How Agents get paid in Belize?
Most buyers recruit the services of a real estate professional when buying a house or parcel of land in Belize. It only makes sense - agents have experience in dealing with the many issues surrounding the process, and they usually have the homes listed for sale. But the question often comes up: "How do agents get paid and who is responsible for that payment?" It's a good question… here is how agents get paid in Belize.
First, I need to state that every agent must work for a broker and under a strong code of ethics. Usually the name of the broker can be found on the agent's business card or "for sale" sign. That broker is the one licensed with the country to do business. If it is a franchised broker, the name may be a familiar one, such as Coldwell Banker, Remax or Century 21. But it may be a local concern, or even a private individual. In any instance, the broker is licensed to list and sell properties countrywide. In Belize, there are very little franchises and most licensed brokers own their real estate firm under a variety of different names that are particular to Belize and still as efficient as renowned franchise names you may be more familiar with in the States or Canada.
The broker determines how his own agents will be compensated. Agents are usually compensated on what is called a "commission split," meaning that a broker will get a percentage of the commissions that an agent brings in the door.
In addition, brokers set the commissions they will accept on properties listed for sale with their firm. In our Belize market across the nation, brokers charge 10% of the eventual selling price if the property sells during the listing period. Agents then receive a portion of the 10%, essentially a sales commission paid by the broker. This is the basic commission fee, but it is not uncommon that brokers will offer lower commission rates or provide their sellers with additional advantages.
If you like to verify if the Belize broker, you would like to hire is a licensed broker,
Agent or professional dealing closely with real estate. You can visit the member’s page of the Association of Real Estate Brokers of Belize. All top professionals and licensed brokers of Belize are listed there, including Arabella Chambers Limited.
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