When it comes to residential real estate these days, it seems everything's subject to negotiation.
That includes the real estate broker's cut on the deal, according to a report issued Monday by Consumer Reports. Based on a recent survey of home sellers, 46 percent of people trying to sell their homes through agents tried to negotiate a lower commission rate. Of those home sellers, 71 percent succeeded in getting the real estate agent to take less.
Haggling, the nonprofit Consumers Union publication noted, didn't mean home sellers were getting less from their agents or were less satisfied with the outcome. Sellers who paid commission rates of 3 percent or lower were just as satisfied with their broker's performance as those who paid 6 percent or more, the report noted.
Despite the nationwide slump in residential real estate sales, 86 percent of Consumer Reports' readers who put their homes on the market made a sale, while only 8 percent gave up and took their homes off the market.
Agents with large brokerage firms scored just as well as independent brokers when it came to customer satisfaction, but the magazine recommends home sellers base their choice of agents on factors that include personal recommendations.
The magazine recommends home sellers price their homes realistically, and drop their asking price between 4 percent to 6 percent if they don't receive an offer within four to six weeks.
That includes the real estate broker's cut on the deal, according to a report issued Monday by Consumer Reports. Based on a recent survey of home sellers, 46 percent of people trying to sell their homes through agents tried to negotiate a lower commission rate. Of those home sellers, 71 percent succeeded in getting the real estate agent to take less.
Haggling, the nonprofit Consumers Union publication noted, didn't mean home sellers were getting less from their agents or were less satisfied with the outcome. Sellers who paid commission rates of 3 percent or lower were just as satisfied with their broker's performance as those who paid 6 percent or more, the report noted.
Despite the nationwide slump in residential real estate sales, 86 percent of Consumer Reports' readers who put their homes on the market made a sale, while only 8 percent gave up and took their homes off the market.
Agents with large brokerage firms scored just as well as independent brokers when it came to customer satisfaction, but the magazine recommends home sellers base their choice of agents on factors that include personal recommendations.
The magazine recommends home sellers price their homes realistically, and drop their asking price between 4 percent to 6 percent if they don't receive an offer within four to six weeks.
In good times and bad times; "these days" and other days; Real Estate Agents have negotiated commissions. It is stated on the contract. Commissions are negotiable.
Some who own a real estate company with offices in Dallas and Austin are most times puzzled by sellers who are so focused on what they are paying and not when they are closing and what they are netting.
However, selling a home in a slowing (Buyers) real estate market offers more challenges to get the home sold for a REALTOR® and a homeowner. This is a time when you want a very skilled REALTOR® giving you and you're home their complete attention. If you are a homeowner that needs to sell my recommendation is to first focus on finding the best REALTOR® and then be sure that REALTOR® has incentive to give you their undivided attention and expertise. REALTORS® are humans and they will respond to incentive like most people. This is not to say a homeowner will not get the best service when paying their REALTOR® a lower commission, but who wants to take a chance on one of their largest investments in order to save a few bucks.
Some who own a real estate company with offices in Dallas and Austin are most times puzzled by sellers who are so focused on what they are paying and not when they are closing and what they are netting.
However, selling a home in a slowing (Buyers) real estate market offers more challenges to get the home sold for a REALTOR® and a homeowner. This is a time when you want a very skilled REALTOR® giving you and you're home their complete attention. If you are a homeowner that needs to sell my recommendation is to first focus on finding the best REALTOR® and then be sure that REALTOR® has incentive to give you their undivided attention and expertise. REALTORS® are humans and they will respond to incentive like most people. This is not to say a homeowner will not get the best service when paying their REALTOR® a lower commission, but who wants to take a chance on one of their largest investments in order to save a few bucks.
Egele speaks
"I have seen the opposite to be true. I am a local real estate broker, and it seems that when times are slow sellers are more willing to pay full commissions. They just need to get the home sold.When times are good and listings sell in a week it is harder to justify the full commission. Right now homes are sitting and we have been turning down listings that we didn’t think we could sell within 3 months. We have not had sellers asking for discounted commissions, but if they did we would pass because there is no shortage of sellers right now".
Daniel J. Sernovitz, Baltimore Business Journal
Daniel J. Sernovitz, Baltimore Business Journal
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