Mortgage News April 13, 2023
Selling a home can be a thrilling experience. It’s the culmination of years of investment and hard work, and the thought of finally seeing some cash in hand is exciting. However, the hefty commission that real estate agents charge can put a damper on your excitement. Did you know that realtor commission is negotiable? Yes, it is! Here are three ways you can save money on realtor commission:
Understand the Market: By law, agents cannot say that the commission is a set amount in their market. Though the industry standard is about 6%, it’s negotiable. In a seller’s market, where there are more buyers than inventory, it’s easy to sell homes. The agent won’t have to put in as much effort, and you can use this to your advantage when negotiating the commission. Before starting the conversation, make sure to educate yourself on negotiation strategies.
Talk About Your Needs: If you have some real estate experience, you may not need all the services that the agent offers. One approach is to offer to handle certain tasks yourself, such as conducting buyer walkthroughs or writing marketing materials. You can ask the agent for a list of services they provide, and if there are some you don’t need, you may be able to negotiate a lower commission by requesting a customized service package.
Utilize an Established Real Estate Referral Network: The easiest and most efficient way of saving on realtor commissions is by using an established real estate referral network. These networks handle marketing services for thousands of agents, which streamlines the process and allows the agents to spend more time selling homes. With a streamlined workload that excludes marketing responsibilities, real estate agents can offer the same complete set of services to their clients at a lower cost.
In conclusion, selling a home can be expensive, and the last thing you want is to pay more than you have to in realtor fees. By negotiating the commission, you can save thousands of dollars. Know the market, discuss your needs, or use an established real estate referral network to get the best deal possible. With these tips, you have nothing to lose and everything to gain. Happy selling!
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