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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Do you know how much a Realtor gets?
We want to do FSBO for our Co-op, but just incase we change our minds... do you konw how much a realtor charges % wise to sell your co-op/house? and what are the benifits?
Message edited 4/18/2006 8:05:31 PM.
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Posted 4/18/06 8:03 PM  |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Do you know how much a realtor gets?
Our broker got 5% (2.5% for each the buyer/seller realtor)
The only reason we didn't try to do FSBO is b/c I wouldn't have been able to show the house enough to get a buyer. Plus my house backed up to a busy road so I needed brokers to get lots of potential buyers through the door.
Hope that makes sense and helps.
Good luck!
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| Posted 4/18/06 8:07 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by Charly
Our broker got 5% (2.5% for each the buyer/seller realtor)
The only reason we didn't try to do FSBO is b/c I wouldn't have been able to show the house enough to get a buyer. Plus my house backed up to a busy road so I needed brokers to get lots of potential buyers through the door.
Hope that makes sense and helps.
Good luck!
Thanks... when you say 2.5% each... who pays the that... lets say i'm the seller, do I have to give our realtor the whole 5%, or if a buyer comes in with a broker, give our broker 2.5, and then their broker 2.5? so totaling 5%?
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| Posted 4/18/06 8:11 PM |
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Charly
LOVE!
Member since 5/05 12578 total posts
Name:
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Re: Do you know how much a Realtor gets?
You will pay the entire 5% - at the closing they cut the checks out of the sale price to the appropriate people.
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| Posted 4/18/06 8:12 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Do you know how much a Realtor gets?
When we purchased our home we paid x price. The seller received x price minus the amount that he negotiated with the realtors. So the seller paid the realtor out of the price of the home. Since we had a buyer and seller realtor both of them had to split the % the seller had negotiated with the seller's realtor.
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| Posted 4/18/06 8:13 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Do you know how much a Realtor gets?
Posted by Charly
You will pay the entire 5% - at the closing they cut the checks out of the sale price to the appropriate people.
that is only IF there are two realtors involved.
If the realtor gets the buyer to come, the realtor gets the entire percent
There is such a HUGE range in what % a realtor charges...
MY realtor charged us 5% and since she got the buyer she got the entire amount.
YOU pay the realtor/s out of the money you got for the sale of you house.
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| Posted 4/18/06 8:18 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Thanks everyone!
Is 5% the normal fee? I think when we bought the co-op, the seller paid 8%... but 5 sounds more reasonable...
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| Posted 4/18/06 8:31 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Do you know how much a Realtor gets?
Posted by Suezboss
Thanks everyone!
Is 5% the normal fee? I think when we bought the co-op, the seller paid 8%... but 5 sounds more reasonable...
Percentages have gone down as home prices have grown exponentially. It wasn't oo many years ago they got over 12% but that's when houses were 1/4 of the price they are now... which again wasn't all that long ago.
ETA: As the seller you can negotiate their percentage of commission. Just keep in mind a lower split commission will not attract as many agents who will show your house to potential buyers because they will be getting 2.5% versus 3% or 2% versus 2.5% etc.
Message edited 4/18/2006 8:47:08 PM.
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| Posted 4/18/06 8:45 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by Tah-wee-ZAH
Posted by Suezboss
Thanks everyone!
Is 5% the normal fee? I think when we bought the co-op, the seller paid 8%... but 5 sounds more reasonable...
Percentages have gone down as home prices have grown exponentially. It wasn't oo many years ago they got over 12% but that's when houses were 1/4 of the price they are now... which again wasn't all that long ago.
ETA: As the seller you can negotiate their percentage of commission. Just keep in mind a lower split commission will not attract as many agents who will show your house to potential buyers because they will be getting 2.5% versus 3% or 2% versus 2.5% etc.
Thanks.
We're going to try FSBO first, but wanted to see what our options are!!  so nerve racking!
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| Posted 4/18/06 8:53 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Do you know how much a Realtor gets?
I definitely suggest FSBO first. I think in this present, ever softening real estate market, that the demand for coops and condos, especially close to the city, is still there. Houses, even with mls.com are taking months and months if they are not priced right.
