Home Selling in Melrose Park>Question Details

Tracy, Home Buyer in 60160

What is the average commision percentage that the agent will seek from a seller?

Asked by Tracy, 60160 Tue Mar 25, 2008

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In the Chicago area, as well as all over the country, there is no average, standard, norm, regular or usual commission. Each agent, and each agency sets their own commission, based on which services they offer.

There are many flat-fee services that offer minimal service, but will put you on the MLS for as little as ZERO dollars, on up... Some limited-service agencies will charge a minimal commission (maybe 1-2%) but have you do most of the work. Some agencies will rebate a portion of the buyer's-side commission to you, and offer limited services, and then there are full-service agencies, whose services run the gamut, and so do their commissions.

I had a client who told me that the standard commission in Chicago (yes, she meant the entire city of Chicago) was 5%, because she had spoken with a half dozen agents, and that's what they'd told her. I personally know full-service agents who charge 4.5%, and I know agents who routinely get 8%... both sets of agents have regular repeat business, so their clients must be happy.

There are lots of business models available for real estate agents/agencies... you just have to decide how much of the work you're willing to do yourself, in order to save some money.
0 votes Thank Flag Link Sat Mar 29, 2008
Alan May, Real Estate Pro in Evanston, IL
MVP'08
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Google average listing fees in your state. Many brokers will not go under 5% some are even 6 or 7.
0 votes Thank Flag Link Sat Mar 29, 2008
You should read the book Traffic by Matt Jones it will help you understand how Real Estate gets sold in todays market, It's for the sellers, I would also recomend that Obrien64 read it . You can get the on amazon. you can also find video of matt jones on youtube.
0 votes Thank Flag Link Tue Mar 25, 2008
8% who in their right mind would pay their realtor 8% - talk to your attorney have them take a look at your contract and then...get out of that contract. I am not a realtor however, we listed our house located on the NW side of Chicago in October 2007 we have had 4 offers since listing our house we have just accepted the most recent one. When we were looking to list our house we interviewed 8 realtors and the commission ran from 4% - 6% depending primarily upon their marketing stategy. We chose a realtor who guaranteed us weekly ads in the Chicago Tribune, bi monthly in the Wall Street Journal and a full color marketing brochure as well as exposure on trulia.com, realtor.com and craigslist.com. In addition to this our home was featured in the real estate firms quarterly Estates magazine. The service you are being provided by this realtor is unacceptable.
0 votes Thank Flag Link Tue Mar 25, 2008
Tracy, it would be against anti trust laws for anyone to list an average or "normal" commission rate. Not the answer you where fishing for I'm sure, but I don't want face a hearing and possible large fines and or loss of my license. Contact 3 agents and interview them to see what they will charge you.
Jim
0 votes Thank Flag Link Tue Mar 25, 2008
Tracy,

Commissions are always negotiable. In today's market we often use the commission structure to set a house apart from the thundering heard.

Ask you local agent(s) how they use the commission structure and make sure they put it in writing once you have agreed to something.

JD “Dan” Weisenburger, GRI
Broker-Associate REALTOR®
Vanguard Realty, Inc. GMAC Real Estate
Web Reference: http://www.neflahomes.com
0 votes Thank Flag Link Tue Mar 25, 2008
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