Real Estate commission....is it negotiable?
I've checked various threads regarding real estate, but can't find a definitive answer to my question...........so advice would be appreciated.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing. Help....please. |
Re: Real Estate commission....is it negotiable?
4% sounds cheap to me. I thought that they were all 6% Very expensive properties are less I think. Perhaps why your quote is cheaper.
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Re: Real Estate commission....is it negotiable?
Originally Posted by destinationnovascotia
(Post 6163001)
4% sounds cheap to me. I thought that they were all 6% Very expensive properties are less I think. Perhaps why your quote is cheaper.
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Re: Real Estate commission....is it negotiable?
Originally Posted by oldbag
(Post 6162916)
I've checked various threads regarding real estate, but can't find a definitive answer to my question...........so advice would be appreciated.
The only two real estate agents in town have been to discuss the house and its listing price (one of the agents is the one who sold us the house a few years ago); they agree on the listing price. They also both state we should list on MLS and the commission is 5%......they have both said an exclusive listing (which neither recommends), is 4%. Neither will budge on the commission fee. Surely it is negotiable? According to some websites I've looked at this morning there is no such thing as a fixed commission rate, as they are all open to negotiation, even for an MLS listing. Help....please. Commission is supposed to be negotiable but the agents I've spoken to both said 5%. We had considered trying to sell it ourselves but I think we have enough to worry about without adding to the stress. |
Re: Real Estate commission....is it negotiable?
Originally Posted by Elaine B.
(Post 6163118)
Hi OB
Commission is supposed to be negotiable but the agents I've spoken to both said 5%. We had considered trying to sell it ourselves but I think we have enough to worry about without adding to the stress. We have considered going it alone.....in fact I read several books about it during the Christmas shutdown. I'm still tempted, but as you may have gathered, this is a very strange town, and the "friendly folk" may think there's something wrong with the house, otherwise why not use an agent? It just hurts to have to part with so much dosh for doing, basically what we did to sell our house in the UK....and that is show the house to the many people who came to view. Agents in England do very little to earn their fee, but it is negotiable and often a flat rate. |
Re: Real Estate commission....is it negotiable?
Originally Posted by oldbag
(Post 6163237)
Hi Elaine....how's it going?
We have considered going it alone.....in fact I read several books about it during the Christmas shutdown. I'm still tempted, but as you may have gathered, this is a very strange town, and the "friendly folk" may think there's something wrong with the house, otherwise why not use an agent? It just hurts to have to part with so much dosh for doing, basically what we did to sell our house in the UK....and that is show the house to the many people who came to view. Agents in England do very little to earn their fee, but it is negotiable and often a flat rate. As long as we make enough on the house to ship our stuff back to Ireland and have a bit left over to use as a deposit on a new place I'll be happy. I just hope someone buys this place otherwise we're stuck here for awhile. We hope to get the for sale sign up by the start of May after I get a few repairs organized. I'll keep my fingers crossed for your sale too, good luck:thumbsup: |
Re: Real Estate commission....is it negotiable?
Originally Posted by oldbag
(Post 6163237)
Hi Elaine....how's it going?
We have considered going it alone.....in fact I read several books about it during the Christmas shutdown. I'm still tempted, but as you may have gathered, this is a very strange town, and the "friendly folk" may think there's something wrong with the house, otherwise why not use an agent? It just hurts to have to part with so much dosh for doing, basically what we did to sell our house in the UK....and that is show the house to the many people who came to view. Agents in England do very little to earn their fee, but it is negotiable and often a flat rate. You should not be having to show the house to anyone in fact you should not even be in the house when it is shown, at least that's how it's done in Calgary these days. Homes are shown by the agents. Cheers Steve |
Re: Real Estate commission....is it negotiable?
Originally Posted by Steve_P
(Post 6163296)
If the only two agents you can deal with refuse to negotiate the it doesn't matter whether the rate is negotiable or not, in your case it isn't, you can't force them to negotiate if they don't want to.
You should not be having to show the house to anyone in fact you should not even be in the house when it is shown, at least that's how it's done in Calgary these days. Homes are shown by the agents. Cheers Steve |
Re: Real Estate commission....is it negotiable?
Originally Posted by Steve_P
(Post 6163296)
If the only two agents you can deal with refuse to negotiate the it doesn't matter whether the rate is negotiable or not, in your case it isn't, you can't force them to negotiate if they don't want to.
You should not be having to show the house to anyone in fact you should not even be in the house when it is shown, at least that's how it's done in Calgary these days. Homes are shown by the agents. Cheers Steve |
Re: Real Estate commission....is it negotiable?
Originally Posted by Elaine B.
(Post 6163328)
I don't think I'd be able to keep my mouth shut if they said something rude.
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Re: Real Estate commission....is it negotiable?
I know that there is an agency here in newfoundland called one flat fee or something. According to their ads, they sell for a flat fee of about $2500, and i have seen their houses on mls so that must be included, but not with many photos.
Don't know if that helps much - but maybe a similar agency about your area? |
Re: Real Estate commission....is it negotiable?
Originally Posted by Steve_P
(Post 6163349)
I would think it is precisely for that reason. It allows the potential buyer to clearly state to their agent what they think of the property without insulting or hurting anyones feelings.
Absolutely agree, although having said that, when I was showing our house "back home" no-one was ever rude or negative about the house...........to my face. But to harp on about the fee question........why is this fee non-negotiable? |
Re: Real Estate commission....is it negotiable?
Originally Posted by oldbag
(Post 6163393)
But to harp on about the fee question........why is this fee non-negotiable?
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Re: Real Estate commission....is it negotiable?
Vicarious liability
Contract Law Competition Act Nova Scitia Real Estate Commission By-laws Real Estate Trading Act Look them up! That's why I'll never list below 6%. Also the agent who brings the buyer spilts the commission = 3% Then the broker gets half = 1.5% Stop being an old bag and think yourself lucky you have someone who has to "protect and promote the clients interest above all except the law" or lose their license! |
Re: Real Estate commission....is it negotiable?
Basically I think it boils down to the fact that the two agents are asking the same fee. They obviosuly aren't so desperate for your business that they feel they have to come down at all on that fee.
If you could find another agent who would accept less then I suppose you might have a bargaining point. It would appear that your choices are to keep looking for a "cheaper agent" (even if you didn't want to use that agent) or to sell it yourself. |
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