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flat rate buyer's agent Post Review

Very misleading. There's still a buyer's agent getting paid a full commission. Edgewise is a truly flat rate platform using technology to do the job of agents. Cheaper and better.

Buyers: Let’s talk about real estate agents - Flat Rate Settlements

And on average you get same money, but with a truckload of hassle.

I’ve got too many for one buyer so even if I do a flat rate, most buyers are going to try & pick a line.I have an agent pick the best out for a premium & then flat rate whatever is left within reason. Works for us. Agent comes 2xwk & takes 1-2 if that’s all I have.

Interesting. Abolishing or reforming stamp duty is a good idea -- it has seriously gummed up the housing market and created a disincentive for sales/moves throughout price ranges

In #Berlin stamp duty is 6.5% flat rate, and estate agents fees are 7% - paid by the buyer! And people wonder why there’s a #HousingCrisis in this city.

some entrepreneur really needs to disrupt that market for once and for all.

There are companies and banks that works with realtors that charges a flat rate of $3500 the only problem with that is the seller/buyer/someone still has to pay 2.5% or 3% to the buyer's agent

flat rate buyer's agent Q&A Review

What percentage equity is considered reasonable for private real estate companies?

For selling a home property, figure 5%. Many ask for 6%. I wouldn't pay it. after taxes and other fees, you can expect to pay between 8% and 10%. There are a few flat fee of $5000 for full service home sale plus additional charges if you want them to run an open house, or do other special services. Depending on where you are living, you may want to wait before doing that. If the market is strong, just listing on the listing service would be enough to sell the house. If you need additional advertising, you will need to spend more. A lot here also depends on how much you expect the house to go for. Also, with flat rate, you will probably have to offer 2% or 2.5% to the Buyers agent for bringing in the buyer and handling their paperwork. Good luck.

What are good forums for selling a house without an agent?

Before you begin this route make sure you know your odds of success: ,What's the FSBO success rate in NYC Hauseit video tutorial: What’s the FSBO Success Rate in NYC? After you’ve seen this, decide if you truly want to avoid all brokers, which would mean ,avoiding the 90% of buyers who are represented by agents,. If you simply want to save commission on the listing agent side without blocking agents representing real buyers then you will want to pay a small flat fee to list your home on the RLS (REBNY Listing Service ,What is the NYC Multiple Listing Service?,). You will avoid paying the standard 6% ,NYC real estate commission, and only pay 2–3% to a buyers’ agent IF the buyer is represented. You are free to sell to an unrepresented buyer instead and pay 0% in total real estate agent commissions. Best of all, for the cost of a few hundred dollars you will be able to ,syndicate your listing all at once, to over a dozen of the most popular real estate search websites such as StreetEasy, Zillow, Trulia and Brownstoner in addition to the city’s broker databases.

Why are New York City real estate commissions so high compared to those in London?

