757,335
Semantics... whatever you call it people understand what you mean. But for the sake of providing an honest answer I call it commission when I refer to the amount you or I are being paid & I call it compensation when discussing payment.
-
Steve Higgins
Kelowna, BC
-
Olga Simoncelli
New Fairfield, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Raymond E. Camp
Ontario, NY
-
Lyn Sims
Schaumburg, IL
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Candice A. Donofrio
Fort Mohave, AZ
1,842,961
I prefer compensation as it suggests 'something earned'.
-
Steve Higgins
Kelowna, BC
-
Peter Testa
Danbury, CT
-
Brenda Mayette
Glenville, NY
-
Doug Dawes
Topsfield, MA
-
Katina Hargrove 352-55...
Eustis, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
4,566,354
Commission. The sellers sign a commission disbursement allowance form so that is the language I have used.
-
Steve Higgins
Kelowna, BC
-
Peter Testa
Danbury, CT
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Doug Dawes
Topsfield, MA
-
Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
1,194,466
Commission is commission. It is how we are compensated.
-
Steve Higgins
Kelowna, BC
-
Peter Testa
Danbury, CT
-
Katina Hargrove 352-55...
Eustis, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
1,050,315
Yes. LOL
Fees.
-
Candice A. Donofrio
Fort Mohave, AZ
-
Doug Dawes
Topsfield, MA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Lyn Sims
Schaumburg, IL
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Peter Testa
Danbury, CT
2,219,942
I call it Commission.
-
Steve Higgins
Kelowna, BC
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Inna Ivchenko
Encino, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
4,872,859
The Texas Real Estate License Act has no provision which term need to be used.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Peter Testa
Danbury, CT
-
Kathleen Daniels, Prob...
San Jose, CA
5,102,824
I can't remember the last time I referred to our RE Commission in a conversation.
-
Steve Higgins
Kelowna, BC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Peter Testa
Danbury, CT
-
Richard Weeks
Dallas, TX
5,224,095
Both terms 'fee' and 'compensation' are used on both our listing & buyer agency agreements. The NC REC is called the 'Commission.'
Why do you ask? I'm curious what brought about this question!
-
Steve Higgins
Kelowna, BC
-
Peter Testa
Danbury, CT
-
Mel Ahrens, MBA, Kelly...
Hood River, OR
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
1,513,143
Is this like that tomato thing!
-
Alan May
Evanston, IL
-
Doug Dawes
Topsfield, MA
-
Katina Hargrove 352-55...
Eustis, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
3,343,466
Compensation. That is the language in our CA listing agreement.
How I am compensated is in the form of a percentage of the purchase price.
I call it a payday, paycheck, and when I get paid.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Peter Testa
Danbury, CT
-
Kathleen Daniels, Prob...
San Jose, CA
2,385,980
No clue but no worries either as I'm now retired Corinne Guest . BTW I can't imagine me being in front of the state legislature department.
-
Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
-
Peter Testa
Danbury, CT
-
Kathleen Daniels, Prob...
San Jose, CA
6,380,446
Use both, and spend much more time and energy talking about what we will do and accomplish than the fees we earn for our accomplishments.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
5,772,470
Corinne,
Fees like Candice A. Donofrio stated. A
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Peter Testa
Danbury, CT
7,822,429
Use whatever you prefer.
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
1,501,618
As far as I'm concerned, they're one in the same. We're compensated via a commission rather than an hourly wage or flat fee.
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
921,504
A REALTOR works for commission, expressed as the tip amount for the service they render, as dictated by their broker.
A person with a Brokers license or a real estate agent has a much broader spectrum from which to benefit, therefore, compensation can include exchange, hard goods, 3 cows or even service received. These do not fit well into a term nearly always defined by a percentage but does open a broad bandwidth for creating wealth and profit where others see none.
If you are a REALTOR, your choices are limited and you are compelled to work for tips expressed as a percentage and called commission in the contracts provided by the State.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob Crane
Stevens Point, WI
-
Bob "RealMan" Timm
Minot, ND
960,583
Traditional real estate compensation has been commission-based. There are other options available, such as Flat Fees, Hourly Fee for Services or Real Estate Consulting. I offer all three plus custom solutions in my practice; I'm careful not to refer to them as commissions. I want people to know they are paying me for my knowledge, expertise and time. And they need to compensate me as we move through the process, not just at the end of the transaction or project.
-
Michael Jacobs
Pasadena, CA
-
Doug Dawes
Topsfield, MA
2,817,665
Thankfully, I don't need to worry about this. I only need to worry about the IRS. I report all income regardless if they are commissions or compensation.
-
Doug Dawes
Topsfield, MA
-
Mel Ahrens, MBA, Kelly...
Hood River, OR
-
Michael Jacobs
Pasadena, CA
464,599
Commission or Compensation = Income
-
Peter Testa
Danbury, CT
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
804,829
Commission is how we refer to it here.
-
Peter Testa
Danbury, CT
-
Michael Jacobs
Pasadena, CA
899,018
Commission is generally the WAY agents get paid; compensation is a concept.
-
Michael Jacobs
Pasadena, CA
-
Peter Testa
Danbury, CT
1,621,596
Commission 100%.
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
716,049
What a great question. I always hated the word "commission". I think we should always use the word "compensation".
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
225,526
It really doesn’t matter what you call it. You are either paid in salary or commission. Agents are not on a salary, since you only get paid when you sell, so you are paid on commission. You are compensated for the time and effort you do, as we all are.
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
3,416,022
I use commission because that is what it is.
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
2,056,307
commission, compensation, fee, professional fee for services.... it all boils down to the same thing.
-
Michael Jacobs
Pasadena, CA
1,598,452
4,272,536
382,309
Cool question. Let's look at definitions.
Commission: an amount of money, typically a set percentage of the value involved, paid to an agent in a commercial transaction.
Compensation: the money received by an employee from an employer as a salary or wages.
Contingency fee: a fee for services (as of a lawyer) paid upon successful completion of the services and usually calculated as a percentage of the gain realized for the client.
I don't really think of what I do as a "commercial transaction." To me, that is a shorter term relationship akin to buying a car. Nor do I receive compensation because I am not an employee.
I charge a contingency fee because I take all the risk and do all the work up front. The client only pays me a percentage of their sale price when I actually get the house sold. And, interestingly, when I answer the question, what's your commission?" by explaining it as a contingency fee I don't get pushback on rate.
5,862,877
899,657
1,306,062
I fail to see a problem using either term, along with others, to describe type, source or manner of payment and receipt of monies.
5,205,874
4,924,982
1,193,135