Home Selling in Chicago>Question Details

Daniel P., Real Estate Pro in 60614

What's the standard realtor commission in Chicago for an approximate $350k condo? Thanks

Asked by Daniel P., 60614 Mon Jan 14, 2013

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15
Debra (Debbie) Rose’s answer
Hi Daniel...

Due to federal anti trust laws Realtors really can't (and shouldn't) discuss specific commissions, as that can be seen as an attempt at price fixiing - even if that wasn't the intent.
Legally, there is no "customary, standard, usual or typical" commission!!!

It's good to see that most of the agents here "get it" and know the law!
Those that don't, better read up on it!

So - the only legal response is.....ALL commissions are negotiable.

Speak with several local agents and you will see what their commission structure is............ask for a written marketing plan so you will know what to expect, and you can compare and contrast what is being offered.

And, truthfully - sometimes you get what you pay for, and sometimes you do not.

Just because someone may charge you more than someone else, doesn't guarantee top notch service, so you have to do your due dilligence.

If possible, look for an agent who comes recommended, with whom you feel a sense of confidence and who has a winning track record in your area with getting their listings sold.

Best wishes...........
1 vote Thank Flag Link Wed Feb 6, 2013
Is it also standard to have an additional $500 fee on top of the 6%?
Flag Sun Feb 16, 2014
Daniel,
I don't think you will get a straight answer from a realtor, so I'll answer as a homeowner. I've interviewed several realtors and most in Chicago will state 6% but go down to 5%. Perhaps the ones offering 6% will give you better service - perhaps not. But there you have it.
Flag Fri Apr 19, 2013
You have a range to work with from the information here. Besides the straight percentage of sales price, there are some brokers who offer a fee schedule for services, and others who will rebate a portion of their commissions to the buyer.
One I know of takes 20% of the commission and gives it to a charity of the buyer's choice from a list of local organizations they support.
This is a conversation best had with your broker, everyone is a little different.
And in today's market, whatever it is, if they do a good job, it is worth every penny.
1 vote Thank Flag Link Tue Jan 15, 2013
Its actually illegal to say their is a standard commission. I would suggest interviewing two or three agents and see what they offer for their price. I would be happy to go into detail what I can do.

Matt Laricy
Americorp Real Estate
708-250-2696
mlaricy@americorpre.com
1 vote Thank Flag Link Tue Jan 15, 2013
You get what you pay for. Work with an experienced Realtor and they WILL sell your house. Should you need any assistance, feel free to contact me.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Daniel,

Although I'm not the first to answer I still wanted to send in my response and I hope it helps in some way. My Realtor fee is 6% of the purchase price regardless if the list price is $100,000 or $1,000,000. Although I'm fully aware you can find a Realtor who will charge less something you need to be ok with is that a lot of times you get what you pay for. As random as this may sound it's like a pair of expensive jeans - sure you can buy $40 jeans but they don't make you look as nice and you may have to go through a couple pairs in the same amount of time you can use only one pair of more expensive jeans. Hopefully this random comparison doesn't discredit me too much because I really feel the amount of work and time I put into selling your condo goes above and beyond what many do.

If you're still in the planning stages of selling I recommend interviewing a couple different Realtors and I would really like to be one of those Realtors, of course. If you already have a Realtor in mind but you've only interviewed the one I would still be happy to meet and actually show what I can offer in selling your condo!

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
jeffstewart@atproperties.com
0 votes Thank Flag Link Thu Jan 17, 2013
email me at jmichaels@remax.net and I will send you what I have on that
0 votes Thank Flag Link Tue Jan 15, 2013
By law, there is no "standard" rate. The rate is based on your negotiation with the realtor, and the amount of work that he/she believes is involved given your specific property, it's condition, and a variety of other factors. Good luck getting the best available rate!
0 votes Thank Flag Link Tue Jan 15, 2013
I charge 6% but I do 50% more than most agents including staging, video and photographs, cleaning service and extensive feedback both to you and the agents who are involved in the sale. I sell more real estate than most people do but I am sure you can find a cheaper agent who will get your home sold for 3-5% less than me
0 votes Thank Flag Link Tue Jan 15, 2013
Daniel,

There is no "standard" commission. Brokers' fees and results both vary. If you are looking for service and RESULTS; you may pay a little more, but you will achieve your goals sooner.

Best of luck,

Ivan Sagel
312.515.7823
Ivan@atproperties.com
0 votes Thank Flag Link Tue Jan 15, 2013
If you are talking about selling a condo we are at 5%, with 2.5% of that going to the buy side and we are full service. For example we use a professional photographer and print professional brochures. You can find out more about us at the link below or you can call me at 312-738-0232.
Web Reference: http://LucidRealty.com
0 votes Thank Flag Link Tue Jan 15, 2013
Daniel,

There is not exactly a standard percentage. While commission is important make sure you pair up with a broker and brokerage that will work with you to sell your condo. A broker should do more than through your listing property listing on the MLS. He or she should know your area be participating in forums such as this and syndicating your listings to other website to gain additional exposure for those shopping from other state because of relocation.

The most common commission percentage is 5 & 6 percent.

Best of Luck,

Manuel Brown, Broker
iMove Chicago
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Daniel,

Commissions vary based on services performed, marketing, etc. A common commission we see is 6 percent of the sales price, but it all depends on the circumstances. My brokerage regularly buys and sells condos and investment properties in Chicago. Happy to discuss with you further. You can reach us at 312.834.4002.

Best,
Mike
0 votes Thank Flag Link Tue Jan 15, 2013
Agents are not allowed to talk about such things because it could be construed as violating Federal price fixing laws so we all keep very quiet about it:)
However you can look at the statistics of what 350K condos have actually charged, but need more info as to location and other criteria to see what those stats are.Then YOU can make a determination.if it is 'standard' or not.
0 votes Thank Flag Link Tue Jan 15, 2013
As Mark said, there is no standard. You will find that a lot of the brokerages charge similar amounts, but there are other options out there that are just as effective as the big brokerages. I own my own brokerage with a partner and would love to discuss your options with you. Feel free to call or email me.
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Daniel. There is no "standard" realtor commission. If you e-mail me, we can chat about what services you are looking to employ and what I would charge for those services.

Thanks,
Mark
Web Reference: http://www.markbazzetta.com
0 votes Thank Flag Link Mon Jan 14, 2013
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