Home Selling in 60187>Question Details

Vijaya Ramas…, Other/Just Looking in

what is the real estate commission in 60187?

Asked by Vijaya Ramaswamy, Wed Jul 9, 2008

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That is an interesting question, almost a "trick" question, because as stated before, we are not allowed to discuss commission rates as stated earlier because of the anti-trust laws. I started selling back in 1986 and have noticed declining commissions ever since, yet the agents are doing equal work. In fact, in the challenging real estate market that we find ourselves in nowadays, the market time has tripled, our expenditures have tripled in advertising and marketing a home to get it to sell, so I am wondering why our commissions have not tripled? I can guarantee, that if you employ a good agent, they are worth every single penny! I work 7 days a week, never take a vacation, and it is not uncommon for me to work 16 hours a day, so I can guarnantee that you are definitely getting your money's worth out of me, This is a really tough market to sell a home in now. If the realtors are struggling, there is no way a For Sale By Owner is going to survive. You need to select a top producing realtor with proven track record, check on productivity records. The only way houses are selling now is with the very best agent marketing the home, plus a carefully matched listing price, plus prepping the home, painting, condensing furniture, cleaning, replacing light fixtures and maybe a kitchen countertop, possibly replacing carpet, and hiring a Professional Stager. Your house has to shine amongst the hundreds of other competitors!
1 vote Thank Flag Link Thu Jul 10, 2008
You ask a great question.
My advice, in addition to these very good answers, is to approach your commission question like this:
When I sell my home, how can I net the most money in my pocket? Now that is a question that really gets to the heart of the matter.

Many people are under the impression that either commissions are set, and not negotiable., or that the lower the commission rate, the more money a seller will "save" and add to their bottom line.

I conduct a quarterly survey of my MLS stats and compare three different types of brokers:
MLS entry only
Limited service brokers
Full service brokers.

Without fail the following has been the trend:
1. Listings taken by full service Realtors are 33% more likely to sell than the others.
2. Listings sold by full service Realtors sell, on average, for 2.1% MORE then listings sold by the others.
3. Listings sold by full service Realtors sell in a shorter time.

So I encourage you to speak with three Realtors, ask them to analyze your situation, part of their presentation should include an estimate of seller's net proceeds. Then you run the numbers, you make the call. In most cases a full service Realtor will put more dollars in your pocket.

On the other hand, if you have
1. No need to sell
2. Money to burn
3. Time to kill

Best of luck to you.
1 vote Thank Flag Link Wed Jul 9, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
Some brokers have fixed rates set by the broker or corp office. Some Realtors set there own base on service level.

Our rates are listed on our web site like many others.

Bottom line is they are all different.

Good luck!
Web Reference: http://ekerry.com
0 votes Thank Flag Link Sun Nov 16, 2008
Commissions can vary and there is no such thing as a set or blanket commission for an area. Best bet would be to interview several agents and look at the entire package, not just commissions. Some may charge a low rate, but then will do absolutely nothing for you. Go with the agent you feel the most comfortable with and will work the hardest for you to get you the best results
0 votes Thank Flag Link Fri Jul 18, 2008
Lots of good answers here. Sue points out that the condition of the property has much to do with it's sale - espeially in a buyers market. Many homeowners today are challenged with little equity remaining due to declining values and are looking for ways to save money when selling. As the vast majority of homes are sold with the aid of cooperating brokers (buyers agents) the power of the MLS cannot be overstated. Remember that buyers agents have more than usual number of homes to show less than usual qualified buyers and at over $4.00 per gallon for gas they are not motivated to show listing they believe to be over priced. Your listing must impress the buyers agents you and your listing agent rely on to bring the qualified buyers to view your home.

Good luck to you
Web Reference: http://www.GregZaccagni.com
0 votes Thank Flag Link Thu Jul 10, 2008
You will need to call around.

Our rates are listed on our web site.
Web Reference: http://www.ekerry.com
0 votes Thank Flag Link Wed Jul 9, 2008

To elaborate on Mark's response. Federal law prohibits a group of agents from establishing a fixed number or range as the prevailing rate. Do a search on google for antirtrust laws and you should have more than enough to read. Rates are therefore negotiable and you will find many different models. In todays market you will want a full service agent to assist you in the process (gasp, start the hate mail). Reduced service, while cheaper, often leaves the seller frustrated with the lack of communication and marketing activity. You get what you pay for.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Wed Jul 9, 2008
All real estate commissions may vary it is based on how the listing agreement was executed for that contract. Are you talking about the listing agent fees, buyers agent fees, or both? http://www.lynn911.com
0 votes Thank Flag Link Wed Jul 9, 2008
Real estate commissions are negotiable. It is up to you and your agent to agree on. Are you working with a Realtor now? I would be happy to help!
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Wed Jul 9, 2008
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