Help with own Broker Question
Started by ADRBROWN
about 18 years ago
Posts: 3
Member since: Mar 2008
Discussion about
My fiancee is a lawyer and we are thinking of getting her a real estate license so we can take the 3% share of the commission by using her as the broker when we buy an apartment. Can we do this? Be the buyer and get the 3% brokers commission?
You can technically try to do it. No one will be happy with you. Search other threads on here. This has been discussed at length in the past months.
It makes sense if you are in a non-negotiable situation -- i.e. buying in a new development where you think the prices aren't flexible.
If you're buying a co-op, however, it probably maximizes your return to have her get her license and then hire a buyer's broker and ask them for a referral fee out of their commission (typically 25% of their share), because in this market, a good buyer's broker can probably negotiate their way to at least covering that 2.25%, and possibly do better.
In other words, apartment deals don't close themselves. Just because your fiancee gets her license doesn't mean she's suddenly going to be skilled at the negotiation and representation you're going to want as buyers.
ali r.
{downtown broker]