Please help to clarify Please help : Broker commission on brand new home

M

Minionbibi

New member
do we get any broker co-op commission back if purchasing the new home in PP vs CV?

If we sign in with the realtor to purchase a new home in CV, do we split 50/50 with the realtor for the broker co-op commission that we recd from CV?

Also, is it necessary to have a realtor when purchasing the new home? what % of commission fee do you have to pay the realtor besides sharing the broker co-op commission with him/her?

thanks for any helpful tips!

Cheers :)

 
1. It's necessary to register with a realtor/broker in order to get a co-op commission.

2. How much you get depends on your agreement with your realtor/broker.

3. It's not necessary to have a realtor to purchase a new home, but if you don't... or don't have one register you on your first physical visit to the model homes, there will be no commission.
 
You should always discuss the broker co-op commission split with your agent ahead of time so that way there is no misunderstanding later on.  It really depends on several factors how much the agent will be willing to offer to split with you.  You do not receive the broker co-op, only the agent does after escrow as closed.  Most all new home builders do not allow the agent to contribute/split any part of the broker co-op with the buyer but what happens outside of escrow after closing between the buyer and the agent is their business, not the builder's business. 

You do not have to have a realtor to buy a new home but the builder will not lower the price of the home for you just because you don't bring an agent to register and they end up not paying a broker co-op to the agent.  Agents typically either have to pay a split to their broker (20-30% of the gross broker co-op) or a flat transaction fee (like $500-$1,000).  That split/fee is deducted by the broker (home builder sends money to the broker first) and the remainder is sent to the agent from the broker.  As IHO pointed out, you have to have your agent present at your first physical visit to the sales office for them to be able to get the broker co-op commission. 

Hope that helps but let us know if you have any other questions.
 
apparently they video tape the people who come look at the models, so if you try to bring a broker on your 2nd viewing, they will bring out the video and say....."sorry, broker co-op NOT YOURS".
 
zubs said:
apparently they video tape the people who come look at the models, so if you try to bring a broker on your 2nd viewing, they will bring out the video and say....."sorry, broker co-op NOT YOURS".
Click to expand...
I don't know if they video tape but I had a few buyers that lied to me and told me that they never visited the sales office before.  We go in there to register and the sales person tells me that they already came in and I can't register them.  I hate those situations and makes me look like a jackass.
 
Page 2 of this thread from OCBroker mentions the video taping of people.http://www.talkirvine.com/index.php/topic,2699.15.html

In regards to commission rebates I had a client lose out on $20,000 rebate in San Juan Capistrano. I advised them not to go in or register, but they still went in but did not register. They did speak to the sales staff a lot and so they remembered them. When I went in with them to register, it was all fine until we had chose a home then they would not allow them to have representation. They stated they have video of the buyers visiting the sales center with out me. So if you are serious about getting a rebate I would suggest not to enter with out your agent. It was a huge loss for them and me.
Click to expand...
 
USCTrojanCPA said:
You should always discuss the broker co-op commission split with your agent ahead of time so that way there is no misunderstanding later on.  It really depends on several factors how much the agent will be willing to offer to split with you.  You do not receive the broker co-op, only the agent does after escrow as closed.  Most all new home builders do not allow the agent to contribute/split any part of the broker co-op with the buyer but what happens outside of escrow after closing between the buyer and the agent is their business, not the builder's business. 

You do not have to have a realtor to buy a new home but the builder will not lower the price of the home for you just because you don't bring an agent to register and they end up not paying a broker co-op to the agent.  Agents typically either have to pay a split to their broker (20-30% of the gross broker co-op) or a flat transaction fee (like $500-$1,000).  That split/fee is deducted by the broker (home builder sends money to the broker first) and the remainder is sent to the agent from the broker.  As IHO pointed out, you have to have your agent present at your first physical visit to the sales office for them to be able to get the broker co-op commission. 

Hope that helps but let us know if you have any other questions.
Click to expand...

thanks for the info! we have a relative whom is a part time realtor so we are thinking to have him to sign in with us ...this way, i can just give him 2-3K  from the 12K-15K that i receive.

Also, do you know if Roundtree or Taylor Morrisson Springhouse in PP also giving out broker co-op like IP builder ?

thanks
 
zubs said:
apparently they video tape the people who come look at the models, so if you try to bring a broker on your 2nd viewing, they will bring out the video and say....."sorry, broker co-op NOT YOURS".
Click to expand...

oh are you serious? we have walked in few developements in CV w/o the realtor but sign in with fake names :)

i wonder if IP sales office truly video tape all the walk in people who walked through their office to the model homes?
 
Minion, you're Asian, right? If they say they caught you on tape (and they really did), just act all insulted that they can not tell you apart from all the other Asians. If the sales rep is anything other than Asian, especially with white man's guilt, that should do it.  :)  :)
 
SoCal said:
Minion, you're Asian, right? If they say they caught you on tape (and they really did), just act all insulted that they can not tell you apart from all the other Asians. If the sales rep is anything other than Asian, especially with white man's guilt, that should do it.  :)  :)
Click to expand...
I'll probably burn in the under place for thanking that post but there is truthiness there.

