I visit family there as often as I can, and am about due for another visit. I am not a RE Pro there, so I cannot comment on market specifically.
Commission trends tend to be local. In areas where the average selling prices are quite high, we will see some downward pressure on fees. In areas where home prices are more affordable, and market times are long, we will see higher commissions.
Anti trust laws restrict certain types of discussions about fees, and due to that, some or many Realtors may be cautious to engage in this conversation here. However, you can certainly run a quick data survey by simply calling a number of brokerages in your area and requesting fee information. Soon, you will gather a range and determine the high, low and average for your market place.
Keep in mind that when you higher a real estate professional, you should be asking some very key questions...how will they be marketing your property, what is their average list to sale price ratio, what is their average days on market, how many homes have they sold in the last 12 months. Also keep in mind that if a Realtor quotes a professional fee of 6% as an example, that fee does not go only to that realtor. It is typically split between the agent listing the house (3%) and the agent bringing a buyer (3%). Each of those agents also shares part of that fee with their broker to help cover national advertising fees, contract support, etc. Part of the fee is also used to cover the agents marketing expenses, contract knowledge, showing time, etc. In the end, the agent selling your home will likely end up with about 1% of that overall commission....and that is only paid if they sell your house. Just like picking a skilled doctor, be sure you pick a skilled Realtor. In the end you will get what you pay for! Good luck,
6% is customary in my market. 3% to the buyers agent and 3% to the sellers agent.
There are alternative listing arrangements that you can explore:
Flat fee mls listing where you pay $400-$500.00 typically to get the home on the MLS with photos. 3% would still be advertised for the buyer broker, however you would save the other 3% on the listing side.
Some brokers will discount the listing commission IF you purchase a home using them as the agent. I typically see a 1%-1.5% reduction in this scenario.
Fee for service listing-you pay for the services that you want-upfront. Typically the 3% to the buyer broker is still offered on the MLS.
I hope this helps. Your agent will not get the entire 6% unless they also represent the buyer in the sale of your home.
Good luck with the sale of your home!
Good Luck with the sale of your home!
6% is the commonly accepted fee for professional services for a "full service" real estate transaction. You may find fees for less than 6% usually involving non-full service agencies and it's common for motivated sellers to offer more than a 6% fee. We have recently seen these fees as high as 10%.
In a sellers market, you can get away with a lower commission because houses just fly off the market, most realtors are happy to grab whatever they can. In a buyers market - there's a ton of inventory and probably alot of comparable homes to yours. If they can choose between you and showing 3 other comparable homes that pay a larger commission that you, many will.
Of course, good realtors don't look at the commission and just find the best home for their clients. But you need to play the numbers and get as many people through your house as possible if you want the best price for your home!
Make sure before you sign that your realtor is giving you a detailed marketing plan - if you're paying a full 6%, they should be spending some decent money on marketing your home. I have seen some realtors do a horrible job - essentially just list the home on the MLS and hope it sells. Pin them down, make sure you know exactly what you're buying for that money, and make sure that you're comfortable that they'll follow through and you'll get feedback (it's why a referral is the best way to find a realtor - you can ask if they really do their job...)
6% is average. We charge that to some clients and others we charge more/less. Stephanie, most of it will depend on the Marketing strategy that you choose. Remember as the seller you are incontrol of the most important aspect of your homes listing.......PRICE. In today's buyers market, it is extremely important not ot over price your home. Sounds unusual for an agent that makes a living off of commissions to not want to get a higher price. Most times, sellers list their home with the least competent agent with the highest price causing much frustration and delays.
Stephanie, another thing to look at is, if you do chose an agent that charges less then 6%, make sure that they are still offering the buyer broker agent the full 3% split. Lower splits will help sell other homes. May not be fair, but that is the way it often works. Stephanie, Good luck and if you have any questions, feel free to ask.
Offering a higher than normal commission to a selling agent doesn't guarantee the sale of your home but it will definately ensure your home gets placed into the showing mix for agents actually showing homes to buyers.
Good question and you have many good answers here... I live and work in Centerville and would be happy to meet with you and give you another option if you like. The basic and short answer is 6% is a good deal if you are getting real marketing and experience. There are hundreds maybe more agents that will charge you that or more and do nothing more than put a sign in the yard and you home in the MLS... then there are others that will give you a true marketing plan and proven results.
It really is not what you pay as much as what you get for what you pay... getting an "amateur" for a lower commission can cost you dearly.
Hope this helps and let me know if you would like to talk more.
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You have to remember too, that 6% is split between the Seller and Buyer agent so after everything is said and done your agent is only making 3% on the sale of your home.