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

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Rainmaker
529,562
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
1,516,081
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

I prefer compensation as it suggests 'something earned'.

May 10, 2019 09:19 AM
Rainmaker
3,267,785
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
746,303
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
687,811
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
1,041,013
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I call it Commission. 

May 10, 2019 05:15 PM
Rainmaker
2,931,147
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
3,010,915
Nina Hollander
Coldwell Banker Residential Brokerage - 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
3,227,425
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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
1,243,924
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
2,772,084
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

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
1,577,644
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
4,105,508
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
4,352,186
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
5,305,040
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Use whatever you prefer.

May 10, 2019 12:21 PM
Rainmaker
1,219,052
Ryan Huggins - Thousand Oaks, CA
www.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
749,762
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
792,881
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
2,660,753
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
397,885
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
550,718
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Commission is how we refer to it here.

May 13, 2019 06:56 PM
Rainmaker
728,660
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
1,482,186
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Commission 100%.

May 11, 2019 04:46 PM
Rainmaker
699,010
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
180,500
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
2,957,136
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I use commission because that is what it is. 

May 11, 2019 05:25 AM
Ambassador
1,629,533
Alan May
Coldwell Banker Residential - 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
1,060,411
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Commission

Jul 03, 2019 10:21 AM
Ambassador
3,057,477
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

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

May 31, 2019 07:31 AM
Rainmaker
323,572
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
4,038,002
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
614,639
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Raleigh - Cary Triangle Real Estate 919-602-8489

Commission or fees. 

May 16, 2019 04:09 AM
Rainmaker
660,141
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
3,198,038
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
3,098,103
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
560,038
Peter Mohylsky, SoWal Is HOME.
PrimeSouth Properties - Santa Rosa Beach, FL
Let me help you find your path to the beach.

compensation or fee

May 13, 2019 05:05 AM