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What is a realistic commission rate for a real estate agent in the Hanover, MD area?

We are trying to find a real estate agent who charges the lowest commission...

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November 16 2011 - Hanover
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Answers (26)

user4733824: It baffles me that the public gets outraged that some Realtor they know wants $10k for listing their house (plus the fee going to the selling Realtor). Of course that makes no sense, but this is a free country and price fixing is illegal, so you are free to list with any Realtor who agrees with the fee you want to pay. If your house is worth $400k and it is in move-in condition you should have no problem at all finding a local, full-service Realtor who will agree to a contracting fee of 1% or 1.5%. Just make sure from their ads on Zillow that they take good photos and make sure they are willing to hold open houses. Let me know if you need help in locating a Realtor agreeing to your terms.
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June 23
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Can someone explain to why I should pay someone say $20K or 5% for entering info into a computer and opening a door when I have invested 8 months of blood, sweat and tears and a great sum of money upgrading a house when the contracting fee is $10K or 2.5%?....Make no sense....What is it that is done by a realtor that allows that kind of money?  
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June 23
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In MD, I think a 97.8% commission from the full sales price is "realistic".  I'm sure the agents will "love it".
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January 01 2012
You need to stop looking for the agent who charges the lowest arte and find the agent who will do the best job. So often sellers think agents only market their homes, agents are also responsible for the vast number of legal forms and addendums required to make sure the buyer can't come back after the fact to seek recourse for any unforseen issues.
Besides being a lender My wife and I are small time flippers, we buy, fix up and sell about one home per year. Recently we sold a condo in Silver Spring. During the renovation we had plumbers install sinks, toilets and new bath fixtues as well as an electrician ren new wiring in the kitchen and replace all outlets and new lighting. In my own home I would have done this myself but the condo was a highrise so why would I do it myself to save a few dollars when I can employ a licensed professional that is bonded and insured? Same goes for a good real estate agent. I look at and review real estate contracts every day  but I always use an agnet to buy and sell.
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December 31 2011
Thanks you Shanon Lewis. You are so right on
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December 13 2011
Pasadenan-
I had a neighbor who sold her home using an inexperienced agent who charged a flat rate commission.  The house was in move in condition and there was no rush to sell.  The realtor cancelled 18 showings scheduled on a Monday and accepted the first offer submitted.  There was at least 1 offer for more than asking with no closing help that was rejected since the first offer had already been ratified.  The home was sold for for almost 70K less than the going market in the area. Assuming  6% commission the seller lost over 65,000 net.  You can buy a lot more meals with 65K. Experience counts!

"Are they blogging???  You have to be kidding!  Why would I want them to waste their time doing that?"
  Blogging is one aspect of a full marketing plan for your property.  Blogging in the right forums can help the agent to showcase the home in a different light than the multiple listing service. The majority of buyers are going to the internet first, so any additional exposure for a home is a positive thing.   Realtors who blog also typically know more real estate agents from different companies who may have a buyer for that property.  Connections, relationships, exposure can get homes sold faster and for the best price. A seller also can "interview" a wide variety of agents without even talking to them by reading their posts and determining if they are knowledgeable about the area and the business of real estate. Blogging, done right, is not a waste of time!
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December 13 2011
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You are right Bridget, a couple thousand dollars should not be a "deal breaker" for you, thus you should refund an extra $2k.

You can buy quite a few meals for $2k.  I suppose you want me to just give up those meals and fast for all those days?

Or perhaps you plan to buy me food for every meal for the next 3 years?

Of course $2k is a deal breaker!  Why would I give away $2k for negative $30k work?


Are they blogging???  You have to be kidding!  Why would I want them to waste their time doing that?
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November 29 2011
The lowest or highest commission doesn't mean that you will get the best rate.  Interviewing the agent and ensuring that it will be priced right and your home will be seen by the greatest number of potential buyers is most important.  If the house is priced incorrectly, you have lost more money than the percentage you are paying the agent.

Where and how does the agent market your property?  Anybody can put a sign in the yard and add it to the Multiple Listing Service.  Are they blogging? Holding broker's opens? open houses?  How many pictures do they take to highlight your property in the best light?  Are they professional pictures?  Is there  a single property website?  How about text message capabilities?  How quickly do you need to sell?  Do they understand staging? De-cluttering? The importance of showing your home in it's best light!

Every 1% is 1000/100K.  Is a couple thousand dollars a deal breaker if the job gets done and you are able to move forward as you hope?

There are lots more questions than price.  Some agents that charge flat fees are amazing, as are the ones that charge 8%...

All the best in your search for the RIGHT agent to sell your property!


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November 29 2011
The Sherman Act does not alloIw for a set fee.When your listing agent asks for a commission, keep in mind they are also paying the buyers agent. You can negotiation. Whats the worst case scenario, the agent refuses to work at that price? You can opt out of commission on the list side and pay them a flat fee too if they agree. I would love to start charging an hourly rate if my firm would allow it.
http://en.wikipedia.org/wiki/Sherman_Antitrust_Act
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November 21 2011
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November 18 2011
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November 18 2011
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November 18 2011
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Saying or suggesting something as LAME as "Remember you always get what you pay for." is just a STUPID thing to say and IMO  negates the value of anything you have to say.

