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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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commission for real estate agent when selling?
girls who are in the process of selling a home, or who have in the past and went through a REA... what commission did they charge? also, how does that money get paid to the REA... does it come directly out of the money you get when selling your home?
thanks!
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Posted 1/23/07 5:32 PM  |
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Prudential Douglas Elliman Real Estate
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: commission for real estate agent when selling?
yes, the sellers' attorney cuts checks out to the realtors at the closing table.
the average real estate commission is 5%. you can request 4% and see what happens but hardly anybody is offering less than that. just remember, you get what you pay for.
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| Posted 1/23/07 5:46 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: commission for real estate agent when selling?
Posted by alnem
yes, the sellers' attorney cuts checks out to the realtors at the closing table.
the average real estate commission is 5%. you can request 4% and see what happens but hardly anybody is offering less than that. just remember, you get what you pay for.
Ditto. The money comes out of the proceeds of the sale. Commissions range from 2% - 6% and I have seen 7% too.
2% - 3% is not typicaly and many times you will only get down to 4% is if the expected sales price is over a certain threshold i.e., house will definitely sell for $1 million +. I have seen 3% for new development (under construction) but not residential resale homes.
Foxtons offers a 2% commission but the house will not be on the MLS for that price and many agents will not show Foxtons listings since they do not pay buyer's agents. Foxtons has a 4% plan that will list a home in MLS and offer a buyer's agent a 2% commission.
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| Posted 1/23/07 8:38 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: commission for real estate agent when selling?
Posted by MrsT
Foxtons offers a 2% commission but the house will not be on the MLS for that price and many agents will not show Foxtons listings since they do not pay buyer's agents. Foxtons has a 4% plan that will list a home in MLS and offer a buyer's agent a 2% commission.
they actually dont offer 2% anymore cause they werent' making money. i too will not show a foxtons listing cause i wont work for the 1% co-broke that they offer. i hate foxtons for personal reasons...
PS - katrina! you can charge 7% in nyc!?!?!? we're having trouble with 5% out here on LI these days!
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| Posted 1/23/07 8:54 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: commission for real estate agent when selling?
Posted by alnem
Posted by MrsT
Foxtons offers a 2% commission but the house will not be on the MLS for that price and many agents will not show Foxtons listings since they do not pay buyer's agents. Foxtons has a 4% plan that will list a home in MLS and offer a buyer's agent a 2% commission.
they actually dont offer 2% anymore cause they werent' making money. i too will not show a foxtons listing cause i wont work for the 1% co-broke that they offer. i hate foxtons for personal reasons...
PS - katrina! you can charge 7% in nyc!?!?!? we're having trouble with 5% out here on LI these days!
Oh, that 2% thing did not work out. I did not think it would last.
I have never charged 7% in NYC but I have seen it a few times via co-brokes - 3.5% split. I hover between 4% - 6%.
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| Posted 1/23/07 9:55 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: commission for real estate agent when selling?
When we sold our house we used the same broker we used to buy it, so she gave us a 4% deal
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| Posted 1/24/07 12:01 PM |
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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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Re: commission for real estate agent when selling?
thanks for the input! when you're BUYING a home, do you have to pay anyone any sort of commission???
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| Posted 1/24/07 6:43 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: commission for real estate agent when selling?
Posted by MrsKelly
thanks for the input! when you're BUYING a home, do you have to pay anyone any sort of commission???
only if you hire them as a buyers agent where they will work for you. in practice, ALL realtors in NYS work for the seller because that's who pays us. but if you go the regular route then no, you as the buyer dont pay any commisison
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| Posted 1/24/07 7:58 PM |
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