Corinne Guest, Barrington Lifestyles (Corinne Guest, REALTOR® | Barrington Realty Company)

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Rainmaker
613,490
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

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. 

May 10, 2019 08:39 AM
Rainmaker
1,609,986
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I prefer compensation as it suggests 'something earned'.

May 10, 2019 09:19 AM
Rainmaker
3,648,704
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Commission. The sellers sign a commission disbursement allowance form so that is the language I have used.

May 10, 2019 11:01 AM
Rainmaker
866,216
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Commission is commission. It is how we are compensated.

May 10, 2019 09:19 AM
Rainmaker
805,647
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yes. LOL
Fees.

May 10, 2019 08:41 AM
Rainmaker
1,337,432
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I call it Commission. 

May 10, 2019 05:15 PM
Rainmaker
3,420,730
Richard Weeks
Dallas, TX
REALTOR®, Broker

The Texas Real Estate License Act has no provision which term need to be used.

May 10, 2019 08:19 AM
Rainmaker
3,463,507
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I can't remember the last time I referred to our RE Commission in a conversation.

May 10, 2019 08:13 AM
Ambassador
3,699,860
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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!

May 10, 2019 09:17 PM
Rainmaker
1,312,344
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

Is this like that tomato thing!

May 10, 2019 10:00 AM
Rainmaker
2,877,911
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

May 10, 2019 08:51 AM
Rainmaker
1,734,981
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

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.

May 10, 2019 08:11 AM
Ambassador
4,698,570
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

May 10, 2019 09:36 AM
Rainmaker
4,864,603
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Corinne,

Fees like Candice A. Donofrio stated.  A

May 10, 2019 08:51 AM
Rainmaker
5,821,314
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Use whatever you prefer.

May 10, 2019 12:21 PM
Rainmaker
1,301,082
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

May 10, 2019 12:18 PM
Rainmaker
816,635
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

May 10, 2019 09:31 AM
Rainmaker
844,506
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

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.

May 11, 2019 11:21 PM
Rainmaker
2,741,302
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

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.

May 11, 2019 07:21 AM
Rainmaker
410,023
Katina Hargrove 352-551-0308
Stake Your Land Realty, Inc. - Eustis, FL
Broker/Owner, GRI,SFR, REALTOR®

Commission or Compensation = Income

May 11, 2019 06:25 AM
Rainmaker
623,596
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Commission is how we refer to it here.

May 13, 2019 06:56 PM
Rainmaker
772,272
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Commission is generally the WAY agents get paid; compensation is a concept.

May 13, 2019 10:28 AM
Rainmaker
1,506,461
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Commission 100%.

May 11, 2019 04:46 PM
Rainmaker
705,843
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

What a great question. I always hated the word "commission". I think we should always use the word "compensation".

May 11, 2019 06:02 AM
Rainer
214,135
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

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.

 

May 11, 2019 05:51 AM
Rainmaker
3,167,457
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I use commission because that is what it is. 

May 11, 2019 05:25 AM
Ambassador
1,726,575
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Helping you find your way home.

commission, compensation, fee, professional fee for services.... it all boils down to the same thing.

May 13, 2019 07:29 AM
Rainmaker
1,832,990
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Commission

Sep 21, 2019 09:13 AM
Rainmaker
1,382,781
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Commission

Jul 03, 2019 10:21 AM
Ambassador
3,269,465
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I like compensation but people always refer to commission...

May 31, 2019 07:31 AM
Rainmaker
352,827
Sally Lawrence
Advantage Real Estate - Tehachapi, CA
Broker, CHS, e-Pro, SFR, REALTOR®

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.

 

May 27, 2019 05:42 AM
Rainmaker
4,340,761
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I always refer to my income as commission.

May 24, 2019 10:03 AM
Rainmaker
667,045
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Commission or fees. 

May 16, 2019 04:09 AM
Rainmaker
773,652
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I fail to see a problem using either term, along with others, to describe type, source or manner of payment and receipt of monies.

May 15, 2019 04:27 PM
Rainmaker
3,592,685
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Commission or compensation are both used when referring to my fee!

May 15, 2019 04:55 AM
Rainmaker
3,435,653
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Commission I would say!

 

May 14, 2019 10:36 AM
Rainmaker
717,342
Peter Mohylsky. The Santa Rosa Beach Expert
PrimeSouth Properties - Santa Rosa Beach, FL
THE BEACH IS OPEN

compensation or fee

May 13, 2019 05:05 AM