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Message
How do realtors get paid?
Posted on 10/18/16 at 8:14 am
Posted on 10/18/16 at 8:14 am
I know the seller pays their fees. And I know the standard rate is 6%. But is it 6% for both the buyer and seller's realtors? Or is it just 6% total?
For example, if you sell a house for $300,000, are you responsible for $18,000 for realtor fees or $36,000?
For example, if you sell a house for $300,000, are you responsible for $18,000 for realtor fees or $36,000?
Posted on 10/18/16 at 8:16 am to Dale Murphy
6% total. Usually 3% to each agent, then their firms take a cut of that. They make good money.
Posted on 10/18/16 at 8:16 am to Dale Murphy
typically 3% by buyer and 3% by seller
not so humble brag
not so humble brag
Posted on 10/18/16 at 8:17 am to Dale Murphy
Realtors are a fricking waste of money
Posted on 10/18/16 at 8:17 am to Dale Murphy
6% total. Realtors split the fees. They may get 2.5 % each and their companies each get .5%. (Or something similar).
Posted on 10/18/16 at 8:17 am to Dale Murphy
It's 3% each (buyer/seller). If there's only one realtor involved, that one will typically try to claim the whole 6%.
Huge racket.
Huge racket.
Posted on 10/18/16 at 8:18 am to Dale Murphy
A good realtor is well worth the expense. FISBO's can get drawn out. Plus the bidders lowball.
Posted on 10/18/16 at 8:20 am to Dale Murphy
By being blood sucking leeches
Posted on 10/18/16 at 8:23 am to foj1981
and how many homes have you bought and sold?
You think you saved money by listing FSBO -- but you didn't. You probably shorted yourself on the original listing price, as you don't have the market insight or know what adds/subtracts value.
Plus, anyone who buys FSBO just takes $10,000 right off the top, as they know you are not paying a realtor.
All you have done is force yourself to do all the work, make yourself more legally responsible, and more than likely.....
took a smaller net. Why?? because your buyers probably had their own agent -- which you just had to pay at least 2.5% to....
I have bought and sold over 30 + houses, and I did not use a realtor for about the first 8-10...
and I was a fool.
Realtors typically pay for themselves.
The ONLY WAY it is better, is if you happen to try and sell FSBO and then get lucky enough to get a buyer without an agent. This is probably less than 2% of all real estate transactions.
Good luck.
You think you saved money by listing FSBO -- but you didn't. You probably shorted yourself on the original listing price, as you don't have the market insight or know what adds/subtracts value.
Plus, anyone who buys FSBO just takes $10,000 right off the top, as they know you are not paying a realtor.
All you have done is force yourself to do all the work, make yourself more legally responsible, and more than likely.....
took a smaller net. Why?? because your buyers probably had their own agent -- which you just had to pay at least 2.5% to....
I have bought and sold over 30 + houses, and I did not use a realtor for about the first 8-10...
and I was a fool.
Realtors typically pay for themselves.
The ONLY WAY it is better, is if you happen to try and sell FSBO and then get lucky enough to get a buyer without an agent. This is probably less than 2% of all real estate transactions.
Good luck.
This post was edited on 10/18/16 at 8:25 am
Posted on 10/18/16 at 8:24 am to foj1981
quote:
Realtors are a fricking waste of money
And here we go
Posted on 10/18/16 at 8:24 am to Rouge
quote:
not so humble brag
I purposely left off the cost of the house that's being looked at.
Posted on 10/18/16 at 8:25 am to Balloon Huffer
quote:
if you happen to try and sell FSBO and then get lucky enough to get a buyer without an agent. This is probably less than 2% of all real estate transactions.
admit. You made this up.
Posted on 10/18/16 at 8:26 am to Dale Murphy
quote:
How do realtors get paid?
With a check.
Posted on 10/18/16 at 8:26 am to Balloon Huffer
quote:
Balloon Huffer
F'ing this!
Posted on 10/18/16 at 8:29 am to Jizzamo311
quote:
Balloon Huffer
He also claims he's sexy
Posted on 10/18/16 at 8:33 am to Dale Murphy
quote:
Dale Murphy
Not a real doctor.
Posted on 10/18/16 at 8:34 am to Dale Murphy
This is common knowledge. As a highly intelligent person you should know this. You are better than this, Tommy. Haha.
Posted on 10/18/16 at 8:35 am to Balloon Huffer
Real Estate agents aren't a "waste" of money but there is a ton wrong with the system.
1) They use to control the information, now comps are readily available to the general public. They lord this over you, if you are moving to a different state, I get it, but if you've lived their 5 years it's not as big a deal.
2) Paying a straight percentage of the sale value is absurd. They should get paid on the value they add. Their incentives aren't line up with yours, they are incentivized to sell quickly.
Say you have a 300k house and they would make 2%, that's 6k. You get an offer for 280k, they think you should take it. You think your house is priced fair. You would lose 20k in the deal she loses 400 bucks.
Your dog could get 250k for the house, I think their commission should be a flat fee, plus some sort of bonus for speed of sell and price in excess of what anyone could get.
1) They use to control the information, now comps are readily available to the general public. They lord this over you, if you are moving to a different state, I get it, but if you've lived their 5 years it's not as big a deal.
2) Paying a straight percentage of the sale value is absurd. They should get paid on the value they add. Their incentives aren't line up with yours, they are incentivized to sell quickly.
Say you have a 300k house and they would make 2%, that's 6k. You get an offer for 280k, they think you should take it. You think your house is priced fair. You would lose 20k in the deal she loses 400 bucks.
Your dog could get 250k for the house, I think their commission should be a flat fee, plus some sort of bonus for speed of sell and price in excess of what anyone could get.
This post was edited on 10/18/16 at 8:38 am
Posted on 10/18/16 at 8:38 am to Skin
I really have never understood why people on here get bothered because people are trying to make a living.
Things in life cost money. The people doing the services for you have to pay taxes and their own fees for work.
Why is this such an issue?
Whether it's haircuts, waitstaff, realtors, lawn care, contractors, it all costs money.
Quit whining cause someone is trying to make a decent living. 99% of all those people are not trying to rip you off. They just want to live comfortably like you and I do
Things in life cost money. The people doing the services for you have to pay taxes and their own fees for work.
Why is this such an issue?
Whether it's haircuts, waitstaff, realtors, lawn care, contractors, it all costs money.
Quit whining cause someone is trying to make a decent living. 99% of all those people are not trying to rip you off. They just want to live comfortably like you and I do
Posted on 10/18/16 at 8:39 am to Dale Murphy
6% commission is outdated and obsolete. Zillow and similar sites will continue to drive this down because they are having to work less and less for the money
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