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While there is no industry standard (national or regional), there are certain rates that tend to be "norms" for a region. (I will discuss the "norms" for my region at the end of this message...) Before you agree to any rate, you should understand what these "norms" are for your region and negotiate said rate according to various factors which may impact the rate that a) you are willing to pay and b) you should realistically expect an agent to receive as compensation.Relative to some of the "factors" to consider: What are you asking an agent to do? Is the agent proposing to perform a comprehensive and costly marketing program? Or is the agent simply going to list it and forget it? Are they just putting a lockbox on the property and then setting/forgetting? Or are you asking them to accompany every showing? Is this a high-volume, fast-paced market? Or is it a market that typically takes far more time and effort to sell? As a specific example, homes in our market (central Massachusetts) tend to list at a 5% rate (usually to be split between Buyer and Seller agents). However, I have seen this rate as low as 4% and as high as 6%, generally varying on the factors above (among others). (My firm trends to the higher end, as we provide full-service representation -- i.e. We provide comprehensive marketing, we always accompany showings, etc.)Relative to variability on selling price: I have occasionally seen rates vary for homes that are well outside the norm for our region. (In our market, I do not see a big difference between $250k and $500k, but have seen a difference at $1 million or up. This will obviously vary by region.)(Note: Land, condos, multi-families, etc. may have different norms/factors. Also, I have not considered "entry-only" services above.)Good luck!
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