Home Selling in Parma>Question Details

Parmahomeown…, Home Seller in Parma, OH

Agent Commission Rates

Asked by Parmahomeowner, Parma, OH Wed Jan 6, 2010

I will be listing my home in Parma and am looking for a reliable agent. I plan to interview a few and do some research. I wanted to know if commission rates are pretty standard or if they vary from agent to agent or company to company? Is there an easy way to find out or do I have to call different companies/agents?

Help the community by answering this question:

Answers

16
Sharon DeWerth’s answer
First of all, why do you think the commission rates are the thing you should be looking for?? A low rate isn't any good if you are doing all the showings(unsafe), answering all the calls, not knowing if you're saying the right thing to buyers, calling buyers back for feedback, doing your own opens, not knowing if they are just lookers or even if they could buy, not knowing if you're letting in or giving out information that might be going to an unsafe intruder. You need to talk to several realtors & ask them what they are going to be doing for your home to sell, making sure they explain the right asking price & it's importance on you receiving the best price for your home in least amount of time, ask if they are a full time realtor that gives full service. Ask how they will market your home, advertise, hold opens, include all information & photos to get the most interest on several internet sites. Have them show you all their listing that sold, the difference in list & sold price, how many days was it on market, show some advertising they've done, etc.. Have them show you what past clients for sellers or buyers have said about you, referrals. Those are some of the things you should be looking for in a selling agent if you want to get the best price in shortest amount of time and have them represent you all the way through! They should take time to help or explain everything to you all the way through!! They will know how to get pre-approved offers only for your home. It's really the right agent with all they have to offer you, someone you feel you can trust with your home and be honest. It's not by the commission or companies always ask for proof of what they tell you. You will get what you pay for. Also you think you're saving but if not done right, the longer it takes your expenses in the long run will out way the bottom net line. Hope this helps to answer questions about commissions. Call me anytime! Sharon DeWerth (216)214-0301
0 votes Thank Flag Link Thu Sep 19, 2013
Everyone has given you some terrific answers and I concur with the basics, however have a few other comments.

One of the biggest misconceptions out there is that "internet marketing for real estate is free", so why should a seller pay a high commission. The truth is that the internet is FREE for the BUYER, but extremely costly for a real estate agent. A buyer can browse and look until his heart is content for little or no investment on his part. A real estate agent, however, usually pays ALOT of money for themselves and their listings' online presence. And these fees are rising everyday, as print media looks to recoup some of their losses from previous years. (I heard my hometown paper in Toledo is going to be charging subscription fees for their online news service, as their subscription rate has dropped drastically for home delivery.)

Plus the time investment needed from an agent to market their properties online is enormous. And time is money.

Another note, regarding commission discussion. I do not believe it is a violation to discuss commissions online with a consumer; it is only a violation to discuss commissions ANYWHERE with other AGENTS. But a good agent would never discuss their commission, online or off, without first seeing a property and conducting an interview for needs and wants.

Good luck with your search for an agent. I wish you the best.
2 votes Thank Flag Link Wed Jan 6, 2010
HI, There are no set standards on commission rates. I would suggest calling agents and interview them . Find out how they will market your home. I strongly suggest having a strong presence on the internet. Most home buyers look on the net before contacting an agent. Agent should also help you stage your home. Most of all, price your home to sell. Pricing, Staging and Internet exposure are all at the top of the list of things to do to get your home sold! If I can be of assistance, please call me at 216-244-0648, or email MelindaChagin@aol.com Parma is in my selling area.....
Good Luck!
0 votes Thank Flag Link Wed Jan 30, 2013
Dear Parma,
Yes, actually they are pretty standard with full service Brokers.
0 votes Thank Flag Link Thu Feb 11, 2010
I'm with Mack on this one. Value is what you're after. Check out the link below, and you use it to get the biggest bang for your buck.

http://www.trulia.com/blog/rockinblu/2008/12/i_ve_got_my_fin…
0 votes Thank Flag Link Thu Feb 11, 2010
With all due respect to Dee, my expenses are not the issue, it is my value. Or the value of whatever agent you select. How much value do they provide? If the value exceeds the price, you will have made a good deal.

Even if I don't spend a dollar on advertising.
0 votes Thank Flag Link Wed Feb 10, 2010
Commission rates are negotiable between you and the agent--there are no set standards as it would go against Federal Laws.

