List it on your own: "FSBO." Very easy to do with a condo....oh yeah...the BEST part. Add 6% on to what you take home after closing. $200k condo? $12k in tax-free money. Good luck and check it out.

Dawn,

We hope that by now your condo has sold and you have moved on to other things.

Dawn,
I read through the responses to your question and they are all basically the same. Give me a call or email because I have implemented another system that sellers who are worried about commission are really finding attractive.

Robert Chiarito
chiarito@kw.com
847.878.3724

Dawn,

Please note that there is a new horizon in Real Estate sales. Using a large company with high rates is not the only way to go. Smaller firms will not only offer lower rates, but a more personal level of client services. Why would a seller want to become just a number among thousands of listings when they can get personalized service from a small family firm. I work for Kale Realty, a small family firm in Chicago's South Loop, that offers a much lower commission rate than the large companies out there. Yet, we pride ourselves on nothing but the highest level of client satisfaction! As for the technology argument... Yes, even small firms have internet access, and databases consisting of thousands of agents and buyers to effectively market to. Don't pay for something you don't need. There is no reason to!

Hi Dawn,
As others have said, the commission is always negotiable. The best thing to do is to talk to several different Realtors and ask them what they charge and what you will be receiving for that charge. Talk candidly to the agents and they should be able to address your concerns. And make sure to ask if there will be any additional fees that you will be responsible for, such as a transaction fee, marketing fees, special advertising fees, etc....
Good luck!
Catherine Boyle

The commission is always negotiable and as agents we are not allowed to say there is an average or typical commission because of the "Anti-Trust Laws". Just like we cannot say this is a good or a bad neighborhood as well and you are amongst a lot of experienced realtors here who could share what their minimal and maximum office fees are. Some companies may offer less and some may offer more. Like anything else you get what you pay for.
If you are interested I could share with you what our office charges.
Just give me a call today, I would be more than happy to assist you.
Thanks!
Rob

There is no typical commission. In most, if not all, anything typical in real estate sales and buyings borders on illegality...

The only legal answer is all commissions are negotiable. You should start interviewing agents and see what they have to offer you.

Hi Dawn,
Commissions are negotiable, but typically range from 5-6% for a full service agent . Agreed that "getting what you pay for" usually holds true. But as a partner in a discount brokerage firm, I have to say our clients have actually asked why we don't charge more for our service. Simply put, we believe sellers should have the option to trade their needed capacity of service for savings.
For example, instead of a commission we charge a couple hundred dollars to put our clients on the MLSNI and other popular websites, where we feel they will get the most effective exposure. Along with contract negotiations, a yard sign, and continued communication, we have helped many sell and save thousands of dollars. I will admit, out service isn't for everyone. Our clients tend to be proactive, show their own property, or at least have interest in playing a larger role in the process.
Bottom line, with the help of an attorney review, our clients feel confident in getting more involved. Many sellers are seeing the financial rewards in this type of agency, but do what you're comfortable with, just know that there are many options. Best of luck!!

Dawn
You ask a great question. The best answer and advice I can give you it this:
You are worried about the 6,7,8,% commission you will pay. With closing costs, this could be up to 10% of the purchase price (it depends on the market and on the product being sold). Realtors are worried about the 90%.

I suggest that you also focus on the dollars that you put in your pocket. Ask the Realtor to "show you the money". What are they going to do to get your home sold for top dollar. What is their plan if that does nto happen? What can you expect once your home hits the market?

You need to believe that they can sell your home. Then make them prove it.

Dawn,

There is not a set commission rate in Chicago. Having said that, though, you may expect to pay between five and six percent on the transaction amount. As is always the case, you get what you pay for. Smaller brokerages or so-called boutique brokerages may be willing to do the listing for less, but for that lesser level you, in my opinion, receive less of a service. For instance, smaller firms or agents not skilled with newer technologies will not be able to leverage your listing in the broadest possible swath to reach the most extensive audience. In today's market, with such a profound inventory of listings on the market, determining who will list your home and aggressively market it toward a successful sale is critically important.

I wish you the best as you set about finding a professional realtor to entrust your home sale to.

Tom McCarey

It is always best to interview several agents and find out what they plan to do to market your home. They will be able to tell you the fee they charge and how they will use that money to benefit you. If you would like me to do an analysis of the home and my fee schedule I would be happy to assist you! http://www.staciwolff.com.

Dawn, there is no typical, standard, regular or usual commission paid to Realtors in the Chicago area.

There area agencies that charge a flat-fee, there are limited service agencies that rebate a portion of your commission to the seller, there are agencies like Help-u-sell, and Buy Owner, who have "menu driven" services, and there are full-service agents/agencies that vary in commission as well.

It really is up to you. The commission is negotiable. It can depend on the amount of advertising the agent plans to do, and on how the agent plans to promote the listing. Sometimes on higher priced properties, the commissions can be negotated lower. The bottom line is what you are willing to pay and what the agent and broker are willing to accept.