How can I get my real estate agent to drop the commision for selling my house?

Question

I am trying to sell my parents house NY. How can I get the real estate agent to drop the commision from %5 to something lower.

Answer 1

Once your boss is successful in telling you that he's going to pay you less for doing your job, then you can approach the Real Estate Agent.

I personally want to be paid for my work.

Answer 2

Your paying 7% on the first $100K, and 3% on the rest? So that averages, 4.3% so that is VERY Low. If she puts the split at 2 or 2.5% you won't get many showings if the average in the area is 3 -4%. A 1% drop in commission is really a 1/3 cut in pay for realtors, so that is what you have to keep in mind. If you somehow think that you can market, advertise and list it for less money than that, do it. Sometimes realtors have quick sales, and to those clients it seems like a lot of money for very little work. Other times they might work with a client, buyer or seller for months without a sale. So do they get more when that happens ... no. The average wage of a realtor in the US is $50,000 which is not exactly the height of income... Bottom line, you could have a variable rate, that is if it sells in 30 days you pay one fee, and after that it goes up, and the price of your house goes down.. everything is negotiable.

Answer 3

You can ask, but it's not a bright thing to do. Real estate commissions are split between listing agents and the agent who brings a buyer. If you reduce the commission, the offered share to another agent is going to be reduced also. Guess whose house will be the LAST on the list to be shown ?

That's right. It will be your parents' house. With all the inventory out there to be shown, why would an agent work to sell YOUR house when he can make a higher commission on another ?

Answer 4

In this market you really do not want to drop it. Give him 2.5% with a 1% bonus if it sells in 60 days. For the buyers agent offer 3% plus a small bonus (Best Buy GC for $500?). With housing prices falling everyone wants to cut the real estate agents commission to save money. You offer more money and they will work harder. Houses are not selling themselves right now so you need a motivated agent.

Now your a buyers agent repping your couple. You see houses offering you 2%, 2.5%, 3% or 3% plus a bonus GC do you think that motivates you at all?

Answer 5

You can ask the agent, but I wouldn't suggest taking the agent that will "work the cheapest". They spend a LOT of money on advertising the house FOR you, not to mention helping you with the contracts, the closing, the attorney, all of that. If you get a desperate agent that "will work for anything you offer", then you'll get what you pay for...a house that doesn't sell.

Answer 6

The agents commission does drop when your price drops. I don't think in this market its wise to scrimp on this part of selling your house. Maybe a different market but now you need all the help you can get.

Answer 7

Negotiate with the agent. Commissions are not fixed, so you tell the agent what you will be willing to pay. If they're not willing to work for that, find another agent who will.

Answer 8

You have to ask. They can do it. I would advise you not to drop the commission for the buyers agent below whatever is customary where you are. A lower commission won't help you save any money if no one is willing to show your property.

Answer 9

How can I get you to take less money in your pay check? If you signed the contract the you are stuck. Unless your Realtor is really nice.

Answer 10

If you've already signed a contract, you almost surely can't, If you haven't signed yet, you might be able to negotiate it.