Based on the NYC median sale price of $1.7 million,, home sellers in NYC pay an extra $73,100 in real estate commissions compared to home sellers in London., For such comparable cities to have vastly different real estate commission structures is simply astounding! Furthermore, it’s common in London for real estate agents to actually charge a ,lower commission, for more expensive properties. ,This is clearly not the case in NYC, where more expensive units may even have higher commission amounts! We've compared NYC vs. London real estate commission rates in detail here: ,Why are New York City real estate commissions so high? The truth is that NYC home sellers don't need to pay 6% commission. NYC FSBO Sellers can save the full 6% ,by using a NYC flat-fee MLS service like Hauseit's ,NYC FSBO - Sell By Owner Broker Free in New York NY,. Busy sellers who don't have time to sell FSBO can still save 3-5% in commission by using an ,Agent Managed Listing - Full Service for 1% - Save Time NYC vs. London - Real Estate Commissions Are you looking to sell your NYC condo, coop or townhouse and find yourself asking why New York City real estate commissions are so high? You’ll likely be both surprised and disappointed to learn that New York City is home to the highest residential real estate commission rates in the world – both compared to commissions charged in other comparable countries ,and, compared to commissions charged in the rest of the USA. Since you may be in the process of considering your options as a home seller in New York City, it is helpful to know exactly ,why NYC real estate commissions are so high compared, to cities like London, and what you can do about it to save your home equity and avoid paying 6% in NYC real estate commissions. Types of Full-Service Real Estate Representation in London vs. New York City The United Kingdom does not have the traditional ‘listing agent’ and ‘buyers agent’ like we have in the United States. Instead, UK sellers who are considering working with a full-service real estate agent must choose between the following options: Sole Agent Having a Sole Agent represent you in the UK means that you will have just one agent acting on your behalf who will earn 100% of the commission being offered alongside your property. Because the likelihood of the agent earning your commission is higher (since there are no other agents in play), the real estate commissions charged are generally lower and in the range of 1% to 1.5%. Having a sole agent also means that you are not able to transact through a buyer represented by another agent. The concept of “,co-broking,” which is so strong in New York City (splitting the 6% commission between listing agent and buyers’ agent) does not exist in the UK under the sole agent listing agreement. Joint Sole Agent The Joint Sole Agent structure in the UK is the closest thing to the traditional NYC listing agent under an Exclusive Right to Sell Listing Agreement with co-broking. Under the Joint Sole Agent arrangement, the seller hires two listing agents and agrees to split the commission equally between them. The idea behind this structure is to hire two agents who traffic in different buyers’ circles and have differing marketing strategies. With this setup, unlike the NYC Exclusive Right to Sell listing arrangement, if a buyer is found by either agent the commissions are split equally between both agents no matter what. NYC Listing Agents under an Exclusive Right to Sell agreement do not split the commission with buyers’ agent if the buyer was procured by the listing agent. Multiple Agents A Multiple Agency Arrangement in the UK is just like a NYC Exclusive Right to Sell listing agreement with one minor difference: instead of there being a listing agent and a TBD buyer’s agent (if buyer is not found directly by the listing agent), there are 3 predetermined agents. Only the agent who finds the buyers gets paid any commission. Under this arrangement, all three agents are fiercely competitive with one another since it’s an all-or-none situation with regards to earning the real estate listing agent commission. The typical real estate commission under a multiple agency arrangement setup is 2.5%-3% of the sale price. Full-Service Listing Agreements in London vs. NYC Listing Agreements: Sole Selling Rights This type of UK listing agreement binds the seller to pay the listing agent a commission even if the seller finds the buyer on his or her own. In that sense, it’s very similar to the commonplace NYC Exclusive Right to Sell listing agreement. A key difference between this agreement and the NYC Exclusive Right to Sell is that no other agents are allowed to sell your home. UK listing agents who have “Sole Selling Rights” keep the entire commission and have no obligation to share it with a buyers agent. Multi Agency This type of agreement is used for ‘multiple agency arrangements’, whereby a UK home seller offers to pay one commission to whichever of the agents finds the buyer. This is comparable to a New York City ‘open listing’. Ready, Willing & Able vs. Sole Agency For either a “Sole Selling Rights” or “Multi Agency” listing agreement, the document can be either a “ready, willing and able purchaser” or “sole agency” subtype. In the case of the former, this obligates the seller to pay a commission to the real estate agent who finds a buyer even if the seller decides not to go through with the sale. In the case of “sole agency”, the seller is permitted to procure a buyer on his/her own without being obligated to pay a commission to the agent. Quirks of London Real Estate Agents vs. NYC Real Estate Agents Sliding Scales It’s not uncommon in the UK and London for the real estate agent percentage commission rates to be on a sliding scale based on the sale price. If the property sells for a higher amount, then the commission rate steps up in bands. Conversely, if the property sells for a price on the lower end, then the real estate commission rate would bracket down. This is not common in NYC, however we think it’s actually a great idea because it incentivizes listing agents to maximize proceeds for the seller. The real problem with NYC full-service listing agents is that they have no real incentive to sell your home at the best possible price. NYC agents with 6% Exclusive Right to Sell listing agreements would prefer a quicker sale at $1.5 million to a sale at $1.55 million which takes 3 months longer. Why? Simply put, the agent prefers to get paid 6% ASAP on $1.5 million (earning $90,000) than spending an extra 3 months and risking the expiration of the listing agreement just to earn an extra $3,000 in commission for himself or herself. Commission based on Asking Price Believe it or not, in the UK some real estate agents attempt to charge a commission based on the ,asking price, instead of the ,listing price,. This nifty little trick is definitely not something we’ve heard of in NYC or ever want to see! Sales Tax Commission rates in the UK may be quoted either inclusive or exclusive of VAT (value added tax, or the rough equivalent of sales tax in the UK). Since the current rate of VAT in the UK is 20%, it’s critical for UK home sellers to know how their commission rate is being quoted. Otherwise, 1% could turn into 1.2% and 2% could turn into 2.4%, etc.! Why are Real Estate Commissions lower in London than in New York City? No MLS / Commission Splitting Since the custom in the UK is to have one agent represent both buyer and seller, there is no commission splitting. If only one agent needs to be paid for each transaction, then it somewhat makes sense why commission rates in the UK are roughly half of those which are charged in the US, where both listing agent and buyers’ agent split the commission. However, the quirk here is that under a NYC ‘Exclusive Right to Sell’ listing agreement, the listing agent has the potential to earn the entire 6% commission if he/she finds a buyer or if the owner finds the property by himself or herself. The opportunity to earn such a huge real estate commission on a residential property deal does not exist in London or the United Kingdom.

