Why are your commissions lower than most other brokerages companies?

Real estate companies are like every other type of company, with the exception of how most charge for their services. This was done largely by design over decades with many using a five or six percent commission. Who designated this? The law states that there is no set commission and all are negotiable. We follow this principle with every client. We set our compensation as most other industries do, based on overhead and profit expectations, not “what everyone else charges”. And though we have guidelines, we negotiate our compensation with every client.   

What is the difference between a real estate agent, a Realtor, and a Broker?

Real Estate Agent

A real estate agent is someone who has a professional license to help people buy, sell, or rent all sorts of housing and real estate.

Realtor

In order to become a Realtor (a licensed agent with the ability to use that widely respected title) an agent needs to be a member of the National Association of Realtors® (NAR). As a member, a person subscribes to the standards of the association and its code of ethics.

Broker

A Broker is someone who has taken education beyond the agent level as required by state laws and passed a broker’s license exam. Brokers are well acquainted with real estate legal issues and how the law applies to operating a brokerage, real estate investments, construction, and property management. To obtain a broker’s license, real estate agents must already have a certain level of experience under their belt typically, three years as a licensed real estate agent. 

What are the types of Brokers:

Principal/designated broker: Each real estate office has a principal/designated broker. This person oversees all licensed real estate agents at the firm and ensures that agents are operating in compliance with state and national real estate law. Sometimes this broker owns or has an ownership in the company.

Managing broker: This person oversees the day-to-day operation and transactions of the office and typically takes a hands-on approach to hiring agents, training new agents, and managing administrative staff. (Some principal/designated brokers also serve as managing brokers.)

Associate broker: This real estate professional (sometimes called a broker associate, broker-salesperson, or affiliate broker) has a broker’s license but is working under a managing broker. This person typically is not responsible for supervising other agents.

What type of broker is Shawn?

Shawn is the broker/owner of Primacy Realty, Inc. and manages all of the operations of the company. He uses his twenty years of experience to empower his clients and ensure they see the highest profitable transactions. Shawn is directly involved with every client.

What are the three types of relationships?

Florida law designates three types of relationships between licensed real estate professionals and consumers. Each is very different, though all require dealing honestly and fairly. Here is some information to help you understand how each type is structured and what duties can be expected.

Transaction Brokerage Relationship: This is the “default” relationship in Florida. The majority of brokerages have their sales agents act in this capacity. This is a LIMITED FORM OF REPRESENTATION. These licensees do not represent any party in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:

(a) Dealing honestly and fairly;

(b) Accounting for all funds;

(c) Using skill, care, and diligence in the transaction;

(d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

(e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

(f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

(g) Any additional duties that are mutually agreed to with a party.

No Brokerage Relationship: A real estate licensee owes to a potential seller or buyer with whom the licensee has no brokerage relationship the following duties:

1. Dealing honestly and fairly;

2. Disclosing all known facts that materially affect the value of the residential real property which are not readily observable to the buyer; and

3. Accounting for all funds entrusted to the licensee.

Single Agent Relationship: THIS IS THE REPRESENTATION WE OFFER TO THE MAJORITY OF OUR CLIENTS.

1. Dealing honestly and fairly;

2. LOYALTY

3. CONFIDENTIALITY

4. OBEDIENCE

5. FULL DISCLOSURE

6. Accounting for all funds;

7. Skill, care, and diligence in the transaction;

8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and

9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable.