Personally, I find the "sell-and-buy" client to be more pleasant, but to take up much more time and effort, than two separate transactions.
Also, in the case of a sell and buy where you use the same agent for both transactions, there is usually more room for negotiation on the commission, than if you are just selling.
However, this should only be exercised if the agent is active in both markets. You do not want to save 1 or 2% on your selling commission to use a buyer's agent who is working out of his area. Why? He will not know pricing and value in the unfamiliar market. You are paying for that knowledge and expertise. So the money you save on the selling end could evaporate on the buying end if the selling agent is not familiar with the market in which you are buying.
All explanations below are excellent..The only one thing I would like to add is that for most people their home ownership is the largest asset they have and the agent you select should treat it as such....Hiring an agent who will treat you with the respect you deserve and explaining the commission they will ultimately charge for services rendered is extremely important........There is not set commission across the board, however there is a small range among agents.....As said before interview three before making you decision......
Best of luck, if I can be of some help, please do not hesitate to call..
Diane Van Vliet
Heritage House Sotheby's International Realty
23 West River Road
Cell 732 859 2376
In many cases this fee can be open for discussion.
When selecting a realtor, please do not list with someone who is willing to accept a bottom commission rate. Realtors do not get paid until an escrow closes. They have to work pretty hard at getting the job done. Anyone who is willing to take a cut rate commission may not be willing to work as hard as they may need to to provide you with the level of professional service you deserve.
Besides, if the realtor cannot SALE him/herself to you unless they cut their rate,how on earth can you trust them to sale your home?
Kawain Payne, Realtor
Don't just focus on the commission an agent charges you, compare it with what that agent is doing for you vs other agents and what they are charging
I don't always agree that "you get what you pay for" in real estate. I've seen plenty of transactions where the seller was paying a fee on the higher end of the scale and not getting very much service.
I will agree that if you choose a broker that offers a lot of flexibility in pricing, you might find that the lowest fees also come with some limitations. Those limitations may or may not be acceptable to you.
As a boutique brokerage who is not bound to corporate rigidity, we do offer several plans. When we charge a full service fee, we deliver full service. We are not an "entry only" shop, so we don't have any offerings for super low prices where we simply put a seller in MLS and walk away. All of our packages provide hands on negotiating and representation, but we do have some options to bring the price down for sellers.
I do believe it is worthwhile to meet with a few different agents from different brokerages. It is very difficult for an agent to tell you a fee over the phone, however, they may be able to quote you a range that they work within. Identify a few agents to meet with in person. It may be helpful to learn the price range they work within via phone, but the exact rate an agent quotes may not be able to be determined until they meet you and see the property.
On the extreme low cost range are brokers who are place a seller's property in MLS and direct all showing inquiries directly to the seller. (While our company has a very wide range in pricing, we do not offer that service.) This entry only (meaning enter it in MLS) service may or may not be acceptable to you. It does come with limitations and works for some sellers, although it has not yet gained wide acceptance from sellers. You must be prepared to do much yourself in order to travel this route. It is the right choice for a few select sellers.
Some agents have minimal ranges in pricing because they work for brokers who determine the pricing structure. Most fee ranges, or sometimes even an exact fee is determined by the broker.
You might hear "real estate fees are negotiable" and that refers to the industry. The industry cannot predetermine a set fee and determine that anyone who wants to sell a property pays that preset or standard fee. Any individual business in real estate may determine their pricing policy. So, a specific office may charge "X-Y" - another may charge "exactly and only X" and another may charge "A-B".
When you meet with agents, gain a thorough understanding of exactly what services you should expect and be specific when discussing updates, communications, and progress reviews.
I hope this info is helpful to your search. The final price you pay will depend upon your choice of services, agent, and broker chosen.
Deborah Madey - Broker
Peninsula Realty Group
As a seller, you should think of your commission as a marketing tool. All buyer's agents can see what you, the seller are offering as far as commission percentage. If a similar house is offering 3% and your listing is offering less, the agent will lean toward showing the higher percentage.
As a buyer, real estate commissions are not your responsibility and are wrapped up in the price.
Should you need further advice,marketing options or updates on the neighborhoods you are interested in buying in, feel free to contact me at MicheleI@BetterHomesUS.com.
When you choose a REALTORÂ®, there are many factors you should consider:
Is he/she familiar with the LOCAL area?
Is he/she willing to take the time to really get to know you, answer all of your questions, and give you all the information you need to know when selling or buying a home in New Jersey?
Who will do the very best job to market your home when you sell it?
Who knows most about the latest marketing technology, including SMS text messages, QR codes, and internet presence?
Who will maximize the number and quality of the photos of the home you're selling, and also include a video or virtual tour?
Interview 2 or 3 different REALTORSÂ® and see who you're most comfortable with. Better yet, pre-screen who you interview by looking at each person's web site/blog to get an idea of how they think and what they value. My website is: http://www.rumsonfairhavenhome.com and I also post real estate stories on the Rumson-Fair Haven Patch http://rumson.patch.com/.
P.S.: Ask the REALTORSÂ® about the initials after their names. The "GRI" is the most prestigious and difficult to obtain, and if they don't have it, ask them why not (and see if you agree with their answers).
Leonard â€œLenâ€ Dunikoski, GRI
Diane Turton Realtors â€“ Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)
The good thing about buying homes is you get the services of a real estate professional for free!! the seller pays for your agent:)
Negotiating the commission is always possible, but some realtors will not budge on the percentage that they charge. Sometimes they just dont want to reduce there cost, and sometimes they are not permitted to by their broker.
These days there are a lot of "discount brokers" out there, and they do seem much more attractive then the pricey competitors. BUT YOU REALLY TO GET WHAT YOU PAY FOR IN THIS BUSINESS!! So just be careful:)
I hope this helped:)