Donald Ford, Home Owner in Travelers Rest, SC

What is the normal contract length?and the normal realtor fee 3% or 6%?

Asked by Donald Ford, Travelers Rest, SC Tue Feb 21, 2012

whats the normal realator contract length?and the normal reatator fee 3% or 6%/

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Commissions are always negotiable between you and your agent, there are no set standards as it would go against/violate Federal Laws; therefore interview in person a few local agents from different realty companies, then choose the one you like best and who has the most to offer; choose your agent with care and not by commission alone. As for the contract lenght, that too is negotiable between you and your agent.
http://www.justice.gov/atr/public/div_stats/276198.pdf
1 vote Thank Flag Link Tue Feb 21, 2012
I agree with all the replies given here. We are not allowed to discuss the compensation part and each agency has it's own commission structure some are flexible and some are not. Each home is unique and one size fits all approach does not work. I have different plans to choose from which will save the seller lot in compensation.
The normal contract length depends upon the price and the absorption rate in the market as well as condition of the property. Though remember if the home qualifies for 100% financing under rural housing and buyer qualifies too, USDA takes 60+ days to process the loan application. If your home is top on the list in condition and at the bottom of the list price in the area, you have better chances of having executed offer within first 30 days of listing. So you are looking at minimum 120 days contract if you want to sell it the way I mentioned here. Feel free to contact me if you need any further assistance. My cell number is (864) 634-8670 and email address is nima@buva.com
Send me your email address and I will email you my agency flyer as well as Greenville MLS current market statistics.
Good luck in selling your home!
0 votes Thank Flag Link Tue Feb 21, 2012
The length of your listing is your decision there is no standard listing term, In normal markets 6 month listings are more common, also all the real estate commissions are negotiable.
0 votes Thank Flag Link Tue Feb 21, 2012
Oh - and I have done brokerage agreements that were good only for a specific transactions (meaning they last as long as that transaction lasts and no more), and I have done brokerage agreements for a year. Normally, they fall in between. Residential listing agreements, for example, are 90-180 days. At least that is what I do.
0 votes Thank Flag Link Tue Feb 21, 2012
For a buyer or a seller? Beware, agents are not allowed to discuss "normal" contract conditions, this is individually negotiated between broker and client. However, I can tell you what I typically charge. If it is a listing, depending on the type of property, type of sale and price point, the listing fee is 5-10% and usually split 50/50 with any cooperating brokers. If I am working with a buyer, usually I charge 2.5-5% assuming the property is readily available (found in the MLS); and it's usually paid by the listing broker. If they are looking for something special and I need to find a property that is not already listed and handle both sides of the transaction, I might charge 3-10% depending on the property, price point and level of difficulty. I also may do it on a flat fee basis and not a contingency. Residential listings are on the lower sides of these numbers, land tends to be higher, but it does depend on the price point. I have sold lots for as little as $5K, and I am not going to work for $100, so there are min fees that apply that make those percentages higher. On the other side, I once wrote a contract for $45m, and the percentage fee for that was exceptionally low. Not sure if that helps you.
0 votes Thank Flag Link Tue Feb 21, 2012
There is no normal fee. The fee and length of contract are different for each real Estate company.
0 votes Thank Flag Link Tue Feb 21, 2012
Good morning,

The normal contract length is what ever you and the agent representing you agree upon and it all depends on the time frame it will take you to find a home if you are buying. Now if you are selling a property than typical contract length is 6 months at a commission of 6% (3% going to the buyer's agent and the 3% to the agent representing the listing) I hope that was useful. Give me a call if you need further details, I can help.

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Aris Mendez Realtor®
Exit Upstate Realty
11 Keith Davis Drive
Greenville, SC 29607
Cell: (864) 567-5114
Email: aris@ARMLCO.com
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http://www.greenvilleURhome.com

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0 votes Thank Flag Link Tue Feb 21, 2012
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