Wish I could blend in in Irvine. That's why I'm so secretive about my identity, my Austrian heritage make me very memorable.

Can't tell you how many times people remember me and I have no recollection of who they are.
 
IHO, sorry man, I think you would be easily caught. 300 lb Hawaiians are a rare breed in Irvine. You would stand out like a sore thumb. The sales office wouldn't even need a video tape to know you've been in the office before.

irvinehomeowner said:
SoCal said:
Minion, you're Asian, right? If they say they caught you on tape (and they really did), just act all insulted that they can not tell you apart from all the other Asians. If the sales rep is anything other than Asian, especially with white man's guilt, that should do it.  :)  :)
Click to expand...
I'll probably burn in the under place for thanking that post but there is truthiness there.

Wish I could blend in in Irvine. That's why I'm so secretive about my identity, my Austrian heritage make me very memorable.

Can't tell you how many times people remember me and I have no recollection of who they are.
Click to expand...
 
Baby Irvine said:
IHO, sorry man, I think you would be easily caught. 300 lb Hawaiians are a rare breed in Irvine. You would stand out like a sore thumb. The sales office wouldn't even need a video tape to know you've been in the office before.
Click to expand...

Hawaiian??! I don't think so.  :-X 
 
Hang on. Before Iho asks why I didn't direct my shock at the first part and only the second, what I MEANT to say was:

"300 lbs.??! I don't think so."

There. Fixed.
 
Is Austria close to Hawa-i-i (<--- as Ariana Grande would put it)?

Is my weight close to 300lbs?

I think I'm memorable because I'm so handsome... like Panda/Baby Irvine (I want to make his avatar my wallpaper).
 
4g19ow.jpg


I don't know if you remember my avatar picture aka "PANDA" on Irvine Housing Blog back in 2007... but that was the good ole days, when my Asian body looked like that.

It is very sad that we are all getting older, fatter, and uglier. If you combine IHO, Panda, and Trojan on a weight scale today... the scale would read 1000 lbs. The good thing is that IHO and I are already married, but unfortunately Trojan, the 40 year old virgin, is still single.
 
Baby Irvine said:
It is very sad that we are all getting older, fatter, and uglier. If you combine IHO, Panda, and Trojan on a weight scale today... the scale would read 1000 lbs. The good thing is that IHO and I are already married, but Trojan, the 40 year old virgin, is still single.
Click to expand...

mdr-ordi.gif
 
SoCal said:
Baby Irvine said:
It is very sad that we are all getting older, fatter, and uglier. If you combine IHO, Panda, and Trojan on a weight scale today... the scale would read 1000 lbs. The good thing is that IHO and I are already married, but Trojan, the 40 year old virgin, is still single.
Click to expand...

mdr-ordi.gif
Click to expand...

ROTFLMAO!!  Who's this panda guy, he's funny.
 
Minionbibi said:
zubs said:
apparently they video tape the people who come look at the models, so if you try to bring a broker on your 2nd viewing, they will bring out the video and say....."sorry, broker co-op NOT YOURS".
Click to expand...

oh are you serious? we have walked in few developements in CV w/o the realtor but sign in with fake names :)

i wonder if IP sales office truly video tape all the walk in people who walked through their office to the model homes?
Click to expand...
Minionbibi said:
USCTrojanCPA said:
You should always discuss the broker co-op commission split with your agent ahead of time so that way there is no misunderstanding later on.  It really depends on several factors how much the agent will be willing to offer to split with you.  You do not receive the broker co-op, only the agent does after escrow as closed.  Most all new home builders do not allow the agent to contribute/split any part of the broker co-op with the buyer but what happens outside of escrow after closing between the buyer and the agent is their business, not the builder's business. 

You do not have to have a realtor to buy a new home but the builder will not lower the price of the home for you just because you don't bring an agent to register and they end up not paying a broker co-op to the agent.  Agents typically either have to pay a split to their broker (20-30% of the gross broker co-op) or a flat transaction fee (like $500-$1,000).  That split/fee is deducted by the broker (home builder sends money to the broker first) and the remainder is sent to the agent from the broker.  As IHO pointed out, you have to have your agent present at your first physical visit to the sales office for them to be able to get the broker co-op commission. 

Hope that helps but let us know if you have any other questions.
Click to expand...

thanks for the info! we have a relative whom is a part time realtor so we are thinking to have him to sign in with us ...this way, i can just give him 2-3K  from the 12K-15K that i receive.

Also, do you know if Roundtree or Taylor Morrisson Springhouse in PP also giving out broker co-op like IP builder ?

thanks
Click to expand...
Yeah, both offer a $10k flat fee broker co-op.
 
You must log in or register to reply here.
Back
Top