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I'm not sure you're 100% correct here. If a buyer comes in unrepresented then I believe the "limited service" agent keeps the buyer's agent commission but that might vary from brokerage to brokerage or perhaps location to location.
in NC, there are plenty of Entry Only and Limited Service operations. Heck, we have many that use a yard sign with the owner's #, not the agent's. Further, our LOCAL MLS (not 78609's in CLT) severed IDX w Zillow so each individual brokerage has to have an agreement in place. Many do not.
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So . . . you were not free to sell your house when you had an agent?
Regardless, if your house is such a hot commodity then the LAST thing you want to do is just sell it to someone who wrote you a letter. Half of those letters are probably from agents who don't really have a buyer for your house anyway. They just want to get in front of you so that they can try to get your listing.
I'd put it at more than half. His house was listed, and sounds like withdrawn after a couple of weeks (max). Fishing for "terminated listings" is a tried and true method for some agents.
Mr 78609 - how many of those letters included even a price?
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You can try to sell it yourself if you'd like or you can sell it with the agent who agrees to take the least amount of commission. However as Bo alluded to, you're definitely losing the forest for the trees here. If you want to take home the biggest check you can then find the most effective real estate agent in your area. If you do, they'll more than earn their commission and you'll walk away with more money too.
Neglecting the question of whether this approach yields the most money-
In many markets you can get 5% just by asking. You will get hardly any interest if the buyer's agent is getting less than about 2.5%. And your "selling" agent won't work for free. So my guess is the best you can possibly hope for is something between 3.5% and 5%. Good luck squeezing out that 1 or 1.5%.
Keep in mind that probably any agent you approach knows the story of your previous attempt to sell and this may influence their receptiveness.
By the way, agents want to SELL your house and with luck you will have a SALE.
OP, not sure of your location, but you can check out Redfin.com to see if they are in your area.
Below is from their website:
"When you sell with a Redfin Agent, you pay 1.5% of your home's sale price in commission, or 1% if you also buy with a Redfin Agent within 1 year. Buyer’s agent commission not included. "
Thanks for the info. In my case the land is what the buyers want. House condition is a non issue. House beside mine sold for 360k 3 months ago and it was torn down. I think selling just the land is an easy non complicated thing and I wont pay a big commision for this unlike a house.When I listed it before the condition was relevant.
in NC, there are plenty of Entry Only and Limited Service operations. Heck, we have many that use a yard sign with the owner's #, not the agent's. Further, our LOCAL MLS (not 78609's in CLT) severed IDX w Zillow so each individual brokerage has to have an agreement in place. Many do not.
I'd put it at more than half. His house was listed, and sounds like withdrawn after a couple of weeks (max). Fishing for "terminated listings" is a tried and true method for some agents.
Mr 78609 - how many of those letters included even a price?
Location: Sarasota/ Bradenton - University Pkwy area
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"Sell your house for as little as 1%." We've all seen those ads. But the reality is that very few home sellers will actually pay just 1%.
Some thoughts on picking out a listing agent based on how low they will go on a commission rate:
1) If an agent's negotiating talents are so poor that they cannot protect their own commission, how well do you think that agent will do negotiating FOR you when a buyer makes an offer? How much effort is that agent going to exert in getting you the highest and best offer? In protecting YOUR financial well being?
2) Going with a discount brokerage company or flat fee service is an option if you require little hand holding or assistance throughout the selling process. If you are ok with marketing your own property, feel you know what you're doing selling your own house and just want access to the MLS, then perhaps this is an option to consider.
3) Sellers looking at discount agents are generally doing so because they think it will automatically net them more money on the sale. But you need to look at the whole picture -- the marketing of your property, negotiation contracts, negotiating repair requests, skills in getting a transaction to closing.
Selling a home is a challenging process and the best agents help guide their clients through every step. Even the littlest of oversights can cost sellers much more than a 1- or 2-point discount they received up front if they aren’t represented by the right agent. Sellers focus so hard on price and commission that they often forget what matters most: what the seller is going walk away with at closing.
I would suggest interviewing at least 3 local real estate agents that do a lot of listing in your immediate area of homes similar to yours and ask questions such as these:
1) What price do you suggest I list my home at? How did you arrive at that list price? The agent should be producing for you written data of recent sales of comparable homes.
2) What is your marketing plan for my home? They should be able to produce a detailed marketing plan for you that includes what type of marketing, where your home will be marketed, who is your targeted market, things such as staging and professional looking photos.
3) What do you consider my homes best selling features?
4) What do I need to do to get my home ready to put on the market? You need honesty from agents on this, not platitudes.
5) Why should I hire you over the other agents I am interviewing? Most agents can produce sheets of statistics of how many homes they have sold, list vs sales price, etc. This question goes beyond that. You want an agent that is confident, self motivated, has good communication skills and work ethic.
In the end, a successful agent is about the person, not the commission.
"Sell your house for as little as 1%." We've all seen those ads. But the reality is that very few home sellers will actually pay just 1%.
Some thoughts on picking out a listing agent based on how low they will go on a commission rate:
1) If an agent's negotiating talents are so poor that they cannot protect their own commission, how well do you think that agent will do negotiating FOR you when a buyer makes an offer? How much effort is that agent going to exert in getting you the highest and best offer? In protecting YOUR financial well being?
2) Going with a discount brokerage company or flat fee service is an option if you require little hand holding or assistance throughout the selling process. If you are ok with marketing your own property, feel you know what you're doing selling your own house and just want access to the MLS, then perhaps this is an option to consider.
3) Sellers looking at discount agents are generally doing so because they think it will automatically net them more money on the sale. But you need to look at the whole picture -- the marketing of your property, negotiation contracts, negotiating repair requests, skills in getting a transaction to closing.
....
1) This is one of the most gawdawful old school price-fixing lines agents feed to consumers. It needed to be removed from sales pitches 15+ years ago.
2) There is no such thing as a "discount brokerage." Another price-fixing term.
3) Again, there is not such thing as a "discount agent."
Jeeze, but it ain't 1999 any more, and hasn't been for a long time. Good business people set their rates and fees against their costs, fixed and variable, with a margin built in for profit.
Price fixing needs to die, but lingers on....
Thanks for the info. In my case the land is what the buyers want. House condition is a non issue. House beside mine sold for 360k 3 months ago and it was torn down. I think selling just the land is an easy non complicated thing and I wont pay a big commision for this unlike a house.When I listed it before the condition was relevant.
so what you're saying is your house is now worth $360K-ish. If a Builder bought the house next door, you should offer to sell to them. If an individual bought, then approach their builder. Or, drive around the area and see which builders are doing teardowns and figure out a) what they paid for those lots and b) ask them if they'd buy your house.
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