Thinks if he keeps repeating it, it will make it true. I thought it was 2 and 3 percent. And 1 and a half. Remember? We're supposed to be chomping at the bit to split 3%?
Yes, this is true - 8% .... thats only if there is a Piaget watch in the downstairs bathroom and two Omega watches upstairs ... (kidding.!)
Seriously .. shop around - it's all very negotiable, so shop hard and long ...
It's been a long cold hard winter for most realtors, Inman shows they're already in for a 20% fall in sales and income - especially the ones in Michigan ...
Many agents are doing 3 to 4%, and some are doing flat fee sales ..friends in the Detroit area just negotiated a $12,000 fee on their $500,000 home .. it's being done everyday.
Good luck and happy hunting.!
I encourage you to shop around, but base your selling decision on an agents marketing strategy and net profit for the property. Agents should have a strong internet presence. If you are not happy with agents in the area, contact me, there are two agents in my office that will list homes anywhere in the lower peninsula. They currently have homes in the area.
If you a buying (your profile doesn't indicate) the listing agent will offer compensation in the area Multiple Listing Service to any agent with a buyer.
Feel free to contact me if you have any specific questions, I'll try to point you to the correct answer or choices.
Having said that, I can tell you that here in central Pennsylvania I have seen rates as high as 8% for homes in the city. Sometimes on a low cost home there is a flat fee paid, rather than a percentage.
The best way to find out what you have to pay in your area is to interview several agents and see what they ask. Just don't be tempted to take the lowest commission without checking to see what services are included. It may be helpful to check some statistics to see how many of the agents listings have been sold, or how the agents original list price compares to their final sold prices.
It all counts when it comes to getting the most money in your pocket at the end of the day.
Eileen's Green Team
Gateway Realty, Inc.
Some areas stay pretty firm at 6%, other areas 5% for full service agents. Some superior agents charge a premium and there are also discount agents. So you could expect commission to range from as little as a couple hundred bucks flat fee to even 10% for something requiring excessive time, money for marketing or such a low price just to make it worth the agents time.
According to Steven Cook, a Vice President of the National Association of Realtors in a letter in May 2007, he said, "All real estate commissions are negotiable and the average is 5.1 percent, according to the most recent available data."
I hope that helps.