8% for the realtor?

[navygirl]

Okay, granted he is hiring a plumber to fix and winterize the pipes and someone else to cut the grass and stuff to make sure the house is presentable for sale. But 8%?....for West VA????
Isn't the going rate 6-7%?
What do you all think?

[Junkmanme]

When I was a Realtor, many years ago, the going rate for land was 10%, houses 6%, and Commercial property varied between 6 - 10.

If the realtor is providing additional services, such as property management, I would expect that to be a separate agreement. Most property Mgmt services that I was aware of would charge 10 % of both income and expense, because both entailed work on their part.

I would ask the realtor to justify the 8%. Ask him/her why it is higher than 6%.

Hope this helps.

[indypartridge]

I know the "standard commission" varies from State to State, but 8% is high. Most places I've lived it's been 6 or 7%. Sometimes you can negotiate a lower rate, I talked a realtor down from 6 to 4% once - it was a younger realtor, just starting out, anxious to get some listings.

[travlnusa]

I have paid 7% for the sale of my last two places, and was very glad to pay it. She was a complete pro, taking care of very thing, and then some. She was able to get all the possible money from each place.

Some of the best money I have ever spent. When/if I sell this place, she will get the listing, and will pay what she is asking.

[hillsidedigger]

Yet, the public expects a survey of a property for less than 1% of the appraised value even though there's actual work and enhanced value involved in a survey.

[Woodroe]

There's a realtor here that offers full service at 3.9% but the norn is 5-6%.

[GoatsRus]

My son is selling his house in FL. I always thought and have sold my homes for a 6-7% commission in FL. He's telling me that the main realtor can go as low as 2% and sell the house himself. If another realtor sells it for him and he has to split the profit, then the lowest he can go is 5% ( 2% to him, 3% to other realtor). I'd get a lower rate from him if he sells it himself. Again in FL, the other realtors won't even think about working someone else's house unless they get 3%

[topside1]

If the market is still hot/warm in your hometown then sell it yourself. I did it recently and it's as simple as hiring a real estate attorney (200-300 $$). Designate "power of attorney" to someone else if you are out of country. Then bang in signs, classifieds, internet etc. If your OUTCONUS pay a friend to help out with details. Total cost below $500.00 far less than 6-8%,,,good luck.

[Deb862]

I agree, 8% is high. We had a realtor recently to our place here and before he came I educated myself on what the average rate was in our area (which is 6%, sometimes 7%). When speaking with him, I asked him what his commission rate would be if we listed the property with him and he said, and I quote, "Weeeelllll, it can be somewhat negotiable but I usually get 8%." I then countered by telling him that I had done some research and that the average commission being paid was 6%. It took him aback at first but then he regained his composure and said that he would be willing to reduce it to 7%! I told him when he was ready to go to 6% to give me a call and we'd think about it! I would not pay more than 6% commission to an agent, but might be willing to go 6.5% or so if they were going waayyy above and beyond what another agent would.

[A'sta at Hofstead]

Our realtor is getting 8%- but that is because it is a mobile home.

[GREENCOUNTYPETE]

ask for a flat rate

think about it this way how many hours did the realitor spend working on your house
ad up time for showings time for writing up offer to purchase time spent corresponding with owner /other relator

now take your house selling price and multiply by .06 and then divide that number by the number of hours then look at that number and ask yourself if your nuro surgen makes that much an hour

i have found them there are relators that will work for a flat rate about 2500.00 to 3000.00 a few years ago

by the way my last hous sold in 11 days so even if they worked day and night for those 11 days 3000 still comes to 11.36 and hour tust me since there were 3 showings and he did 1 i garentee he spent less than 2 hours a day working on selling my house 3000/22=136 an hour and since he was a nice guy and sold my house quickly i will leave it right there.

[Wolf mom]

Remember, the realtor splits that with the selling realtor. Many places the listing realtor (not the company) has to pay for all advertising too.

Maybe she/he thinks your place is a hard sell so is asking more to entice another realtor to sell it so they will get a larger commission.

Negotiate that if your realtor sells it, the commission is 5%

8% is high - shoudn't be any more that the average commission for a mobile.

[Rockin'B]

We paid 3.5%, all in, last spring when we sold our house in the west suburbs of Chicago.

[Chuck]

I had to pay over $47,000 in commissions when we sold our last home in MD, and it was only on the market for two days. I'd say that's excessive!

[Wayne02]

If you are an absentee owner and are asking the agent to do some property management duties as well, then 8% is reasonable. What options do you have, really. If want the place sold and you are not local to the property, and you have found someone you trust to take care of the transaction and all the related headaches, might as well get it done.

Selling property from afar can be a royal pain in the rear, particularly if the property needs any kind of work at all.

[Bruce in NE]

"What options do you have, really."

Well, you can shop around. There are a lot of realtor clerks and some of them are hungry.

I sold my rural place with a realtor who charged 5% and I talked him into paying my half of the closing costs.

[SteveD(TX)]

Average commissions across the U.S. amount to 6% of the gross sales price. Anything over and above that is negotiable, just like the actual commission rate of 6%. But 8% doesn't sound unreasonable to me considering what is involved. If you are unable to do the work yourself (since it looks like you are overseas) shop around if you think it's unreasonable.

[donsgal]

Originally Posted by navygirl

Okay, granted he is hiring a plumber to fix and winterize the pipes and someone else to cut the grass and stuff to make sure the house is presentable for sale. But 8%?....for West VA????
Isn't the going rate 6-7%?
What do you all think?

Every commission is negotiable. Depending on what you are asking for the property you can go to a property managment firm and have the same duties performed (finding and hiring a plummer, winterizing pipes, etc.) for less than $200 a month. The guy is gouging you. Tell him to smarten up or you will get another agent to sell the property for you.

Donsgal

[BTO]

Originally Posted by donsgal

Every commission is negotiable. Depending on what you are asking for the property you can go to a property managment firm and have the same duties performed (finding and hiring a plummer, winterizing pipes, etc.) for less than $200 a month. The guy is gouging you. Tell him to smarten up or you will get another agent to sell the property for you.

Donsgal

I just sold my house and paid 4% but he was the exclusive broker (whatever that means). It took 4 months to sell it and the second person to look at it bought it.

[edcopp]

Originally Posted by navygirl

Okay, granted he is hiring a plumber to fix and winterize the pipes and someone else to cut the grass and stuff to make sure the house is presentable for sale. But 8%?....for West VA????
Isn't the going rate 6-7%?
What do you all think?

ALL rates are negotiable. The correct time to negotiate is BEFORE you sign a contract, not later. It might be 15%, or it might be $100 it is up to the two parties (you being one of them). If you did not negotiate then you got what the other party offered. If in doubt don't sign, negotiate.