I want to sell my condo in the CWE (Rea: sales, real estate)

[MO Fun in Philly]

I have a condo in the central west end that I'd like to sell.

Does anyone have a sense of the current market?

Also, anyone have experience negotiating down a broker's fee? A real estate broker tells us that in fact, people are resorting to offering broker bonuses and INCREASED commissions to try to move their properties. I have a fundamental problem with this, since I don't really like the real estate broker industry to begin with (but that's a topic for another discussion). Any thoughts/experience?

[zach_33]

we know a woman who goes to our church and sends her kid to the same school as ours, and she is going to try and help us sell our house at a very favorable commission. I do think that as the market has slowed you may be able to get some agents willing to accept a lower than standard commission. I was told by a friend that Coldwell Banker Gundaker charges 6.5-7.0 pct. Now, I don't know if that is true or not, but 7.0 pct seems like a lot to me. I believe smaller firms are more willing to go 6.0 or even 5.5 (but I really don't know for sure, as I am in no way a real estate pro). At any rate, I would try to use a real estate agent who you are somehow personally connected to-- they'll be more likely to want to work hard for you because it is such a referral driven industry. I also think it is a rotten time to try fsbo, just because the market is so slow. Maybe back in 2006. Not so much today.

[MO Fun in Philly]

Thanks, Zach_33, for sharing your experience. Yes, CBG says they charge 7%, but the agent will typically reduce it slightly out of the goodness of their hearts (to 6% in our case -- wow, a FULL PERCENT off!). Great marketing ploy. Now, I agree that a firm like CBG has overhead (and the broker needs to split with the company), but a higher commission should equal better service (which is not always the case).

[joanie55]

Originally Posted by MO Fun in Philly

Thanks, Zach_33, for sharing your experience. Yes, CBG says they charge 7%, but the agent will typically reduce it slightly out of the goodness of their hearts (to 6% in our case -- wow, a FULL PERCENT off!). Great marketing ploy. Now, I agree that a firm like CBG has overhead (and the broker needs to split with the company), but a higher commission should equal better service (which is not always the case).

Although I am not familiar with the STL market, the market is bad everywhere right now and realtors should negotiate their commissions. I'm in Florida, which is the 2nd highest foreclosure capital in the country right now and they have been negotiating downward for at least 2 years now. 7 percent is too high. Down here they've been known to go as low as 3 percent. And remember, the realtor, not the broker, gets the bulk of the money - the splits are usually 80 to 90 for the sales agent and the rest to the broker. I am in agreement with you about the profession - you have to be very careful. There ARE honest realtors out there - you need to go by referral. You may want to consider starting a new thread about who has had a good realtor for some leads on this forum.

[MO Fun in Philly]

Anyone have a real estate broker recommendation for listing a condo?

Competence. Honesty. Experience. Good marketing and market sense. Responsive and service-oriented. These would be preferred qualities.

Thanks!