Commission rates, like other service products are affected by supply and demand. As more real estate agents entered the market within the past decade, commission rates trended downward. Within the past 18 months, the challenging economic environment in Grand Rapids, MI has forced many agents out of the real estate industry. Those who remain, will charge for services based on what they provide and what a potential client is willing to pay.
In the Grand Rapids, MI area commissions can range from a few hundred dollars to 6 ~7% of the listing price of the home. If you choose to opt for a discount broker, make sure you ask what you are paying for.
Also demand proof and ask for access to people who have successfully Sold their homes when you're comparing Rates with all real estate brokers.
Exposure and professional marketing are huge issues when you're competing with 12,000 homes for Sale. If all you're receiving is the placement of your home on the Multiple LIsting service...well, $500 is A LOT of Money to pay for Data Entry which takes approximately 10 minutes.
Be A Wise Consumer...In this Market, you really do get what you pay for...