Realtor commission rate in Salt Lake City area

babs77October 30, 2009

My husband and his brothers recently inherited several rental properties in the SLC area that they have decided to put on the market. We will be driving out to SLC next week to get started on this endeavor and we were wondering what the typical commission rate in the Salt Lake City area was.

I've tried to search on-line but have not been successful so far. TIA for any advice/info.

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xamsx

Which side of the tracks? Student housing? Downtown? How big? We just bought something downtown so I can ask hubby what the broker charged.

    Bookmark   October 30, 2009 at 6:46PM
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babs77

They are all south of downtown. One property is SE of Routes 15 snd 80 (2b/2b), near the Forest Dale Golf Course. The others are about 3 miles south of 80 on the west side of Route 15 (S4700S). They are all condos -- 2b/2b, though one is 1b/1b.

The first was the permanent residence and the others were rentals for business travelers on long-term stay in the area.

    Bookmark   October 30, 2009 at 7:00PM
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xamsx

Oh. We bought something significantly larger. Since it is not the same type of broker, my response will not help you. I'm sorry.

    Bookmark   October 31, 2009 at 12:09AM
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babs77

So, in the SLC area, the agents commission % is based on the size of the property being sold or bought? That works quite different from any place I've ever lived. I thought in all areas of the country there was just a "typical" commission % one would expect to pay for that area irregardless of the size of the property.

    Bookmark   October 31, 2009 at 12:27AM
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xamsx

A multi-million dollar+ property multi-family has a different commission structure everywhere. These types of complexes are sold by brokers. You are looking for a Realtor that works for a broker.

    Bookmark   October 31, 2009 at 8:29AM
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cmarlin20

Just interview a couple of agents, they will quote you their rate, you can then negotiate down a little and quickly see their bottom line.
If the condos are on the low end of RE in the area, usually the rate will be on the higher end, but if they are priced right and in high demand the agent may reduce the rate knowing it may be an easy sale.
Are the units in good sale-able condition, that will influence the agents listing it.

    Bookmark   October 31, 2009 at 11:16AM
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ncrealestateguy

"A multi-million dollar+ property multi-family has a different commission structure everywhere. These types of complexes are sold by brokers. You are looking for a Realtor that works for a broker."

WHAT!?!!???

    Bookmark   November 1, 2009 at 7:09AM
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babs77

The main residence is in good condition though the kitchen and baths are a bit outdated. We don't know the condition of the other 4 as we've never seen them. We're assuming they are in good condition as they are marketed as "executive rentals".

I don't understand what xamsx is trying to say. These are not multi-million multi-family, just 5 individual condos.

We do plan on negotiating the commission since this agent will get the sale on all 5 condos.

    Bookmark   November 1, 2009 at 6:46PM
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xamsx

ncrealestateguy when you buy a $20, $30, $40 million dollar+ multi-family property you don't pay 6%, 5% or anything like that. I'm chuckling at the very thought. That was why I originally asked what size. If you have a $100,000 condo you're going to pay 5%-7% commission just about anywhere. I was of no help at all in this thread because I took babs77 to mean one thing, when she meant something else entirely. Sorry babs77.

    Bookmark   November 1, 2009 at 9:58PM
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babs77

No worries xamsx, thanks for the clarification.

    Bookmark   November 2, 2009 at 12:53AM
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Billl

As a general guideline, you'll probably have REA's quote you around 6%. With multiple listings to offer, you are in a very good position to negotiate that down a bit, but you probably won't get below 5%. The larger the overall size of the deal, the more likely the agent will be to reduce the percentage. They would obviously rather have 5% of a million dollars in transactions than 7% of a hundred thousand in transactions.

    Bookmark   November 2, 2009 at 11:05AM
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