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What % can I expect to pat a RE agency for selling my home?

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May 24 2011 - Attleboro
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Commissions vary widly, from Flat Fee to 8%+ all depends... don't make it the end all of all in your interviews

You could loose more with one price reduction than paying the highest commission rate to your area... it is all relative...
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May 26 2011

Hi Scott,

The best way to really finds out what commission you should pay is to interview few real estate agents in your area.  Each agent has different kind of services and the commission varies.

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May 26 2011
It depends on the service level and the competency of the agent.  You can choose:

Flat fee - low fee, low to no service
Discount fee - mod level fee, mid level service
Full service - higher fee, higher service

The important services are:
Great photos
Extensive and targeted marketing
Great negotiation skills
Great communication skills

You don't receive high levels of these services with discount or flat fee and you may not with full service.  The key is understanding what you get as well as what you pay.  The price you receive varies with the amount of services you receive.

It's like an auction, if one or two people show up to bid at an auction, the prices are not bid up as high as they would with many bidders.

Don't assume that a cheaper fee will mean you end up with more money, that is the exception rather than the rule.
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May 24 2011
Profile picture for hpvanc
Ron has given what the normal interpretation is, and what is probably the intent of the court rulings on DOJ suits that have been given to the various levels of Associations of Realtors®. 

However what Masha has stated seems to be the interpretation of many Realtors® and their organization.  Unfortunately this sounds to the rest of us like: agents need to keep quiet on this, and if they don't openly discuss it or publish their rates, they can still observe others rates and collude by example.  In other words they have taken this tack because it seems to comply with the letter of the law and still allows them to pursue a single business model with a fairly uniform compensation system.

Someday the courts may do a better job interpreting in plain language for the NAR and its affiliates, until then we are stuck with this weird and in my opinion political compromise that works to almost every ones detriment.  Maybe Realtors® need to start looking into how they got into this interpretation and start calling for their leadership to seek a legal interpretation that will be viewed by the public as transparent.
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May 24 2011
You really should ask your local agent on the North Shore it is 4-6%.   I wish you luck and selling your home.  Enjoy
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May 24 2011
Masha,

You said " Brokers are not allowed to disclose their rates publicly".

This is not true. Brokers cans shout from rooftops that they charge x%, they can advertise, write books, and call everyone on the do not call list and tell them what they charge.

What they can't do is discuss commisions with the competition and agree to set their fees based on these discussions. (Sherman anti trust law).

Commissions are always negotiable and are based solely on what the Broker decides to charge.

Your statement is bound to confuse consumers.
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May 24 2011
Profile picture for Dunes....
You should really take the time to read through the information provided on the Dept. of Justice Site...

From the Dept. of Justice...

Consumers Can Save Thousands of Dollars in Commissions

Competing Models of Real Estate Brokerage

Calculate how much you can save

Ten states forbid buyers' brokers from rebating a portion of the sales commission to the consumer. Eight states require consumers to buy more services from sellers' brokers than they may want, with no option to waive the extra items. HUD recently clarified its rule that rebates are permissible under RESPA as long as they are reported on the HUD-1 form.
Competition and Real Estate

What are the laws in your state?


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May 24 2011
Commissions are always negotiable!
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May 24 2011
Scott, well it all depends on what is the general commission rate in your area. Homes in high priced areas may have a lower % than homes priced in standard areas. Usually in our area the % will be in a range of 6%-7%. It must be remembered that this is split between the selling brokerage and the buying brokerage, not between the individual Realtors. In some cases the % can be higher or lower than this. It will all depend on the specifics of your home, the marketing required, your timeline to sell, your local market conditions etc. There are many variables to consider and your Realtor should explain all this to you, so you can make an informed decision.
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May 24 2011
It really depends on who it is and what you negotiate. I've see rates range from 4% to 6% around Massachusetts. Brokers aren't allowed to disclose their rates publicly and discuss them with other Brokers.
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May 24 2011
 
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What % can I expect to pat a RE agency for selling my home?
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