I might be applying for a job as a mortgage broker but it pays comission. I don%26#039;t really undersatdn what that it. Can someone explain it to me?|||If you are paid only commission, it means you will be getting paid a percentage of the sales you drive in. For example, say you%26#039;re working on 3% commission and you close on a mortgage for $300,000. Your pay would be $9000. If you%26#039;re a good sales person, this is a really good way to make money. I worked in a bank keeping track of sales and one of my sales rep easily bought in 6 figures a year on commission, others didn%26#039;t do as well (average was $45k, lowest was $30k).|||Commision-only jobs can be good or bad, and that would only depend on YOU!!! How motivated you are, and your sales and closing abilities as well as your follow-up calls.
When a job pays commission, you get paid a percentage of sales. You would get a percentage of the mortgages you were able to sell. Talk to other mortgage brokers and ask them about how much they make and ask them for pointers.
Commission sales means that you get no other paychecks.
It would all depend on YOU.
Good luck and may God bless you.
P.S. Disreputable mortgage companies cost people their HOMES!!! Do careful research.|||Let%26#039;s say your commission rate is 10%. You finalized on a mortgage and your broker gets $1,000. Then you will get $100 from that particular mortgage. Commissions come from your sales. In a way you are paying yourself. There is no salary. Personally, things that you can not see or touch like insurance and mortgages are hard sellers to the masses. Things that people can see such as houses and cars are a little easier. Good Luck.|||That means you do not get a salary you get a cut of what you sell. commission is just a portion of each sale. You can make money but it takes time. The mortgage companies usually let you take a draw meaning a loan of future earnings. But if you are thinking that you get a regular paycheck that ain%26#039;t the job for you|||how intelligent are you?if you do know what commission is,how will you %26#039;calculate%26#039; mortgages?|||Commission means you ONLY get paid when you sell something - typically a percentage of the value of the sale.
No specific salary per hour or per week.
If you are great at the job, it can be a good thing. When you are new, it can be rough.|||Commission based jobs are not that good you have to actually accomplish something before you are paid anything.|||It means that you get paid for each job completed. It is a good thing, because you get paid. Is there a basic salary for you to live on ....and the commission is extra? If not, I would be one unhappy person.
The only way to check, is to confirm the details with your prospective employer.|||basic + commission means you get a basic wage, say £22k per year (guess) and + commission means you get a percentage of whatever you sell too
commission only means you only get a percentage of what you sell, i.e if you don%26#039;t sell anything that month, you go home with nothing!!|||commission is when you sell a product you get part of the money from that product. It can be both a good and a bad thing... if you sell a lot of the product you%26#039;ll have a higher income... however if you don%26#039;t sell things well you won%26#039;t make a lot of money.|||often it means it%26#039;s based on how much work you accomplish. It%26#039;s designed for the self-motivator. There is excellent opportunity for high dollar pay checks.
Things to pay attention to or ask: is there a base salary that goes along with it? (800/mo + whatever you make over a certain amount) Is your company or line of work going to have seasonal ups and downs that will affect how easy it is to achieve a certain pay each period?|||When a job says it pays commission, that means that you only get paid if you sell the product. Sales is hard work. You have to really grind it out if you want to make that your career. But you have to think long term. You%26#039;re better off getting a career with a guaranteed wage per hour. That way, you%26#039;ll get paid no matter what happens!
This may require you to either do in-house sales (telemarketing, cold calling) or field sales (going from business to business). In house sales put wear and tear on your brain and field sales puts wear and tear on your car!|||no mortgage loans writen and closed then you get no pay.
people are being laid off in this industry, so do it only if you have money from other sources available.|||Commission %26quot;only%26quot; means the way you%26#039;ll make money is to SELL. No salary, no hourly wage...only commission (which is a percentage of the project sale).|||Paying a commission means a percentage of any sales you%26#039;ve made. For instance, if you sold an insurance policy for $50,000 and the insurance company you work for pays you 20% of the sale, you would make $10,000. It can be good if you are a good salesman. But it isn%26#039;t a steady exact income every month. Also it depends on if the company pays you a monthly wage per month or commission only.|||Commission can be a good thing. Employers like to use it as an incentive to get employees to sell their products, in your case mortgages, actively. In the engineering industry, typical commission rates can vary from 1.5% - 3% if you are paid a salary in addition to a commission, or 6% -8% if you are commission only.
But watch out for a job that wants to pay you a monthly amount and if you don%26#039;t meet a certain amount of sales that you owe the employer money.|||Commission is percentage of a sale. Your income is going to be unstable. It can be a good thing if you are a good salesperson. It will be hard in the beginning but if you are willing to work and learn then it can be quite rewarding and lucrative. Learn as much as you can. Be prepared for unstable income.
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