YOU DO NOT ALWAYS GET WHAT YOU PAY FOR and just because an Agent charges less does not mean they are less qualified or less efficient than any other Agent.
And Agents wonder why many many people roll their eyes when Agents open their Mouths.




CONSUMERS RUN RUN AWAY FROM THESE TYPE OF MARKETING GENIUSES  &  then maybe they will go the way of the Dinosaur as they should
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November 18 2011
I would stay away from any person claiming to sell your property for next to nothing. Remember you always get what you pay for. Generally lower commissions rates= longer days on market. I know several local Brokers who are charging more than 8% but gurantee a sale in under 120 days. How quick do you need to move?
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November 18 2011
Have you considered using a flat fee broker?  The service enables the seller to have the lowest possible commission, but still get in the Realtors MLS, get the state-required forms, access to a professional for questions, and distribution to the most popular real estate websites including Realtor.com,  Zillow, etc.  At less than $500, it is a popular and successful option in Maryland.  Thanks and good luck to you.
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November 18 2011
The truth of the matter is there's no ceiling or floor when it comes to real estate commissions.the best advice I can give you his interview a few agents and find out what they have to offer for the commissions that they charge. It truly is an industry where you will get what you pay for. I wish you luck in your endeavor
good luck
Marco LaPadura
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November 16 2011
5-6% is the norm for your area. The question you need to ask yourself is how much will it save you to use one  the best agents?The best agents don't work for low commission becaus ethey don't have to. On the other hand have you thought about selling at auction, it costs you way less and sells faster. let me know if your interested I can assistyou with that.
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November 16 2011
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Another agent who admits to not showing houses if the buy side commission is less than 3%? !!!  What happened to doing the best for the client.   What happened to anti-trust laws?

The agent @4.5% did everything mentioned and then some that the average agent doesn't touch.  She's been in business for 25+ years and knows what she's doing.       Rather than saying it can't be done, look at those who are doing it and learn.   (American Indian saying "listen or your tongue will make you deaf")

It is sadly amusing that just the other day an agent posted that the costs with internet marketing are far less than with print media, so agents are spending less on the marketing than in the "old days".    Thank goodness for that reality check.

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November 16 2011

This sort of discussion is kissing anti-trust. A special stink-eye to Lee for stating there is a "going rate." Are agents really discussing commission percentages in a public forum?

All commissions are negotiable and the best answer for you is to call around, see the rates (percent, flat-fee or a la carte) agencies are charging and what that includes. Make a decision based on where you think the best return on investment will be. Consider payments and upkeep you will be making each month your home is on the market. Also consider that an agent who prices high or tells you only what you want to hear is doing you no favors at all.

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November 16 2011
If you don't want any advertsing, web presense or virtual tours, you might be able to get it for less but keep in mind, you will get what you pay for. There are companies who come in lower but if any of them try to list your home less than 3% to the selling broker, you'll never sell it. Realtors are working harder than ever and not making near the money any one would think. That being said, I've never found a Realtor to show a home getting less than 3%. So be careful there or you'll just be wasting your time. Good Luck
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November 16 2011
Do you want an agent with the lowest commission or an agent that charges a fair price for the work that they will do for you?
Agents are in business. They work like everyone else to earn their living. Some are better than others. Some work harder than others and some work smarter than others.
Just in case you don't know - Real estate agents carry more liability than most other sales and marketing positions.

Be a savvy consumer! Interview and see what you are getting for your money.

Any old yayhoo can sit a sign in your yard and hope. The lowest commission may just buy you a sign sitter.

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November 16 2011
Like everything else in life you usually get what you pay for.  If you're looking for cheap, chances are you'll find it, but you're probably not going to like the results.
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November 16 2011
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The best agent I ever had, worked the hardest and went above and beyond in more ways than I can count charged a 4.5% commission (in 2008 in a declining market)

Interview agents rigorously.  Commission is only one part of the picture, but you can find excellent agents who work hard for less than 6% commission.
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November 16 2011
It is my understanding that 6% is the going rate there now.
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November 16 2011
Commission is obviously negotiated between you and your agent. Typically in this market commissions are going for 5-6%.  That being said when hiring an agent if he or she has a hard time negotiating with the seller to get the 6% for the sale of their home it could cost you more than 1% in the long run.  Just make sure you hire an agent that he or she works with you and for you!
 
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November 16 2011
A realistic commission is based on what your agent is willing to do for you.  Often agents place a sign in your yard and place your home on the multiple list and don't do much else.  Those agents will ask for 5%.  If you can find an agent who is willing to prospect for you making calls to areas that might be looking to move up into your neighborhood and do a lot of blogging and posting through social networking you may want to give them 6 %.  If you are interested I would love the opportunity to speak with you. I work in t that area. 
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November 16 2011
 
Related Questions
What is a realistic commission rate for a real estate agent in the Hanover, MD area?
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