Should residential real estate commissions become a flat rate or a lower percentage?

Should residential real estate commissions become a flat rate or a lower percentage? No. Buyers and sellers should have a range of options to choose from. For some, a flat rate may make sense. For others, maybe a lower percentage, sometimes with fewer services provided. Or maybe commissions on a sliding scale—for instance, 6% on the first $200,000, 5% on the next $200,000, 4% on the next $200,000, and so on. Each house is different, and every seller’s (and buyer’s) need is different. Some people want or need concierge service. Others want a la carte price, and others just want the cheapest option. And remember: Commissions aren’t fixed. They’re negotiable. If someone wants a lower commission than the agent is proposing, ask for a lower rate. You may or may not get it, as with any negotiation. But there’s nothing to stop you from asking.

Why is real-estate agent's commission so high in the US? There are too many of them so demand-supply mismatch should have brought down the commission. Where does economics break down?

Buyers' agents unfortunately aren't going away anytime soon, not until they have AI that's so advanced as to be able to compete with literally millions of salespeople agents running around, networking, selling a "free" product that includes hand-holding, negotiation, guided tours, advice etc. It's impossible to compete against. Fortunately the commission rates are being reduced through competition on the buyer side (,How do I get a buyer agent rebate in NYC?,) as well as on the listing side through various flat fee for service brokerages.

The sellers agent is charging 5% commission. If I have my own agent would they get half of that, or would the seller have to pay the 5% plus any of my agents commissions?

The fee to the buyer agent is specified in the MLS listing. 6% is typical but many agents charge less but still offer the 3% to the buyer agent. I sold 3,000 homes when I charged a flat rate listing fee of $500.00 but I almost always offered the full 3% to the buyer agents. They don't like getting paid less than 3%. And they earn it too. But you also get REPRESENTATION from your buyer agent. He represents your interest every step of the way. Very important when you have a resale home that the inspection reveals a whole list of problems, your agent has to play hardball to get things fixed or given a credit for at closing.

What are the real world pros and cons of selling your own property (not using a listing agent), aka FSBO?

Pro’s of selling your home through a traditional FSBO include: No intermediary No listing broker commission Dramatically reduced chance of paying a buyer agent commission Con’s of selling your home through a traditional FSBO include: Avoidance by the 80% of buyers represented by agents No access to your local MLS (,How to cobroke FSBO in your local interbroker database,) Constant solicitation and harassment by brokers without buyers (,How to deal with broker solicitation when selling FSBO,) Lack of ,professional guidance, and tendency to overprice your listing (,How do I set my For Sale by Owner (FSBO) Listing Price?,) Lack of professional marketing, ,full listing syndication, and professional ,photographs Lack of knowledge and tendency to give up and listing with a full-service broker (,Common real estate agent lies in NYC,) Low success rates (,What's the FSBO success rate in NYC,) What’s the FSBO Success Rate in NYC?, ,Hauseit Video Tutorial Before you run out and purchase the first ,“flat-fee” MLS listing, you find, learn why discount brokerage does not work: How do I use a discount broker in NYC? ,Hauseit video tutorial

Why do we typically need a buyer's agent and a seller's agent for real estate transactions?

