Home Buying in 65336>Question Details

Lucas Wacker, Real Estate Pro in 65336

Besides paying 5-6% what is the best way to sell a home

Asked by Lucas Wacker, 65336 Sun Aug 5, 2012

I want to sell my home but cannot afford to pay 5-6% i could do 2.5% and be ok witht hat but i feel 5-6% is too high.

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10
That's a common theme....
"I want to do it all MYSELF.....now someone tell me how...."
1 vote Thank Flag Link Sun Aug 5, 2012
It sounds like you have already done your homework. The only thing I can suggest is to offer a fee to agents that bring a buyer, this is not something most agents prefer but if they have a buyer that matches your home they will at least attempt to sell it.

Good luck, hope you get it sold.
0 votes Thank Flag Link Wed Aug 8, 2012
I have all comparables that's have sold in the past 6 months and all active listings in my area.
0 votes Thank Flag Link Mon Aug 6, 2012
You stated you can not afford to pay the 5 to 6%, how have you determined this? Have you looked at the comparables to know how much your home will sell for? Your house could be worth more thatn you know or on the bad side it could be worth less and then it may not matter the percent, it may be better to look at renting the home. Until you actually set down with a Realtor and discuss your options your only scratching the surface with percent signs. You may be shocked to know the more percent or selling bonus, could help sell the home quicker and in turn cost you less in interest, taxes, insurance, utilities. This may be a way you can pay the Realtor their due fee for a proper listing and sell and still allow you to come out with the amount you want on your house.

Good luck with your home sell
Bobby Hall
0 votes Thank Flag Link Mon Aug 6, 2012
it makes more sense now to hear that. I didn't realize that there was any real work on the seller's agent but simply putting the listing together an advertising. I always assumed they just took pictures, made up the listing, posted it on realtor.com. Hoping they sold it because they would get the full 6%, but if not they'd still get 3% for just listing it.
0 votes Thank Flag Link Sun Aug 5, 2012
Lucas...
I'm not sure you're fully grasping the answer provided. If a listing agent represents both sides of a transaction, they will get both sides of the commission, but they have done twice as much work, representing both buyer and seller. What you seem to be asking for is an agent willing to do all the work for half the compensation. It is not uncommon to find an agent willing to reduce their commission if they represent both sides, but that is typically NOT by half. Each contract is different, but it's far more reasonable to expect them to take 1 to 1.5 percent off if they represent both sides. You may find cut-rate agents to do really low-priced services, but remember the old addage: you get what you pay for. If you want cut-rate service, then you should look for a cut-rate agent, but if you want your property to sell quickly with fewer snags along the way you should seek a quality agent with a strong track record and be ready to pay for that level of service, just like with any other product or service. Best of luck in selling your home...
0 votes Thank Flag Link Sun Aug 5, 2012
What if you got 7% more for the house?
Could you then afford 5-6%?

Think about it.
0 votes Thank Flag Link Sun Aug 5, 2012
agreed. Most real estate firms only get 2-3% commission unless they sell the house the oringianlly listed.......i am willing to pay that. So anyone who would sell my house would get 2.5% to do the omissions, insurance and such
0 votes Thank Flag Link Sun Aug 5, 2012
Lucas,

Do you realize that when you enter into a contract with a listing agent to market your home, the commission you agree to pay them is around 5-7%, but that is not what they receive typically? Let's just say the commission is 6%....of this, the listing agent will likely see 1.5-2%. Assuming that a buyer has their own agent, the listing agent will immediately split the commission to compensate the buyers agent. So of that 6%, their company will likely get only 3%. Of that 3%, they pay errors and omissions insurance, possibly a franchise fee and some split with the broker owner so the actual listing agent would be lucky to pocket 1.5% of your 6% in most instances.

If you want to cut your costs, you can find a brokerage house that will list your home for a flat fee of maybe 1%, but outside of listing your home all over the MLS and Internet, they usually provide no other assistance. And on top of this 1%, you would have to compensate the buyers agent direct or risk no buyers willing to purchase and also pay their agent themselves.

Outside of a flat fee brokerage for little help, you could always do a for sale by owner and take your chances. Good Luck.
0 votes Thank Flag Link Sun Aug 5, 2012
your answer was no help and a waste of this thread's time. I said I would be willing to pay 2.5%. so I'm not saying I want to do it all alone. There is plenty of commission for a realtor to make at 2.5%. That's around the same amount a realtor would get if they sold a home from another brokerage.
0 votes Thank Flag Link Sun Aug 5, 2012
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