I am asking from the seller's view point, hoping the commission would be reduced.
2007-10-11 16:22:52 · 10 answers · asked by Curious 1 in Business & Finance ➔ Renting & Real Estate
It will be the same commission you agreed to pay, when you signed with your listing agent. The fact that this agent represents a buyer, doesn't have anything to do with commissions. Lets say you agreed to pay your agent 6%. If a buyer had his own agent, then this 6% would have been split between the two agents and it was OK with you. Now there's no other agent and you feel 6% is too much for your agent to keep, right? But your agent promised to sell your house and he did it. What difference does it make if your money goes to one agent or two?
BUT, you can talk to your agent and he might agree to lower commissions. If he doesn't agree, you have to pay.
2007-10-11 16:36:13 · answer #1 · answered by REALTOR 3 · 0⤊ 0⤋
The commission is negotiated. There is no typical commission. In California, Multiple Listing Service agreements mandate that the Listing broker specify how much of the listing commission will be split with the Selling agent.
On average I am seeing 2.5% to 3.0% as the amount being offered as the split for the selling agent.
To remain competative, a seller in my area would need to offer in this range as the Selling agents will be more motivated to sell homes offering higher splits.
For example......If we agreed on a 5.0% commission and that 2.5% would be offered to the Selling agent, what is the advantage to me if I reduced the commision if I were to represent the buyer? If I took my buyer to homes offering higher compensation and waited for another agent to bring the buyer to your home, I would earn more rather than reducing my commission to you.
The work load for me as the agent when representing both buyer and seller is not reduced......in fact my responibilities are even greater. The benefit to my clients when I represent both sides well worth a full commission.
2007-10-11 18:36:47 · answer #2 · answered by Ted 2 · 2⤊ 0⤋
The commission would not be effected. However, you will benefit from this arrangement. It is not legal for the agent to help the buyer save money. In fact they are legally obligated to get as much $ out of the buyer as possible.
I have no clue why a buyer would go in without their own agent, but it is a good thing for the seller. You will make more on the extra sales amount then you are paying in commission.
2007-10-12 03:14:46 · answer #3 · answered by Landlord 7 · 0⤊ 0⤋
The listing commission is spelled out in the listing agreement. Nothing changes that when the listing broker finds the buyer, unless this is expressly agreed upon in the listing agreement.
Let's say you list with a broker at a typical 6% commission. More often than not, with most properties in a multiple listing service, another broker will represent the buyer. Each broker splits their 3% with their agent according to the individual commission split with the agent.
How hard do you think a broker is going to work to sell your property if you demand they discount a 'full' commission? Maybe they'll agree to 5% but anything lower and they'll just sit back and hope it gets 'cross sold' by another broker.
2007-10-11 16:28:42 · answer #4 · answered by curtisports2 7 · 1⤊ 0⤋
The seller pays whatever commission that they have contractually agreed to. If 2 agents are involved in the transaction they'll split the commission, but that is not an issue for the seller. The seller pays the agreed commission regardless of how many agents are involved. You say that you are not using an agent. Who is showing you the home then? ANY agent that shows you the home will get a split when the sale closes. If the listing agent shows it to you, they'll get a full commission with no split (other than to their broker, no way out of that.)
2016-05-22 00:36:04 · answer #5 · answered by merle 3 · 0⤊ 0⤋
You can ask for a discount on that but most of the time that is negotiated up front. Don't except an offer that you're not comfortable with, usually the Realtor will reduce his commission to make the deal work if you are close. Figure out your bottom line and stick to it but don't loose the sale either.
Good Luck
2007-10-11 16:45:56 · answer #6 · answered by fsbogonewild 1 · 1⤊ 0⤋
Whatever is specified in the listing contract. Getting the listing AND the sale is the "Holy Grail" of real estate. That way the agent gets a full commission. You can ask for a break, but don't hold your breath!
2007-10-11 16:37:29 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 1⤋
My agent will half the commission if she can 'bookend' the deal, since there are no other agents to split the commission with.
2007-10-11 16:46:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It should be 0%, but they usually rip you off with 6 - 8 % , with the buyer and seller split. You can bargin with them. most take what they can get.
2007-10-11 18:21:49 · answer #9 · answered by todd 4 · 1⤊ 1⤋
North America is being ripped off by real estate fees.
In UK its 1%
2007-10-11 16:31:48 · answer #10 · answered by robbie 5 · 1⤊ 1⤋