Home Selling in Long Beach>Question Details

Cat, Both Buyer and Seller in Buffalo, NY

With the housing market hurting, what is the average real estate commission for selling a house in LI, NY? I

Asked by Cat, Buffalo, NY Wed Jun 18, 2008

sold a house 54 years ago and the fee was 5%, seems so high considering sellers have to significantly drop prices.

Help the community by answering this question:

Answers

4
I would suggest that if you are not happy paying a 5% fee to a realtor, negotiate to pay less. Keep in mind you will usually get what you pay for. There are flat-fee companies out there who will list the property in the MLS for you for as little as $2,000-$3,000 (some for even less).

But what type of representation and advise are you going to get from someone who has no vested interest in selling your home (you paid up front, remember?).

The amount of time and work that goes into a home is largely dependant on the seller's of that home. Some need their hand held throughout the entire process - while others already have a buyer lined up and just need help with paperwork.

Between you and me (and everyone else who happens to read this, I suppose) I would list a home for $1,000 if I knew I could sell it quickly and with very little in the way of advertising and effort. How easy is your home going to be in this market?

Are you going to under-price it to affect a quick sale? Are you going to want top dollar? If you want top dollar - that requires more work on the part of the agent. But then again - like I said - everything is negotiable.

I would interview several agents in your area and ask them all what they're willing to do to get your business.

Keep in mind, in a market like this, they're interviewing you as much as you're interviewing them....A home that won't sell is a money-pit for a realtor...and the only agent who will take that project on is one who doesn't know any better (and probably can't sell it anyway).

If I can be of any further assistance, or if you'd like some referrals to some great agents in your area, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com - I'd be happy to help however I can!

Thanks,

-Josh
1 vote Thank Flag Link Wed Jun 18, 2008
Hello Cat. I understand your concern, but you also have to understand that we are doing the same amount of work, if not more now that the market has gone south. If it is a regular sale, not a short pay, we have to adverstise and market even more because we have to compete with the properties that are being under priced. It is really difficult to sell homes, but we aren't charging obsurd fees, we are still charging the "norm". The "norm" depends on what ever agents in your area charge. Please think about this, if you went to work and it was slow season and the company wasn't making it's usual profit, would you give up a couple of dollars for every hour you worked so your company would still make its profit?
Dyanna
1 vote Thank Flag Link Wed Jun 18, 2008
Legally speaking, there is no "average" commission. If any realtor were to tell you otherwise they would be violating anti-trust laws for potential price-fixing. All commissions are negotiable.

While I know that this is not necessarily the answer that you'd like to hear and you're most likely going to sit back and say "wow, what a cop-out answer...just give me the gist!"...it would be unethical of me to say anything otherwise. The best advice that I can give you is to call out several realtors, have them do a CMA (Comparative Market Analysis) of your home, and go over their marketing plans with you. Call 3 to 5 agents and you'll have your average.

Thanks, and if I can be of any further assistance, please don't hesitate to contact me at http://www.HernandoLuxuryHomes.com . I'd be happy to help in whatever way I can. If you need a referral to a couple of great agents in the LI, NY Area, I'd be happy to provide.
1 vote Thank Flag Link Wed Jun 18, 2008
Thanks for the response. I completely understand that there is time and investments made by realtors to sell a house. I do think that with the increase in technology and internet ads this is a world easier for a realtor and still can not understand the difference between the amount of time and money spent to justify a percentage of sales price? What is the difference in work between selling a $300K house with 5% fee of $15K or $500,000 with a 5% fee of $25K? Is there really $10K worth of work here?
0 votes Thank Flag Link Wed Jun 18, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer