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Commission guidance for Dual-Representation

Posted by hoosierdoc (My Page) on
Thu, May 27, 10 at 14:43

I'm in Indiana and are planning to sell our home for around $650k. We will be buying a home around $450k. The agent was going to list our home for 6.5% and said he'd do it for 6% if we use him for the buyer's agent too. Should we be getting a better deal? Anymore a buyer's agent hardly does anything for people who go online and seems ridiculous to get 3% of $450k for maybe 20 hours of work.

Should I ask them to list our current home for 5% instead? I didn't challenge it when he said his price but haven't signed anything either. He's one of the top 10 in our area.

Thanks.


Follow-Up Postings:

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RE: Commission guidance for Dual-Representation

Doc,
Like most things in life, you get what you pay for. And he seems to be one of the best. You can list your home with a flat fee company and pay just over 3%, but you will get 3% worth of service.
Also, it does not save us agents any work because the buyer has been surfing the net looking at homes.
The 3% that he gets as a Buyers agent comes from the seller of the property anyway, so what does it matter to you, as long as he does a super job for you?
Tell him to list your home for 6.0%, and let him guide you through the buying process too.


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RE: Commission guidance for Dual-Representation

The 3% that he gets as a Buyers agent comes from the seller of the property anyway, so what does it matter to you, as long as he does a super job for you?

Come on now, who do you think pays for this fee? It is not "free" to the buyer or seller.

To the OP, interview several agents, find out the average commission, 6% is high for my area, the rate is local. When you find the best agent, offer just under the average commission,.
I've found the better agents take less more readily, they are more efficient and know they will do well regardless of the $$, sometimes it is the less competent that stick to the higher commission.


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