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Q: realtor's commission - Denver metro?
writes:
What is the going rate right now? 5%, 6%, 7% ?
1. I'm trying to sell my house in Broomfield, CO (asking around $215K),
and I have a realtor that a friend recommended. Looks like the realtor
is a pretty experienced, reputable guy. He gave me the Exclusive
Right-to-Sell contract paperwork to sign - in the commission section
he'd printed 7%, then crossed it out with a pen and wrote 6%. Is that a
psychological trick that he's playing to make me feel I should be happy
I'm only paying 6% ?
Probably. In Chicagoland, the usual is 5% total, fwiw.
I should point out that I'm planning to use the same guy to buy my new
house (also in Denver Metro.) So I'm wondering if I should mention that
when trying to negotiate a lower commission (cuz he's getting more
business from me.)
Negotiate. With fee for service realties out there (my listing agent
"commission" will be exactly $340, for instance, offering 2.5% to
buyer's agents), competition is stronger than ever. Getting an
agent to list you for 1% is not that hard. Listing agents
typically do jack ****.
Be sure to ask whether or not you'll be on realtor.com with the
upgraded listings that have multiple pictures, whether they'll have a
virtual tour, who will do the photos and will they take quality ones,
etc.
What is a lowest comission I should be reasonably able to negotiate? 4,
5%?
Here, if you drift below the "standard" offer to buyer's agents, your
house won't get shown much. The listing agent half of that
commission is what's most negotiable.
2. Also, the listing period he put down in the contract ends on March
31, 2006 - 5 months out. Is that normal, or a little too long (another
point I should negotiate?)
6mo listings are pretty common around here.
3. One last thing: Under Additional Provisions:
"At the time of closing the Seller agrees to pay RE/MAX a one time
transaction fee of $545"
Is that BS - one of those junk fees I should tell the guy to take
out?
Interesting question. I don't know. Typically there is a fee that a
buyers agent office pays to listing brokerage, I'm not sure if they're
looking for you the seller to pay that or what's going on with that.
Keep shoppping. And assess what you need out of a listing agent. Do
you want them to do open houses? If so how much? Will they put
signs in your area or at your house? Which level of service to they
get on realtor.com? How do their MLS listings look like online? Are
multiple photos done? Are the photos professionally taken? Are
virtual tour done? Do they put fliers out at the signs? If you
want more open houses than they're willing to do, what then? Will
there be a lockbox on your house? Do you want a lockbox on your
house? If there's an offer over the holidays and the agent is out of
town, what if any backup coverage do they have at their office?
Etc..
--
Todd H.
http://www.toddh.net/
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