When you want to list your home for sale, one of the first questions you ask is how much does it cost to hire a real estate agent.
The commission is how most agents are paid, and typically runs around 4.9% of the home’s sale price, with the national average being 5.5% according to a poll of FastExpert agents.
However, this number can vary depending on several factors. For example, commissions tend to be higher for luxury homes.
The standard commission is also usually negotiable between you and the agent.
So, if you’re looking to save on real estate costs, it’s important to understand how commissions work and what you can do to lower them.
What Determines the Commission I Pay?
There are a few different factors that can affect the commission you pay.
The first is the location of your home. Areas with higher home prices tend to have higher competition and, as a result, higher commissions.
The second factor is the type of property you’re selling. For example, commission rates are generally lower for condos than they are for single-family homes.
The third factor is the type of agent you use. Some agents work on a flat fee, while others work on a commission basis.
And finally, the fourth factor is the amount of work involved in selling your home.
If your home is in good condition and doesn’t need any repairs or staging, it will likely sell quickly and with minimal effort on the agent’s part.
But if your home needs some work before it’s ready to list, it could take longer to sell and the agent may have to put in more hours to get it sold.
All of these factors can affect the commission you pay, so it’s important to understand them all before listing your home.
What Can I Do to Save on Real Estate Commissions?
There are a few things you can do to save on real estate commissions.
The first is to negotiate with your agent. Remember, the commission is negotiable, so don’t be afraid to ask for a lower rate.
If you have a home that is in good condition and is located in a desirable area, you may be able to get away with paying a lower commission.
The second thing you can do is to find an agent who charges a flat fee.
These types of agents typically work on a lower commission than traditional agents, so you could save money by using one.
And finally, the third thing you can do is to sell your home yourself.
If you’re willing to put in the time and effort, you can avoid paying a commission altogether by selling your home without an agent.
Saving on real estate commissions is possible, but it takes some effort.
If you’re looking to save money, be sure to negotiate with your agent and find one who charges a flat fee.
You can also sell your home yourself to avoid paying a commission altogether.
Whatever route you choose, be sure to do your research so you can make the best decision for your situation.
How FastExpert Can Help
Hiring a real estate agent is one of the first steps you take when listing your home for sale, but finding a top-producing real estate agent in California doesn’t have to be difficult.
At FastExpert, we can connect you with the best real estate agent for your needs.
Our service is free and we only work with top-rated agents, so you can be sure you’re getting the best possible service.