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Old 09-05-2014, 12:21 AM
 
Location: Virginia-Shenandoah Valley
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We've been in our current home since 86 so have not dealt with real estate agents since then. What is a fair percentage the agents can expect here in the NOVA area? What are people paying here? I'm reading 6% is average but I also read 4% is more than fair. What have you experienced in NOVA?
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Old 09-05-2014, 04:08 AM
 
Location: Northern Virginia
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I think 5% - 6% is fair because in the end your realtor will likely get 1.5% - 2% if there is a buyers agent involved in the transaction and depending upon the fee structure your agent has with their brokerage.

6% commission
3% to buyers agent brokerage
3% to sellers agent brokerage
of that 3% you're realtor will receive what's left after their brokerage takes their cut (either a percentage or a flat fee)

And if you choose a good realtor who will advertise and really work to sell your home, he/she will be worth it.
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Old 09-05-2014, 04:28 AM
 
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It depends on what they do for you. Will they be actively marketing your house with multiple open houses? Or will they just throw it on the MRIS and see what happens? 3% is fair for a good realtor (3% to each realtor, but you don't get a lot of negotiating power over the buyer agent), but everything is negotiable.
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Old 09-05-2014, 05:28 AM
 
Location: northern va
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Quote:
Originally Posted by spencgr View Post
It depends on what they do for you. Will they be actively marketing your house with multiple open houses? Or will they just throw it on the MRIS and see what happens? 3% is fair for a good realtor (3% to each realtor, but you don't get a lot of negotiating power over the buyer agent), but everything is negotiable.
this
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Old 09-05-2014, 06:34 AM
 
1,339 posts, read 2,973,263 times
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Quote:
Originally Posted by Bigfoot424 View Post
We've been in our current home since 86 so have not dealt with real estate agents since then. What is a fair percentage the agents can expect here in the NOVA area? What are people paying here? I'm reading 6% is average but I also read 4% is more than fair. What have you experienced in NOVA?
6% was probably fair in the days before ziprealty, trulia, redfin sites did not exist. The only way to know of MLS listings was to rely on the realtor. But nowadays, an informed and research-oriented buyer can do all the groundwork him/her-self by accessing these Web sites and shortlisting the houses he/she would like to actually see.

Don't get me wrong... ...a realtor does add value with his/her experience with house features/repairs, resell opinions, closing, and more, but IMO, the 6% should be knocked down to a standard 3% in today's age... ...1.5% for seller's agent and 1.5% for buyer's agent. Period.
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Old 09-05-2014, 07:04 AM
 
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I think it depends on a number of factors. How hot your neigborhood is, DOM, how your house stacks up against competition. Are you using the realtor to buy another house?

We used a realtor that lived in our neighborhood and he took 4.5%. We negotiated that down from 5% since I knew there were very few TH's on the market and sure enough it sold the first weekend it hit the market. We bought quite a bit higher and he got 3% on that deal.
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Old 09-05-2014, 07:37 AM
 
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We used our realtor recently at 5%. I'm not sure 6% would have mattered much, but I felt that they weren't much more than paper pushers, particularly on the buying end. I found the house I wanted on Redfin myself. It wasn't the easiest trying to schedule showings either...and she just happened to believe every house we looked at was good for us. I wouldn't pay more than 5% unless you really need your hand held throughout the entire process. I tend to research the heck out of things so I felt like my realtor didn't add much value beyond what I wouldn't have been able to find out on my own.
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Old 09-05-2014, 07:59 AM
 
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I think the high price of housing here suggests a percentage lower than 6% is reasonable. If a $400k house in Minneapolis would sell for >$500k here but require the same or more effort to sell, I don't think the $ to the agent should be substantially more here than in Minneapolis.
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Old 09-05-2014, 08:31 AM
 
7,970 posts, read 9,735,332 times
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Quote:
Originally Posted by ACWhite View Post
I think the high price of housing here suggests a percentage lower than 6% is reasonable. If a $400k house in Minneapolis would sell for >$500k here but require the same or more effort to sell, I don't think the $ to the agent should be substantially more here than in Minneapolis.

But why shouldn't a real estate agent in NoVa make more than a real estate agent in Minneapolis for doing the same job? An IT analyst here is likely making more money than an IT analyst in Minneapolis for doing the same job.
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Old 09-05-2014, 09:08 AM
 
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By that reasoning then all professional services should charge exactly the same across the country
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