Anna
0 votes Thank Flag Link Wed Jan 6, 2010
Agent commission rates vary from brokerages, however so does typical service. Advertising real estate can be costly and appropriate brokers consider that when negotiating a listing rate.
0 votes Thank Flag Link Wed Jan 6, 2010
Commissions are negotiable and can vary from company to company and agent to agent. I suggest that you do call the agent and find out what he/she or their company charges along with the services they will provide. I would also suggest that your agent have a strong intenet presence to effectively market your home on line. Many reports tell us that 87% of home buyers and sellers start their search on line. Google me to see some of my online marketing. Feel free to call me at 440 263-7496.
Web Reference: http://www.barbaraszabo.com
0 votes Thank Flag Link Wed Jan 6, 2010
They're likely to be pretty close, and they vary from agent to agent even within some companies.

There is no easy way to find out - you have to speak to the agent directly; many offices will not quote you a fee on the phone, you'll have to talk to the agent.

Here's a tip - if the conversation starts out with, "what's your fee," the agents eyes are likely to glaze over. Think of it as going to a job interview and the first question the applicant has is, "how much you gonna pay me?"
0 votes Thank Flag Link Wed Jan 6, 2010
Write down a list of things you expect the realtor to do. If it is min service like MLS listing, limited open house, and internet based marketing you can pick and negotiate a lower commission.

However, if you can get free staging, paid big newspaper advertising, unlimited open house, and broker tours, and share for closing cost etc. Do not hesitate to pay full price. In California, some agents will advertise on TV for you for free to get traffic. I am weary about agents claim they are good and will do a lot of
paid membership like internet and actually do not put in much effort (time) market for you.
0 votes Thank Flag Link Wed Jan 6, 2010
Hello Parma Homeowner,

Commission rates do vary from agent and company, however so does service. Please keep in mind you want an agent you feel can do the best job for you, there is more to consider than just commission plan.My team sell's in the Parma Market and we have a great marketing plan I would be happy to discuss with you please contact me direct at 440-342-0269 or michellegreen@howardhanna.com

Michelle Green @ Howard Hanna

Please feel free to look at my website as well as my testimonials.
0 votes Thank Flag Link Wed Jan 6, 2010
To directly answer your question congruent with other answers, no, commissions are not standard, they're completely negotiable.

Now, will every agent negotiate...no, but some will.

I'd recommend that you sit with a couple of agents and hear what services they offer people in your situation before negotiating.

If negotiation on commission becomes the centerpiece of your relationship, you're off to a bad start. I'd like to say that you get what you pay for, but with Realtors this isn't always true, you may get an agent willing to bust his tail for 1% while another is a lazy sloth at 4%.

I'd focus on your needs and goals and determine who is the best fit for you and THEN decide if you want to negotiate fees.

A cheap oil filter is nice now, but in half the time is worn out and causing your vehicle problems if you know what I mean!

I'd be happy to help get you connected to a great agent in your area who will work hard and maybe even negotiate their fee! Contact me if you're interested. aaronmcatt@gmail.com
0 votes Thank Flag Link Wed Jan 6, 2010
Hi Parmahomeowner,

Your plan to interview several agents is a good idea and highly recommended. During the interview process you will be able to ask questions regardiing marketing plans, experience, commission plans, etc.. which will help you to determine which agent and company will provide the services you are looking for. There are many factors to consider when choosing someone to represent you in what, for most people, is their largest financial transaction.

I hope this helps! Please feel free to contact me directly if you have any additional questions.

Tracy Marx
Howard Hanna
440-915-5417
http://www.tracymarx.com
0 votes Thank Flag Link Wed Jan 6, 2010
There is NO standard to the rate an agent charges. The rate negotiated is based on the company the agent represents or the agent themself.

Your best option in selecting an agent is to get a referral from a family member or a friend. Outside of that, you are definitely right in your interviewing them! Be mindful though of any agent that thinks they can sell your home for a dollar amount far greater than what others tell you. They are just trying to get you to list with them!

If I can answer any specific questions, please don't hesitate to contact me.

Art Hotes ~ RE/MAX Omega
Art@ArtHotes.com

PS: My Testimonials section on my website is listed below for your review. :-)
0 votes Thank Flag Link Wed Jan 6, 2010
Commissions will vary between agents and companies. No one can discuss an exact commission online as it is against the law. it violates anti trust laws. When you call an agent or meet with an agent they can quote you their fees but cant discuss what anyone else charges. When asking what they charge, the most important thinjg is what you get for it. The old adage you get what you pay for is so true in this industry. You dont have to pay an extreme amount to get extremely good service, but paying too less could hurt you in marketing, advertising and the sale of your home. Just ask what they charge, what they offer for it and then tell them what you expect and what you are willing to pay. Hopfully your goals and their services match and you find a good fit. Good luck with your sale
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Jan 6, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer