Factoring Real Estate Agents Commissions
Flat Fee MLS Listing Or a real estate Agent?
If you’re thinking of selling your house, have you considered going with a flat fee MLS listing? Or, if you’re like most people selling their homes today, maybe you have never given any though to this option?
In either case, there are some facts to consider before signing a contract with a real estate agent that promises them a big commission for selling your house. In most areas, about 6 percent of the final sales price will go right into the listing agent’s pocket.
That’s a huge chunk of money for, in far too many cases, not all that much work. Fifteen years ago 6 percent may not have been that much with the cost of homes then, but when you sell a property for three hundred thousand 6 percent works out to be a whopping eighteen thousand dollars. $18,000. Ouch!
With a flat fee MLS listing, you can save thousands of dollars. And while many sellers would like an agent to help them with contracts and the legal paper work that needs to be done, it is easy and a tremendous amount less money to hire a real estate attorney to review the legal documents. (Before you sign!!) Most transactions, though, are pretty straightforward.
In trade group polls of people who have recently sold a home, many of them report that they don’t feel like the agent worked very hard to sell their home, and that the commission they got wasn’t justified. There’s a reason so many of them feel that way – it’s often the case that the listing agent doesn’t do all that much to sell a house. They help set a price, take some photos, put a sign in the yard, and list it with the MLS service.
And guess what? In the vast majority of cases, the house sells not because the listing agent recommended it to a client, but because a prospective home buyer saw it in the MLS and asked another agent to show it to them. Remember, the listing agent is not the one bringing the buyer to your home, it is the real estate agent who have found someone wanting to buy a home and are now out looking who will bring your buyer.
It’s the listing itself that is really crucial in most cases. That’s what gets your house seen, and attracts interested buyers. It’s not your listing Realtor knocking themselves out to line up a buyer for your house. Most agents list as many houses as possible, and find themselves with far too many to effectively market.
But they know that once a house is on the MLS, odds are good someone will see it and make an offer. So why pay thousands and get little in return? The listing is the key factor, and with a flat fee MLS listing you can get your house seen, and save thousands of dollars.
About the Author
Get more info about
Flat Fee MLS
and how you can list without an agent. A
Flat Fee MLS Listing
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Get a Real Estate Agent or try to sell condo myself?
I purchased my 1bdrm condo in Atlanta less than two years ago and feel I will be lucky to sell it now at my purchase price. We must move in August. I don’t want to loose money, and I fear I might once agent commission gets factored in. Also, in theory, selling w/o an agent would allow me to drop the price to move the property faster. Is it feasible that I could sell my condo myself in less than 8 months, given the current market? Or, since I must sell by August, is it wiser to get an agent’s help Now? What exactly will an agent do for me that I could not do myself?
I am a metro Atlanta Realtor (no I am not soliciting your business). The market is pretty poor for condo-resales at the moment. I firmly believe that you need all the help you can get. Marketing is the key to selling your condo. Odds are, it is the same as every other condo out there. How can you make it stand out? A Realtor has the tools available to show off your home to the buying public. When you go to http://www.realtor.com like everyone else, you won’t find your property there unless you have it listed with a Realtor…
Oh, and going the FSBO route? You will be hounded by every real estate agent desperate for a listing. I would even wager that the majority of calls you get will be from agents trying to get your business.
You will be paying about 6% commission to the agent for their services. You really don’t have that much left in equity? Cutting the price by the commission really isn’t enough to list the property as a FSBO and expect people to stand up and take notice.
Best of luck
Short Sale Commissions Suck
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