Long Answer, (short answer at the bottom) The primary function of a real estate brokers and the agents that work for them is to bring together buyers and sellers. Seller agent’s are skilled at marketing homes, pricing, and many have access to Realtor only tools that make them better at procuring a buyer than most non-professionals. They also tend to know many people in the real estate industry that want to buy homes. In the same manner, buyer’s agents generally have more access to homes available on the market, and many will only accept contracts that are submitted on standard real estate forms that only realtors can use when dealing with non-buyers. The secondary function of real estate brokers is to help buyers and sellers navigate the issues that come with real estate transactions. Although real estate agents are not authorized to give legal advice, they are trained to use real estate contracts and forms that comply with local laws. People with no professional assistance or training are much more likely to make costly mistakes. That said, hiring a real estate broker/agent only makes sense for the primary purpose. i.e. Brokering. Bringing together buyers and sellers is a very valuable skill, which is why they are paid a hefty commission. Generally, if a seller has already found a qualified buyer he has completed the most expensive function himself, and can save money by hiring a (preferably flat) rate real estate attorney to help them through the transactions process. Short Answer Brokers are needed if you cannot find a qualified buyer or seller. If you already have a qualified buyer or seller you can save money on commission by hiring a flat rate real estate attorney.

A flat fee broker is going to list my home but I will pay the selling agent their full commission. How can I stop the selling agents from telling their buyers to offer less on my home because I am not paying a full commission to the flat fee broker?

Boy, you see to be both greedy AND paranoid! So, you want the buyers to pay a price to you, based on the prices FULLY served properties got, but you don’t want a buyer to realize you are keeping an extra 1%-3% commission. Buyers agents, (sometimes called selling agents) ,have a duty to represent their buyers and give them the best deal they can That includes letting the buyers know that you are not paying the more typical fee structure, if the buyers agent knows that. Since it is not typical for most MLS databases to list the listing agents commission, they may not be aware of it (of course, if you are using an agent that advertises as being cut rate or returning part of the commission, or being a, ‘flat fee’, commission, then they may know that, from experience ,(and yes, you do, by law have to list the brokerage) ,and make their offer accordingly. SO, to answer your question, you can’t. Hey but, you maybe saved 1% - 3%, ,(less than a tip but its a big check.) (the rest below is just observations and opinions. feel free to ignore it) What other agents say about FSBO’s are true, agents hate them. I always compare it to making one donkey pull a two horse rig. He can do it, but it ain’t fun. A Buyer Agents job, duty and responsibility is to assist and protect their buyers in the LEGAL acquisition of a marketable property ,(ie. one with a clear title). ,I seldom see a FSBO that isn’t overpriced. Homeowners are seldom the best judge of the MARKET VALUE of their own home. Without trying to be insulting, most homeowners are also ignorant, (not in the meaning of ‘being stupid’, but in ‘lacking knowledge’), about the laws particularly recent ones, governing real property transfers, and can end up putting a deal in front of a judge through unwitting violation of the law(s). And FSBO’s have been know to pull off some pretty dumb moves, like failing to legally disclose things, changing their mind or renegotiating AFTER a contract is set in stone, live up to other obligations, like moving out on time, deliver clear title, all sorts of nightmares. Yes, the buyer can take them to court, and sue them, and likely, win. But all of that takes more time than most buyers ,(and all agents), want to spend on a deal. Look, You don’t have to accept any offer that you don’t want to. And you can try to negotiate the terms and price you want. BUT, if you don’t get it, well, you are the lister, and the person in charge of the sellers side of the negotiations, so, if you don’t get it, then I would suggest that you complain to the person who staged it, took photographs, advertised it, marketed it ,(not the same thing),, showed it, and followed up with the buyers, checked their funding, the reputation of the buyers’ agent(s),, etc. (hint: look in the mirror)

What are 3 things that real estate agents would prefer that you didn't know?

First, I would say that many are vastly overpaid. I mean, 5% of a $150,000 house? Fine. 5% of the same house in Southern California going for $750,000? Sorry. Overpaid. Second, It is in their interest to sell your house as fast as possible, but it is not in their interest for you to get as much as possible. Lets say you list your house for $500,000. The commission is likely to be $25,000 split 4 ways (the brokers and the agents). Now, Lets say they can hold out for 30 days more and get $10,000 more. Most people selling their houses would go for that. From the agent’s point of view, they are likely to see a while $125 for waiting that extra 30 days. That’s a bad deal for them. They would rather you sell now for less than wait so you can sell it for more. We know this because when agents sell their own houses, the listings last longer, and the sales are for more money. Your agent, to buy or sell, what you to make a deal as fast as possible. Your buyers agent wants you to spend more, you sellers agent wants you to take less. They want that deal DONE. Third, When the market is hot, you can get around them, even if there isn’t a “Pay as you go,” flat rate broker in the area. If the market is hot, you can hire a real estate attorney to do the paperwork for you. Pay him $300 an hour, and you will still come out way ahead.

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