Need advice on Real - Estate concept site. PLEASE HELP!!

[pokainc]

Hello,

This is my concept and need to know what the steps are to accomplish this.

---> I own real- estate domains and want to create it into a site where people can come and buy or rent properties.

The problem is I do not exactly know how the process exactly works.

Am I suppose to contact real estate companies and get a list of the properties they have for sale? Or do they provide a template already designed by them? How would commission and so-on work. If their contact info would be on the site then I would be squeezed out and obviously no comission. I really need help in this section


Can anyone please give some advice?

Thank you in advance,

POKAINC

 

[pokainc]

anybody able to give some advice?

 

[Gene]

Your post raises more questions than can be answered without more information. Are you trying to earn a commission on the sale of the houses/properties? If you are, I believe you need to be a licensed real-estate agent/broker (in the US). Then you would have access to the MLS (Multiple Listing Service) and can then advertise properties for sale from thousands of realtors on your site.

Real Estate agents cannot legally pay you a commission unless you are licensed (somebody correct me if I'm wrong). However, you CAN sell advertising space to various real estate companies on your site without being licensed.

 

[Kate]

The information from Gene sounds correct
Basically you could set up classifieds site with real estate listings. The most obvious customers would probably be individuals (owners) but you could sell advertising to real estate companies as well if they feel you can provide good coverage.
Of course there is a lot of competition.

 

[sammmy150]

pokainc,
im a realtor and also a real-estate domain "collector". i have about 100 real estate and 6 mortgage domains. ive only developed one site. (what i consider my "best" name) but i am planning on developing a LOT more. id love to hear what you have in mind. (feel free to pm me) good luck, sam
ps: gene is right. you need to be a real estate agent to collect any commission.

 

[mjs]

Try turnkeynation.com (no affiliation). Btw, does your real estate domain contain a dash? Just curious, because I own real-estate.pro and am not sure if it is worth developing. I will likely develop realty.pro instead.

 

[Michael]

pokainc,
im a realtor and also a real-estate domain "collector". i have about 100 real estate and 6 mortgage domains. ive only developed one site. (what i consider my "best" name) but i am planning on developing a LOT more. id love to hear what you have in mind. (feel free to pm me) good luck, sam
ps: gene is right. you need to be a real estate agent to collect any commission.

Well they don't call it commission, but most brokers will pay you a referral fee for sending business their way. It is usually a flat fee (around $1,500), but you would never get a % of the commission.

 

[tricolorro]

Well they don't call it commission, but most brokers will pay you a referral fee for sending business their way. It is usually a flat fee (around $1,500), but you would never get a % of the commission.

Hi,

Referral fees from Brokers, Realtors, Real Estate Agents are also not allowed.

The only one that could pay a referral fee is the actual Seller or Buyer.

Patrick

 

[deu12000]

The way most unlicensed companies make money doing this is charging the real estate agents to post their listings. The problem with this is there are so many free sites out there unless you can promise them a ton of traffic it's not worth paying to put the listings on the site. You can also create a lead generating site and sell each lead to a real estate agent.

Basically you are a promotional company you are not getting paid referral fees (it's illegal if you're unlicensed...let me clarify that it's illegal for the agent to pay you a referral fee, I think you can legally receive the payments), you are getting fees for the leads/promotions.

A way to legally get referral fees is of course getting your license in your state and charging a referral fee for leads that close as opposed to per lead given. Average referral fees run around 20-25% and can go higher from there without you having to do any work except provide the lead. No matter what state you're in you can refer anywhere and get paid the referral fee legally as long as you're licensed.

 

[pokainc]

Thank you guys for the useful information, trully appreciate it

 

[NameCharger]

The restrictions for who can get paid between principals, agents, and brokers falls under RESPA (Real Estate Settlement Procedures Act).

More info about RESPA:
http://www.realtor.org/respa

http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm