U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > U.S. Forums > Florida > Jacksonville
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-24-2009, 11:12 PM
 
Location: California
83 posts, read 424,053 times
Reputation: 43

Advertisements

Greetings:

In your experience if a realtor represents both sides in a deal, does s/he typically take less than the full 6%? If so, how much less?

Thank you.
Reply With Quote Quick reply to this message

 
Old 06-24-2009, 11:26 PM
 
Location: SE Florida
1,194 posts, read 3,778,214 times
Reputation: 754
The percentage is negotiable but most do the 6% for selling a single residential dwelling. How can a realtor represent and receive a signed contract from both the buyer and seller of 6% is unknown to me.

I often heard of doing both sides during water fountain talk but it would be a conflict of interest.
Reply With Quote Quick reply to this message
 
Old 06-25-2009, 07:06 AM
 
Location: St Augustine
1,002 posts, read 2,322,495 times
Reputation: 455
It will be in the listing agreement but most realtors would take 5% if they are on both sides
I suggest you approach your realtor and suggest she/he drops 1% to get the price of the property up 1% in your pocket and if they do not agree reject the contract offer
Reply With Quote Quick reply to this message
 
Old 06-25-2009, 07:39 AM
 
Location: Jacksonville, FL (Mandarin)
2,455 posts, read 5,496,101 times
Reputation: 1640
Maisy,

The Broker and the Seller have usually already agreed to agreed to commission rate terms in the listing agreement they signed prior to listing the home for sale. I can't speak for other Realtors, but when I take a listing, I agree to drop the total commission rate to lower total % if I procure the buyer in the transaction. It doesn't always happen for me, but I do my best to market the property so I will get the buyer. I do that more for my seller, than for me, since the end result will be a higher amount to the seller at closing.

In the end, it's the Broker's decision on how their agents can adjust listing fees/percentages, since they own the brokerage. The real estate agents are independent contracts and don't make the business decisions for the brokerage. My broker has approved what I do.
Reply With Quote Quick reply to this message
 
Old 06-25-2009, 09:13 PM
 
Location: Dallas
200 posts, read 559,050 times
Reputation: 59
They are allowed to get both sides of the commission if they find the buyer for the property as well. However, most Realtors will have their broker or another agent present the offer the the seller so there is no bias. I will say that usually when reviewing the listing agreement, I tell the buyers that I am willing to take a lower commission if I also find the buyer-just as a courtesey. However, I will say that you are still working both sides of the deal. I would suggest discussing it with your Realtor-they want you happy! Good luck..
Reply With Quote Quick reply to this message
 
Old 06-27-2009, 04:17 AM
 
Location: State of Confusion
71 posts, read 249,134 times
Reputation: 39
I recently purchased a property from the agent who listed it. And, I sold my original home through the same agent.

The 6% (in this case, anyway - YMMV) was only applicable to the sale of my original home. "Commission sharing", so to speak. The agent who brought me the buyer got some and my agent got some. BUT - in the listing agreement, if my agent had also brought me the buyer, the total commission would only have been 4%, strictly to her. (and her broker)

In the case of the property I purchased, the seller only paid 4% commission, because their listing agent was the one who brought them the buyer (me).

As someone else mentioned, commissions are negotiable. In both of these cases, it appears the agent was willing to take a lower percentage of the sale, if they didn't have to split it with another agent. The higher percentage, if they did. It was written into my listing agreement and I have to believe it was in the listing agreement the seller of the property I purchased as well.
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 07:58 PM
 
10,604 posts, read 15,033,650 times
Reputation: 17241
Quote:
Originally Posted by Synergy1 View Post
The percentage is negotiable but most do the 6% for selling a single residential dwelling. How can a realtor represent and receive a signed contract from both the buyer and seller of 6% is unknown to me.

I often heard of doing both sides during water fountain talk but it would be a conflict of interest.
No it's common here. There's even a disclosure form for it.

Actually, IMO it's just that the buyer has no "representation" other than the agent driving along the paperwork. I hired an attorney, I didn't need a real estate agent as a buyer. For what?

Up North in Pa we only "use" a buyer's agent to find houses not for legal matters. If the deal goes bad they have no liability so to speak unless they personally did something "wrong" so why bother? I dont get it actually....
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 10:36 PM
 
Location: Jacksonville, FL (Mandarin)
2,455 posts, read 5,496,101 times
Reputation: 1640
Quote:
Originally Posted by runswithscissors View Post
No it's common here. There's even a disclosure form for it.
In the state of Florida, it is presumed that real estate licensees operate as Transaction Brokers, unless a single agent or no brokerage relationship is established, in writing, to the customer. If in doubt of the brokerage relationship you have, ask your agent. They'll be able to explain it.

Here's what the Florida Statutes say about it, in case anyone wants to know.
Statutes & Constitution :View Statutes :->2008->Ch0475->Section 278 : Online Sunshine
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Jacksonville
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top