There are also many sellers out there who "want to see what they can get" they are not firm on moving. All of this is hurting all sellers as it creates too much inventory (too much supply) and then the average asking price must be lowered. This type of seller, along with increased interest rates, are what helped cause the slow down in the real estate market. They don't realize it but they are their own worst enemy and are causing it to turn into more of a buyer's market.
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| Posted 4/18/06 9:00 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: Do you know how much a Realtor gets?
Our real estate agent got 4% for selling our co-op...so make sure you negotiate the percentage!
According to my research, 4% is the average rate
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| Posted 4/18/06 9:19 PM |
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chellynyc
LIF Infant
Member since 4/06 164 total posts
Name:
Michelle
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Re: Do you know how much a Realtor gets?
I'm in contract selling my coop now, I did FSBO and sold it in two weeks. Worth a shot first before going to a realtor - more $ in your pocket.
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| Posted 4/18/06 9:31 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by Tah-wee-ZAH
I definitely suggest FSBO first. I think in this present, ever softening real estate market, that the demand for coops and condos, especially close to the city, is still there. Houses, even with mls.com are taking months and months if they are not priced right.
There are also many sellers out there who "want to see what they can get" they are not firm on moving. All of this is hurting all sellers as it creates too much inventory (too much supply) and then the average asking price must be lowered. This type of seller, along with increased interest rates, are what helped cause the slow down in the real estate market. They don't realize it but they are their own worst enemy and are causing it to turn into more of a buyer's market.
Thanks.
Message edited 4/18/2006 9:41:47 PM.
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| Posted 4/18/06 9:41 PM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by chellynyc
I'm in contract selling my coop now, I did FSBO and sold it in two weeks. Worth a shot first before going to a realtor - more $ in your pocket.
Thanks, I just listed it on here, and am giong to put an add in the paper...
Where is your co-op?
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| Posted 4/18/06 9:42 PM |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Do you know how much a Realtor gets?
you can negotiate with the agent too...
Our agent actually negotiated with US...we were firm on our price and she asked if we would accept 5K lower and she would make up for 4K out of her comission...(she brought in the buyer - so she was getting moST)1
Message edited 4/19/2006 9:13:47 AM.
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| Posted 4/19/06 9:12 AM |
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chellynyc
LIF Infant
Member since 4/06 164 total posts
Name:
Michelle
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Re: Do you know how much a Realtor gets?
Posted by Suezboss
Posted by chellynyc
I'm in contract selling my coop now, I did FSBO and sold it in two weeks. Worth a shot first before going to a realtor - more $ in your pocket.
Thanks, I just listed it on here, and am giong to put an add in the paper...
Where is your co-op?
My co-op is located in Rego Park, Queens....I listed it on Craigs list and also did an open house which I placed that add on craigs list too.....I received two cash offers at my open house, two weeks after listing it.
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| Posted 4/19/06 9:14 AM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by chellynyc
Posted by Suezboss
Posted by chellynyc
I'm in contract selling my coop now, I did FSBO and sold it in two weeks. Worth a shot first before going to a realtor - more $ in your pocket.
Thanks, I just listed it on here, and am giong to put an add in the paper...
Where is your co-op?
My co-op is located in Rego Park, Queens....I listed it on Craigs list and also did an open house which I placed that add on craigs list too.....I received two cash offers at my open house, two weeks after listing it.
WOW  That's awesome!
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| Posted 4/19/06 10:26 AM |
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Suezboss
LIF Infant
Member since 5/05 370 total posts
Name:
Still SueZboss
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Re: Do you know how much a Realtor gets?
Posted by Ricki
you can negotiate with the agent too...
Our agent actually negotiated with US...we were firm on our price and she asked if we would accept 5K lower and she would make up for 4K out of her comission...(she brought in the buyer - so she was getting moST)1
Good to know!
Thanks.
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| Posted 4/19/06 10:27 AM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: Do you know how much a Realtor gets?
The house we bought was 437,000 and the realtors got a little of $17,000.
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| Posted 4/19/06 3:24 PM |
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