Hang Your License
It's simple.
If you’re a new agent with no prior broker affiliation, then simply providing Minetta with your license number will enable us to quickly validate you within eAccessNY, the state’s online licensure system. Within 24 hours you’ll be all set and ready to go.
The process is likewise easy if you’re currently affiliated with a broker and would like to transfer your license to Minetta. First, contact your current broker and request a termination of your affiliation. When this is accomplished, give us your license number and you’ll be a fully active Minetta agent within one business day.
Rentals & Sales
Minetta agents earn 80% commissions on all sales and rentals they execute.
We also maintain a firm-wide E&O insurance policy. This protects you against lawsuits arising out of the errors or omissions you might make in connection with a real estate transaction. If you’d like a more detailed look at the policy, please send us a message. Read below to see how money flows from rentals and sales into your pockets. Note that the assumed fees and percentages can, and often will, alter slightly on a given deal.
Rentals
Rentals customarily entail a fee equal to one month’s rent, paid by the renting party (the lessee). Let’s imagine you represent a lessee signing a $3,000/month lease. This rental yields a $3,000 fee, likely shared equally between the agents of the lessee and the lessor (the person renting out the property). So, you earn $1,500. With Minetta, you’ll keep $1,200. This commission far outpaces the $750 that you’d take home at conventional firms. These same figures hold if you’re representing the lessee.
Sales
Sales routinely involve a fee equal to 6% of the purchase price. The fee is paid by the buyer and shared evenly by the buying and selling agents. Thus, closing a deal for either the buyer or the seller earns you 3% of the purchase price. Assuming a $500,000 sale, you earn $15,000. With Minetta, you’ll keep $12,000. At traditional brokerages, you’d be lucky to walk away with $7,500.
Referrals
A real estate referral is simply the act of referring business to a real estate professional (aka, brokers and agents). When that business bears fruit, the agent who made the referral is entitled to a cut of the deal’s commission. Typically, that cut is 25% of the commission earned by the professional who received the referral. Our agents, however, get a 30% cut, which is then shared 50-50 with Minetta.
To illustrate how referrals play out, let’s assume a contact of yours (i.e., a friend, a co-worker, a friend of a friend, etc.) is in the market to rent an apartment. With that person’s consent, you send us her information. In turn, we partner your contact with professionals at an industry-leading brokerage. Let’s further assume that your contact ultimately leases a $3,000/month apartment. This lease yields a $900 referral fee (30% of $3,000), of which you keep $450 – all this for simply knowing an in-the-market person. With your social network in mind, imagine the possibilities. (See our blog post on making money from real estate referrals)
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