Real Estate commission

[jdbuckshot]

this is for all you real estate guys out there, im about sell my house, im going to loose a little bit of money. im wanting to get my realator to lower his commission, so i will not loose so much. Whats the best way to work out a fair deal between the two of us. not much time left on my contract. i wanna sell it, and i know he wants to make some money.

Any opinions?

Thanks

JD

[jebster]

The real estate market is very poor right now. There needs to be some give and take. You have the right to reject or counter offer an amount you feel that you can accept as your selling price. During this phase, you should negotiate with your realtor to give up some of their commission in order for the sale to be made. The realtor only earns a commission if the house is sold, so most realtors will lower their commission in order for the sale to happen.

Good luck.

[farmerc83]

Tough question. How many of us would like to do the same work for less $$$? Esp if our industry was crunched at the time anyway.

[shepherd]

It all depends on the agent's broker. The broker owns the listing, not the agent. My broker doesn't cut commission. There are part-time brokerages for that(help-u-sell, assist-a-sell, etc.). Full time brokerages market your house all over the internet and other places in which they have to pay. Agents advertise your house in the newspaper, magazines, etc. in which they have to pay. So when the house is sold, the agent only gets a percentage of the commission. Alot of variables come into play. I have seen other agencies cut if you buy another house with this same agency, but only certain circumstances.

[BamaK9]

the key is to get an offer, then you have something to work with. Once you have an offer in hand then you let the agent know what its going to take to put it together. Otherwise, nobody makes a dime. You should be able to get a point or so, but anything beyond that doesn't make any sense for the broker, especially if there is a buyers agent involved (btw-they should bear part of the burden as well)

[duckduckgoose]

from what i hear, they should be able to knock off .5% of there commission. commission here is 6%. 3% going to the selling side and 3% going to the listing side. of that 3% the agent usually gets 1/2 that. the other half goes to the broker.

[Odis]

The listing contract that you have with the broker is a binding enforceable contract, if he sells the property for the price listed on the contract, you owe him the full amount per the contract, however, if he brings an offer less than the sales price on the listing agreemment, and he is supposed present all offers to you whether for the full amount or not, the original listing agreement is changed or altered and you should be able to reasonably negotiate his commission to something you can both live with, at least that's the way I understand it
Odis

[Sbroadus]

When I sold my last house. The realtor offered to cut her rate to get the deal done. I would think like the others have said once an offer is received the dealing can begin.

[fivemile]

Have you ever thought about giving a bonus, maybe like $500.00, above the regular commission? Seems to me people work harder when there is chance to make more money, than when there is a chance to make less money.