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Asked by Michael, 20850 Wed Jul 23, 2008

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Answers

8
Debt Free Da…, , 85260
Wed Jul 23, 2008
In this market I think you need to pay more and not less. Now a realtor has to work to get a property sold.
Web Reference:  http://GetPrequalified.com
1 vote
Don Dutton, Agent, Puyallup, WA
Wed Jul 23, 2008
Michael

Just remember that the most expensive commission you can agree to is the one that never comes due. Don't worry about saving 1-2% on commission. You need an agent who tells you the truth about market value, recommends a true market price, and works like crazy. Nearly 60% of listings in the Puget Sound area aren't selling with the first listing. In those cases the sellers paid nothing, technically, for the services they may have received. The true cost of this "mistake" is in the tens of thousands though. Home prices will have dropped even further since the first listing, requiring a relist at a lower price. You home will have negative listing history published in the MLS that you can't get rid of. Cumulative days on market (CDOM) will also have grown so saavy buyers will want to take advantage of your increasing urgency. You're really throwing the dice when you list with someone who's willing to work for less than 6% with 3% going to the cooperating broker. Don't gamble. The agent that can look you straight in the eye and give a convincing argument for a 7% commission may be just the person you need to sell your house. Confidence and salesmanship are worth the cost in this marketplace. And, please, don't overprice your home. We've already got 10,000 of them in the MLS.

Don
0 votes
Jeffrey Halp…, Agent, Hopatcong, NJ
Wed Jul 23, 2008
You get what you pay for. Look at what you do for a living? Would you do the same quality work if received half the pay? And remember, the agent does not make the entire amount. It is split with the office they represent. You are not only paying the agent, you are paying for their office, their advertising (as well as the agent's), their time, liabilty that is taken on by mistaken representation by the seller or buyer, negotiating skill (a good negotiator can sell a house for at least 10% more than the owner can which in turn, nets the seller 5% more), the transactional management (which has tremendous value) and so much more.
I am surprised Realtors are not making 4% on the listing side.
0 votes
Don Tepper, Agent, Burke, VA
Wed Jul 23, 2008
Why does 3% seem too high? (Disclaimer: commissions are fully negotiable.)

Today's market requires more time and effort from an agent, not less. It could be argued that, a couple of years ago when all you had to do to sell a property was to put it on the MLS, that some agents perhaps weren't earning their commissions. The trick then was to get the listing; that was the difficult part. Now, though, it takes a lot of skill, patience, and effort to sell a property.

Just a thought.
0 votes
Mary Sunde, Agent, Bellevue, WA
Wed Jul 23, 2008
Michael
What agents charge to list a property is between you and the agent. Most agents have no problem no only telling what they charge for services but what those services are. I suggest that when you interview agents you ask what their commission structure is and what services they will provide to you for that commission. I'm sure if you do this you will be satisfied with not only what you are paying but the service you are receiving for the money.
0 votes
Wendy R. Lat…, , Port Orchard, WA
Wed Jul 23, 2008
Even in todays market, Real Estate Professionals are still spending the same amount, if not more, time and expense into gas, travel, mileage and of course there is still the advertising expenses. 3% is still a reasonable fee although some agents may accept a 2.5 percentage but nothing less in my opinion.
0 votes
Rick Moore, Agent, Kirkland, WA
Wed Jul 23, 2008
Realtors, if doing their job professionally, are spending more time, travel, gas, advertising and marketing dollars for a longer period of time to get a home sold. If anything it would be higher, however it seems to currently be the same.

Though saying that, all commissions are negotiable. If your home does end up selling quickly you may be able to request a deduction in commission as less money may have been spent to sell your home. Always have that conversation with your realtor up front and have the end result in writing. Be sure to have your home ready before you have it on the market. Cleaned, staged and priced aggressively.
Web Reference:  http://www.rickmoore.com
0 votes
Stacey Lange, Agent, Kirkland, WA
Wed Jul 23, 2008
If in a great market when homes are easier to sell and 3% seems "reasonable", and now in this market when a top-line reputable agent has to work MUCH harder to sell a home, holding more open houses, pay for significantly more marketing fees - why does 3% NOT seem reasonable? A good agent will earn their money and make it worth your while, time and money by earning you the best price for your home in today's market.

Best of luck!
Web Reference:  http://www.key2yourhome.net
0 votes
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