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Started By
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Compensation for selling Realtor?
Posted on 1/12/14 at 1:59 pm
Posted on 1/12/14 at 1:59 pm
(no message)
This post was edited on 1/24/14 at 12:50 am
9
Posted on 1/12/14 at 2:05 pm to bigblake
When I put my house on the market in 2009, I negotiated a 5% fee for the realtors. I was told by my realtor that some buyer realtors would not show my house because of the lower rate. I got a few offers within a reasonable time but the bottom had dropped out of the market from when I bought just 2 years prior and I would have had to pay $5,000 out-of-pocket, so I took my house off the market.
Posted on 1/12/14 at 2:07 pm to LeonPhelps
(no message)
This post was edited on 1/24/14 at 12:51 am
Posted on 1/12/14 at 2:34 pm to bigblake
quote:
Thanks Leon. I'm thinking about doing the full 3% for buyers agent and 2.5% + bonus for selling agent. (Or some variation of that)
I am interested to know how this works out. I guess you can get your agent to agree to any arrangement.
Posted on 1/12/14 at 5:23 pm to bigblake
quote:
Anyone have any experience with this?
A howeowner worked my wife's broker over on the back end, and she wound up getting stiffed half of her commission after she had put in a ton of work to sell the homeowners' house.
You can try negotiating up front, or if you have no scruples, you can do what these homeowners did.
Posted on 1/12/14 at 11:36 pm to shutterspeed
(no message)
This post was edited on 1/27/14 at 12:51 am
Posted on 1/13/14 at 6:30 am to bigblake
My case isn't the usual case, but a buddy was my realtor and did it for 4% instead of the usual 6%. I don't know how the split ended up taking place between the buying realtor an himself 1:3 or 2:2, but it got tons of looks and sold within a month.
I personally wouldn't pay anyone 6% these days. With how rampant Zillow, FSBO, etc... are, you can often list it yourself and just put "2% to any agent that brings buyer to the table" or whatnot. I have heard that works pretty well...
Plus, its not like it was back in the days of a realtor having to drive you around and search for houses themselves. The previously mentioned websites make it pretty fricking quick and easy. When I bought my most recent place, my realtor picked out a few places to show me, but it was ultimately me finding the house online and asking to see it. All she had to do was show up with me and then handle the back and forth and she made $5-10k. frick, she wasn't even at the closing, except for the last few min. I got there early and started on my own.
I personally wouldn't pay anyone 6% these days. With how rampant Zillow, FSBO, etc... are, you can often list it yourself and just put "2% to any agent that brings buyer to the table" or whatnot. I have heard that works pretty well...
Plus, its not like it was back in the days of a realtor having to drive you around and search for houses themselves. The previously mentioned websites make it pretty fricking quick and easy. When I bought my most recent place, my realtor picked out a few places to show me, but it was ultimately me finding the house online and asking to see it. All she had to do was show up with me and then handle the back and forth and she made $5-10k. frick, she wasn't even at the closing, except for the last few min. I got there early and started on my own.
This post was edited on 1/13/14 at 6:38 am
Posted on 1/13/14 at 9:51 am to bigblake
My realtor will sell your house commission free as long as you agree to buy with him
Posted on 1/13/14 at 12:44 pm to bigblake
There is a small agency here in Lafayette that the standard fee is 4%. There is also a guy in Lafayette that does the "buy with me and I'll list yours for free" deal. We used him the last time we sold a house and he puts his commission from the sale towards your closing if you buy your next house with him. Worked out great for us.
Posted on 1/13/14 at 1:04 pm to bigblake
Did 6% on the 1st 100K, 4% after that.
Posted on 1/13/14 at 9:08 pm to bigblake
It varies, but if I'm ripping client on buying and selling or I sold my client the home I'm listing, I'll always do 2% to me and 3% to buyers agent. If however buyer is unrepresented I will cut down to 4%, paying a broker in my office 1% referral to handle paperwork and rep buyer.
Good luck!
Good luck!
Posted on 1/13/14 at 9:14 pm to bigblake
5% is standard now. Realtors will try to push you to go to 6% but I wouldn't do it. They tried to protect the 6% number for a long time by not showing houses that were less than that (often to the detriment of their clients). That collusion got broken up since the 2008 housing bust and now if they don't show 5% houses, they are hurting themselves as well as their clients.
Posted on 1/13/14 at 9:16 pm to bigblake
It depends as much on the market and your houses marketability.. I put my house on the market with an agent listed at 4%. fricker sold in a day.. Only thing he did was put it on mls as we paid for the pics ourselves as originally we were going to sell fsbo.. When we finally got the house ready to sell, we were going out of town for a week but needed to get the ball rolling and decided to use a realtor... My point here.. We had the leverage and dictated the commission..
Some real estate companies don't allow their agents much wiggle room but again it's on you to find the right seller and base it on the criteria you set forth.
Some real estate companies don't allow their agents much wiggle room but again it's on you to find the right seller and base it on the criteria you set forth.
Posted on 1/13/14 at 9:17 pm to Lsut81
quote:
list it yourself and just put "2% to any agent that brings buyer to the table" or whatnot. I have heard that works pretty well...
Did this on my last sale, but i gave the buyer's realtor 3% and they did all the heavy lifting. Well worth it to me.
Posted on 1/14/14 at 3:35 am to kywildcatfanone
(no message)
This post was edited on 1/27/14 at 12:49 am
Posted on 1/14/14 at 6:37 am to bigblake
quote:
Does the settlement company do it all or do you cut a check later?
Its all done at closing... You don't have to do shite, you just get less money on the check the Title Company Hands over to you.
quote:
I'm really torn between giving the full 3% to the buyer's agent or doing 2.5%.
Like others have said, I wouldn't pay 6% EVER...
Posted on 1/14/14 at 8:06 am to Lsut81
quote:
Lsut81
Shoot me an e-mail bro: ziggy.td@gmail.com
Posted on 1/14/14 at 8:13 am to Ziggy
quote:
Shoot me an e-mail bro: ziggy.td@gmail.com
ygm
Posted on 1/14/14 at 8:32 am to Lsut81
Posted on 1/14/14 at 9:13 am to Ziggy
You should easily be able to get 5% where buying and selling agent split it.
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