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60/ DECEMBER 2013 THE RIDER REAL ESTATE: Commission Structure


every sense of the word.


licensed by the Ontario govern- ment under the Real Estate Council of Ontario. Commission structures fall under the Non Competition Act., also part of government regulation. Realtors pay annual fees to belong to Canadian Real Estate Association, The Ontario Real Estate Association and to their local municipal boards. Realtors are mandated by the licensing to continually keep themselves updated and educat-


By Teri Davidson. All Canadian Realtors are


hire a Realtor to both sell your home and to have them repre- sent you in the purchase of another home you will be sign- ing a contract that lays out the obligations of both the Buyer, the Seller and the Real Estate Firm. This contract contains many obligations of the parties to each other, one of which is commission. Commission charged is, in the majority of instances, a percentage of the sale or purchase price of the property being bought or sold. In some unique instances it is a


Halton, Peel & Surrounding Areas When you


years in order to keep their license. We are profes- sionals


in


booked several hours of edu- cation points every


two


ed with new r e g u l a t i o n s and contractu- al clauses and must


have


people work on a commission split with the real estate broker- age they work for. All listings legally belong to the brokerage not the independent salespeople who work for the company. Commission policy is set by the brokerage and the company receives a portion of the monies earned by each salesperson who is working for that company. The office in turn provides administration duties, office paper and supplies, photo cop- ing, secretarial duties, office space, parking, heat, hydro and other benefits such as access to a more highly educated and


flat fee agreed upon at the time of signing of the contract. At all times the commission as well as the service is at the discretion of the person doing the service, namely the Realtor. Each real estate company is at liberty to charge what they wish for their services. Part of the discussion prior to signing by all parties of the contract will be the services provided for the agreed upon commission. Once this contract is signed it becomes legal and binding. Most commissioned sales-


experienced broker or manager who provides guidance and sug- gestions overseeing the work- ings of


their own expenses such as edu- cational courses, gas, signs, extra advertising, long distance calls, Blackberrys and smart


long days including into the evening and working every weekend. The calls and texts you receive need to be respond- ed to in a timely fashion. You may be out showing a family different homes for them to con- sider purchasing and during the time out you’ll be receiving calls from other salespeople to show other listings you have, sometimes within an hour, which have to be set up immedi- ately by you. You’ll also have people calling on ads, emails about properties you are adver- tising and clients just calling for reassurance and to discuss why their home hasn’t sold, looking for feedback on showings which may have just happened an hour earlier etc. A Realtor needs to be a master at multi-tasking. The salespeople pay for


employed by the office. This career choice means


the salespeople


phones, computers, internet packages, signs, flyers, virtual tours and spend hours and hours working on following up calls on properties they have adver- tised, providing mortgage infor- mation, showing the properties to prospective buyers, giving advice 24 hours a day (it’s true!) to prospective buyers and sellers and answering several emails every day as well as organizing homes to see, making appoint- ments to show those homes, picking up and returning keys, preparing offers with the proper legal terms, presenting those offers, negotiating on behalf of


their clients, providing compa- rables, attending home inspec- tions, explaining home inspec- tion findings, wells, septic sys- tems, zoning, knowing what is happening around the property which may affect its value etc., doing final inspections and throughout the whole transac- tion providing constant reassur- ance and problem solving. Sometimes a buyer will drive by the house they’ve purchased and call me to say “Teri, they haven’t mowed the lawn this week, I’m not buying the place


Contiued on Page 61


Real Estate Agent Directory


Caroline@CarolineFeeley.caCarolineFeeley.ca


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Property i can help jennifer.macpherson@century21.ca Each office independently owned and operated/ Not intended to solicit buyers or Sellers currently under contract Oakville-Niagara Area N.-S. Dumfries, Flamborough Southwestern Ontario www.murraygibbons.com


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Teri Davidson Broker/Owner


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Niagara Region


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