Frequently Asked Questions
Most frequent questions and answers
Q: ARE THERE ANY Transaction OR DESK FEES?
A: No. The only financial arrangement between you and Summit is the 80/20 commission split until you reach the cap.
- No Transaction Fees
- No Desk Fees
- No Realtor Dues
- No Franchise Fees
- No Technology Fees
- We Even Cover Your E&O Insurance!
Q: WHAT EXPENSES WILL I INCUR AS A REAL ESTATE AGENT?
A: The bare minimum expenses you will incur as a licensed agent:
- License renewal fee to state ($146 every 2 years)
- Continuing education for your license renewal
- NWMLS Dues (paid quarterly $600 per year)
- Supra Key ($15 per month)
Q: WHAT IS YOUR ANNUAL CAP?
A: Our annual cap is $10,000 after that you will go to 100% commission, you need to sell about $1,666,000 of real estate at the 80/20 split to cap out with us. Here is an example of our commission disbursement form.
Q: Is there a transaction fee after i cap?
A: No. Once you hit the $10k cap for the year, you earn 100% commission while still receiving all the benefits of a virtual tour and transaction coordinator.
Q: Will I have to pay NAR fees?
A: No, we are not a NAR affiliated office. You will not pay any NAR dues.
Do you cover Errors and Omissions Insurance?
A: (E & O Insurance) Yes, we even cover that fee for you when you sign up with Summit!
Q: Do you provide photography?
A: No. Photography can be ordered from one of our preferred photographer vendors. Photography for a listing typically costs between $100-$300. A custom marketing video typically costs between $500-$1,000. We chose to give you the much greater value add of a listing video.
Q: CAN YOU TELL ME MORE ABOUT THE FREE LISTING VIDEO?
Q: Does Summit do any commercial transactions?
A: Yes, Summit is a member of CBA and you will always have the option to join if you choose. CBA charges for 6 month time periods and collects its dues from the brokerage up front. It’s typically around $600 for a 6-month membership.
Q: ARE THERE MANDATORY IN-PERSON MEETINGS?
A: No, there are no mandatory meetings, all of Summit’s communication typically takes place via email, YouTube videos, and the Summit Broker Facebook Group.
Q: ARE THERE SALES QUOTAS I HAVE TO REACH?
A: No, there are no minimum sales quotas.
Q: Do I get a Summit email address?
A: Yes, part of your onboarding process you’ll receive a personal email address.
Q: Is there an office I can come to or bring clients to?
A: Yes, we have an office with a conference table at 13401 Bel-Red Road, Suite B-9, Bellevue, WA 98005.
Q: Is there an office transaction coordinator?
A: Yes, the office manager is Irma Juracek, and she handles all the office transaction coordination.
Q: Can I design my own business cards?
A: Yes, you just need to have our name and logo on the card showing you are a licensed broker with Summit Properties NW.
Q: How long has Summit been in business?
A: Since 2001.
Q: What is the owner/managing broker’s background?
A: Sean Reynolds started in the real estate industry in the mid-1980s with pulling sales data for a family-owned appraisal company. He earned his real estate license and appraisal license in 1992/93.
In 1994 he successfully obtained his managing broker’s license and has been managing a real estate brokerage ever since. In that same year, he bought out a founding partner of Reynolds & Kline Appraisal and became the owner.
Sean has received the two highest designations in the appraisal industry, the SRA Designation and the RRS Designation form the Appraisal Institute. Over the years through his companies, Sean has appraised and sold thousands of homes throughout Western Washington.