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I’m from the Black Hills originally but currently live in San Diego. I have a property in the hills between Hill City and Rapid my parents are going to move in it and get out of their place. They want 1 level living and to be a bit closer to Rapid.
First things first they need to sell their home. They haven’t talked to many real estate agents in the area but a “friend” of theirs is one. My parents have helped them out a lot in the last 10-15 years.
This lady is asking 7% commission and she acts as the real estate agent for the buyer and seller which I feel is a little shaky. Is that normal?!
Six percent is pretty standard. The only time I'd go above that is if I'm working with vacant land which generally sits on the market longer.
As for your buyer/seller rep question, that can be a double edged sword but suffice to say that the brokerages that are more concerned with ethical behavior will have their agents designate another agent from their office to represent a party to the transaction should a buyer be interested in a property that agent has listed.
Long story short, I doubt there is a shortage of agents they could work with, it might be time to call someone else.
This isn't advice for real estate in Rapid City, but everywhere in general.
A realtor's fiduciary relationship whether you contacted them as a buyer OR if they were signed by the seller is to represent the SELLER. Unless you specifically hire them as a buyer's agent, the interests of the seller are their legal concern.
I would never pay 7% commission to any realtor when there are enumerable competent agents more than willing to do it for 6% or even 5 1/2% on occasion. This is especially true when this agent is in the position of double dipping and getting commissions from both the sale and the purchase. If your parents house is a high end property price wise, it gives them even more clout in negotiating commissions.
This "friend" sees a big payday. If they were a true friend and had the potential for 2 commissions I would think that they would have offered to conduct the transaction for a slight discount.
I would definitely get some more realtor offers from someone who actually has your parent's interests in mind. Not just their own potential financial windfall.
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