Btucker6, Home Owner in Philadelphia, PA

What are the average realtor transaction fees for the Philadelphia and surrounding counties?

Asked by Btucker6, Philadelphia, PA Tue Apr 5, 2011

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Answers

6
Believe it or not, we as Realtor's can not comment on what the "average" fees are, or "standard" fees. This is acutally a pretty big Anti-Trust issue, ongoing issue with the governement.

Instead, please consider calling 3-4 local agents, as part of the interview ask how much they charge for the transaction. I assume you are talking about listing your home, correct? Becuase if you are buying, most of the time if the property is listed for sale on MLS, it will not cost you anything to use most agents or Realtors.

If you are selling, once you speak with 3+ agents or Realtors, I am confident you will have an idea of what the "average" or "Standard" charge is. In short, each agent can charge whatever they want, and it is up to you to agree to it or not. However, you will see what most charge after speaking with just a handful.
Best of luck.
Spirit
1 vote Thank Flag Link Wed Apr 6, 2011
The average is whatever you negotiate. It's a discussion of whatbyou are getting for what you need. Many agents have personal minimums and willmshare that with you when you meet with them. Generally you get what yOu pay for
0 votes Thank Flag Link Mon Apr 11, 2011
In my opinion any Broker's Transaction Fee charged to a Buyer at closing for a home for sale in Philadelphia and the surrounding counties, such as Main Line real estate, is minimal. Choosing an agent who will negotiate it down is far less important than choosing a real estate agent who will work hard to achieve your goal of finding the right home for you at a price you can afford. You may save thousands with an experienced agent who can negotiate the price of your home based on up to the minute comps and then save you more thousands during the home inspection phase. Don't sweat the small stuff!

Mary Beth
0 votes Thank Flag Link Thu Apr 7, 2011
Hi Btucker,

The previous answers below are all correct, especially Spirit's in regards to anti trust laws. Since you are listed as a home buyer, I'm going to assume you're talking about the additional fee (broker fee, transaction fee, or whatever they are calling it in Philly.) The same answers do apply to that fee as well. Meaning it is negociable, if you have an agent that you know is going to save you over and above that fee, it's well worth it. If the realtor is just letting you in the door and leaving the negociating up to you, then practice that negociating now and get that fee to zero. They will still get their commission from the listing agent of which they will just have to gather the transaction fee from that.

I don't work in the Philly area, but do know several good agents that do. If you'd like help negociating that fee to zero give me a call or email and I'll gladly help.

Hope this helps.
0 votes Thank Flag Link Thu Apr 7, 2011
As a Home Buyer you should be aware that it is the Home Seller and not the Buyer who pays your agent's commission. Still there are closing costs that vary by County. You should ask your agent to run a sample closing costs estimate for the price and area in which you are buying so you will know how much you will need in addition to your down payment to buy the home you choose. If you are short, ask your agent to try negotiate a seller's assist to give you more cash to use at settlement.

Hope this helps. Feel free to contact me with no obligation if you have more questions. We are Philadelphia Main Line Real Estate Agents.

Mary Beth (610) 608-3119
0 votes Thank Flag Link Wed Apr 6, 2011
Commissions are always negotiable between you and your agent, there are no set standards as it would go against Federal Laws--therefore consider interviewing a few local agents from different realty companies, then choose the one you like best; choose your agent with care.
0 votes Thank Flag Link Tue Apr 5, 2011
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