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Q: realtor's commission - Denver metro?
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% ? (There's also a clause in the contract that the listing agent will get 2.8% of the gross sale price.) 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.) What is a lowest comission I should be reasonably able to negotiate? 4, 5%? 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?) 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? TIA for your advice. |
#2
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Q: realtor's commission - Denver metro?
In article .com,
wrote: 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% ? Either that or they recenyly reduced thier "standard" comission. (There's also a clause in the contract that the listing agent will get 2.8% of the gross sale price.) Not sure of the meaning of this. He is the listing agent and will get the 6% (or whatever you agree on). He pays the selling agent (typically 50-50 split) and then each agent pays thier broker a fraction of what they got. 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.) You can try. He doesn't have to agree. What is a lowest comission I should be reasonably able to negotiate? 4, 5%? Whatever you can get him to agree to. 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?) Too long. Go for 90 days. 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? Probably a junk fee. The broker generally gets a cut from the agent's fee except ReMax usually gets less than most brokers. May or may not be negotable. Everything in the RE comissions is negotable, but they can say no. -- Rich Greenberg Marietta, GA, USA richgr atsign panix.com + 1 770 321 6507 Eastern time. N6LRT I speak for myself & my dogs only. VM'er since CP-67 Canines:Val, Red & Shasta (RIP),Red, husky Owner:Chinook-L Atlanta Siberian Husky Rescue. www.panix.com/~richgr/ Asst Owner:Sibernet-L |
#3
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Q: realtor's commission - Denver metro?
Thanks, Rich
snip (There's also a clause in the contract that the listing agent will get 2.8% of the gross sale price.) Not sure of the meaning of this. He is the listing agent and will get the 6% (or whatever you agree on). He pays the selling agent (typically 50-50 split) and then each agent pays thier broker a fraction of what they got. A: Sorry, I misspoke. The contract says that Buyer's Agent or Transaction Broker will get 2.8% of the gross. thx |
#5
Posted to misc.consumers.house,alt.real-estate-agents
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Q: realtor's commission - Denver metro?
Here in Toronto Canada the only place on earth that really matters
anyways the going rate for realtors commission is 3-4% for a multiple listing service, exclusive rate is 2-1/4 to 2-3/4% Strike all add-ons and pick a short date one month or less out for expirey, its all negotiable even tho agent will lie and say its industry standard of three months, six months, etc. |
#6
Posted to misc.consumers.house,alt.real-estate-agents
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realtor's commission - Denver metro?
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