Hiagain all-
Just curious how you all have set up your brokerages re: buying/selling personal real estate, both primary residence and/or investment properties. I am not talking about the hokie pokie real estate "investor" who gets a license just to access MLS to generate their own deals. More along the lines of agents who occassionally pick up a property here and there but who became licensed to be in the business of brokerage, not personal lead generation.
Do you let them do it as long as they aren't on the contract as an agent representing themselves and not pass a commission through the company? Do you insist everything go through the brokerage firm and the standard commission rate applies?
These are all the fun questions I get to ponder as I begin taking on agents. I was talking to a friend of mine who is a broker here and he laughed and said his agents don't work for him- he jokenly stated it's the other way around...he's their slave! lol I don't want to go down that road!!

Thanks

You could just charge them a 300.00 transaction fee.

You have to decide if you really want a bunch of agents.You have to constantly review any and all contracts per the Georgia real estate commission and you also need a very detailed IC agreement on what to do and what not to do for any associate brokers and agents.

I really don't pursue signing any agents onto my brokerage.My focus is on commercial development deals and building an investment portfolio of commercial,land,and residential properties.

When I was with another company before going on my own they charged a 300 trans fee and had a bunch of investor agents.The danger is some of those agents doing illegal activities.

You don't have to charge your agents anything for selling there own property BUT they have to disclose on the sign rider that they are an agent and on the contract or they are violating GREC advertising rules and requirements for liscensed agents/brokers.

The GREC has it spelled out in detail.

Super,
I hear you on the whole agent signing up thing! I am not looking for lots of agents. Really, I don't need agents at all to do my thing very well. Sounds like we are in the same type of work (see my recent post in Commercial forum re: how you got started in comm real estate)- 99% of my work is land deals for mixed-use development, etc. I am taking on a couple of new agents that have the building and professional background I want to train and build as a team. Quality over quantity for sure.

Personal homes no issue...just debating the entire investment property. I don't want it set up with a low transaction fee b/c I can't stand that carlton sheets nonsense type people- NOT my cup of tea at all.
Techincally an agent can disclose in the contract they are licensed but not on the contract as an agent representing themselves and sorting through how to structure that to be fair and protect my liability and discourage "investor" type agents.

"Techincally an agent can disclose in the contract they are licensed but not on the contract as an agent representing themselves and sorting through how to structure that to be fair and protect my liability and discourage "investor" type agents."

Agents have to disclose in most, if not all states in purchase contracts, that they are licensed RE agent buying on their own account for profit.

The more your agents buy and sell their own real estate the higher your E&O premiums will be.

With one of my former sponsors I sold both a personally owned commercial property and my former personal residence. I passed it them through the company to make sure they had MLS exposure. The agreement with the broker was that the only commission I would be charged for was the selling side that he would be obligated to pay through co-broking (either direct or MLS). He would not pay me a commission, and therefore not charge me either, for the listing side. If I sold it myself (as was the case on the commercial property) it was treated as a private sale under exclusive agency (rather than exclusive right to sell).

Thats Easy, Buy in LLC and disclose Agent is Related to buyer.
(your relationship is you own LLC.)

Never goes past that. As far as Selling or Buying personal real estate have a Broker/Friend even in your own office. Do the contracts. I fill them out myself.

Now you have and agent and it is just another transaction.