I'll be happy to take a look at a property and provide you with free market price opinion.
Indeed it is a great market for standard sellers, not a lof of competition!
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Where as Anna got it right that all commissions are negotiable... I happen to specialize in land sales, and I think the other contributors didnt read your question fully.
Their answers tend to go with home sales, and if you want to be a successful seller in this market, you want to pay the agents to sell your home. Total commission to be split between buyer and seller should be 5-6%. You will often see a very motivated seller paying 4% just to the buyers agent side in order to draw agents and their buyers.
However, if you are selling land, just as in leases, the typical rate is higher. Land sale commissions are generally 10% and split between buyers agent and sellers agent. I am known to sell a lot of land throughout the LA area, including Malibu, Topanga, throughout the Westside and Greater LA area.
The buyers pool for raw land is a lot smaller than that of improved land (already built) The marketing and advertising and general sale of land tends to be much longer than that of a home. If you want to sell some land, I would advise to speak to agents that are known for selling land. Not just one lot, but many land transactions and I am sure you will find the commission rates to run on par to what I have said.
I would be happy to meet with you. Always happy to assist....
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
As for Leasing or Land Parcels in Malibu, it's customary to pay 10% (5% to listing broker and 5% to selling broker, if there is no Selling Broker, then I would reduce the commission to 8% instead of 10%).
As for Home Sales in Malibu, it's customary to pay 5-6% (6% for Short Sale properties as the banks pays our commission for you). If there is no Selling Broker for the transaction, I would reduce the commission by 1%.
if Although everything is negotiable in real estate, it is best to go with the above or agents might be less willing to show your property. Sometimes it helps to makeadd Selling Brokers Bonus of an additional 1% commission if the property goes into escrow within a specified time frame ie: 30 or 60 days, to motivate brokers to bring their clients. Feel free to contact me if you have any questions.
Adam Weintraub - Broker / Premier Estates Director
Residential & Commercial Real Estate - Sales & Leasing
Standard Sales, Short Sales, REO's, Foreclosure Sales, Probate Sales
Coastal Properties, Ocean View, Beachfront Estates, Investment Properties & Land Parcels
* We recruit the best agents in the business to par with our high standards
Most agent's in Malibu don't know land that well or the requirements. The agents out side of Malibu don't even know the questions to ask.
State Law dosen't require a disclosure form on land. Many owners don't know them or won't tell you. The over riding factor is the disclosure of any material fact that can adversely affect the usage of the land. The Coastal Commisssion ( won't let you plant roses). They have unwritten polcies that are illegal and unconstitutional and can cost a buyer thousand or total loss on his purchase. I have been Land Use Chairman for the Association of Realtors for ten years , plus a Bill reader for the CAR for three and I still have a hard time keeping up. Not only should we get 10% but some ADVIL thrown it!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Best of luck
Richard is correct that the difference in commission for land is very different than from homes. It is important to hire an agent who is experienced in selling land. Selling land is a completely different experience than selling built homes.
first steps to selling land are
Clean And Prepare The Land, Mark boundaries, if possible provide financing as this will make the land more attractive to a larger number of buyers. Land in Malibu is particularly tricky because you must determine if it fall within the coastal commissions jurisdictions , it is it in Ventura or Los Angeles county and many other factors.
We cannot advise you on commission rates legally. I would however recommend you hire a Commercial Brokerage to handle Raw Land for you. This is their area of specialty and they will do the best job of marketing and selling your land.
(310) 595-5522 Direct
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I would be happy to go over this in more detail with you. The standard is 2-4%
First Team Estates
I just closed a home I had listed in Malibu. The commision varies from 2.5% to 2% depending on the price. The homes above 10 mil tend to be at 2%
If you need a CMA comparative market analysis to determine the value of your home, let me know.
The Carrabba Group
Keller Williams Sunset