property. Commissions are often paid by the seller, and the overall commission is split by the agent who worked on behalf of the seller and the agent who represented the buyer. Learning how commissions work and how they are calculated can help you to determine the cost of your property, or how much you will receive from a sale.

Steps Edit

Part One of Two:

Calculating Common Real Estate Commissions Edit

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Part Two of Two:

Calculating Total Cost of a Sale Edit

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Community Q&A

• Commission is a negotiated item so it comes down to what you negotiate with the other party. Generally, a seller will offer a listing agreement to a real estate agent to sell the home at a certain percentage, and within that agreement it will stipulate what percentage goes to the listing agent from the entire amount and what percentage goes to the buyer's agent. It may not be 50/50 but it often is. If two people are trading properties and are using agents, then it will be whatever is negotiated between one seller and their agent and the other seller and their agent because both are selling their properties. In a trade situation though, it would be more advantageous to use an attorney to conduct the transaction. There could be a 1031 exchange involved with trading properties and deferment of capital gains tax as well and potential reduction of any transfer taxes. If the two sellers are just trading properties and not listing it on the open market then an attorney would be a better choice to represent these sellers but if there was already an agent involved in the listing and marketing of the property when the trade ends up occurring and they are entitled to a commission due to the agreement. made, then it typically would be based on the listing agreement in place for U.S. markets. In some markets, the buyers pay for commission.

• Take the rate negotiated, for example 5%, divide this by 100 to convert it to a decimal rate, .05, multiply the rate by the purchase price to get the total commission.

• Selling price and buyer closing costs are all negotiated, so it really depends on the market. In a hot seller market, selling price is often pushed up and over what the seller was asking for if the seller receives multiple offers, so a buyer paying their own closing costs may not have an effect on the selling price.

• $87,000 - $55,000 = $32,000. (0.07% * 55,000) + (0.05% * 32,000) = (3,850)+(1,600) = $5,450.

• It depends on the agreed percentage of Real Estate commission. Take the amount of purchase times the percentage of commission. There could also be title company charges that are normally paid by the seller; it just depends on your state. Your Realtor should be able to help you with this, and if you do not have a Realtor for protection, call your title company for help.

• Multiply the percent of the commission by the total price. Remember, percent is parts per hundred. For example, if the commission is 5 percent, multiply by .05 (move the decimal place over two spots). Many calculators or phone apps have a percent key, which makes that easy. Example: Price is $40,000, commission 6 percent. Commission: .06 X $40,000= $2,400

• $6,240 Amount of Commission ÷ 8% Rate of Commission = $78,000 Sale Price of Home Math Check: $78,000 x 8% = $6,240

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Expert Review By:

This version of How to Calculate Real Estate Commissions was reviewed by Carla Toebe on September 29, 2017.

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