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How Do Realtors Get Paid? - The answer every buyer should know - YouTube
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hey this is Jeremy from shine insurance
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and I'm here today with Beth Ellis a
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broker at Tim Ellis Realtors and
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auctioneers she's been doing it for 16
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years she understands how the real
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estate market works and she's just an
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awesome lady so we're gonna chat with
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her about how Realtors get paid so Beth
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welcome thank you so much Jeremy so how
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do Realtors get paid that is a really
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good question and honestly first-time
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buyers are not comfortable asking that
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because they're not sure how the process
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works so generally speaking the way that
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it works is when a realtor lists a house
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for sale they have negotiated a
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commission with that seller and when
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they put that house in the MLS which is
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our home state abase they have agreed to
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cooperate with the buyer's realtor and
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pay them at the closing so the buyers
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it's great news for the buyers they
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don't pass the sellers pay the Realtors
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and that is a negotiated upfront like I
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said with the seller of the home and the
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nice thing is that Realtors can show
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buyers any house that's for sale in our
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market that's been listed by another
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realtor or by their own company we don't
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have to show just the ones that we have
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for sale because we know that we're
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gonna get paid if our buyers buy any of
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those houses that are listed on the
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market okay so let me see if I get this
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straight so a buyer does not pay for a
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realtor right a seller pays for both
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Realtors right based on a negotiation
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they did before listing the property
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right when they sit down and meet with
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the listing realtor
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they negotiate negotiate out a
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commission they agree to that that's
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part of the listing contract that the
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seller would sign with their realtor and
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then when that person puts that house
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for sale in our MLS database it clearly
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shows that they are cooperating with the
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buyer's agent and that the buyer's agent
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will get paid at closing if that buyer
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buys that property and is there a wide
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array of amounts of money you can get
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paid so as if you're a representative
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buyer do you necessarily know if what
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you're gonna get paid I do know what I'm
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gonna get paid because the listing agent
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puts that information on the private
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side of the realtor database of our MLS
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database and there are wide varieties of
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fees that we get paid we do not have a
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standard or a set fee it's illegal for
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us to get together and say we're all
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going to charge one million dollars for
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each listing that fee is always
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negotiated between the listing agent and
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the seller okay can you give us some
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example of what that fee could look like
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somewhere is it a percentage it's a
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percentage of the sale price not of the
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list price and so depending on what the
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listing agent did with the seller some
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of those people split that feat evenly
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with the listing agent and the selling
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agent and sometimes they don't split it
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evenly
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okay so seller pays both Realtors that's
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based on a percentage usually of the
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selling price right could vary for
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different scenarios but ultimately if
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you're the buyer if you were a buyer and
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you're highly hiring a real estate agent
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you don't really need to worry too much
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about that exactly and I tell my
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first-time buyers there is absolutely no
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reason to buy a house without a realtor
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because one you don't pay us so that's
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good news and two we know what we're
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doing and usually first-time buyers
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don't know what they're doing and
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there's no good reason for them to try
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and navigate through that process
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without a professional person helping
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them get the best deal on the best house
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for them through that process so not
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only do you get the service of having a
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professional professional who's inside
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the industry helping you walk through it
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but you ultimately don't even have to
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pay for it right okay well I don't see
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any reason to buy a house without a
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realtor absolutely thank you Beth so
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much for being with us if someone wants
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to find you how can they do so I'm sure
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if my email is Beth at Tim Ellis
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Realtors calm all right thank you so
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much you're welcome thank you if you
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enjoyed this video we've got a couple
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more for you the new home buyers guide
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on our youtube channel is one of the
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favorites that people watch all the time
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gives you a quick overview of the whole
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process from beginning to end home
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appraisals if you don't know what an
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appraisal is you wonder what that part
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of the process is or you're in it right
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now and you're a little concerned about
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it we answer eight common questions and
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finally three parts of your mortgage
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payment after you have bought that house
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and you start making those monthly
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payments what are they made up of and
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what can you expect so those are three
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videos you can go and check out as part
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of our YouTube channel and finally if
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you enjoyed the video there's two super
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important things we need you to do right
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now the first one is subscribe to our
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channel we'll put great information out
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just like this video over and over again
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help you with the new home buying
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process as well as insurance and other
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financial advice and finally share the
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video out in your social media networks
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good information is only great if it's
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shared with others until the next time
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have a wonderful day
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