Real estate commissions.. I am confused.. (Victor, Mount Sinai: for sale by owner, lawyer, houses) - Long Island - New York (NY) - City-Data Forum

VICTORIA.1 · 05-28-2007, 08:51 AM

What is the going rate in LI? I have talked to several and they say 4% for this and 6% for that and 2% for this and I just want a real answer!!

Is 4% the lowest I can get for a full service with a major company?
Does anybody think selling on my own is a mistake? I am not rich and need a deal...lol..

Thanks...

jdhall1 · 05-28-2007, 10:23 AM

Quote:

Originally Posted by VICTORIA.1

What is the going rate in LI? I have talked to several and they say 4% for this and 6% for that and 2% for this and I just want a real answer!!

Is 4% the lowest I can get for a full service with a major company?
Does anybody think selling on my own is a mistake? I am not rich and need a deal...lol..

Thanks...

Commision is negotiable. The commision is split between your agent and the agent that represents the buyer. You should make sure that the rate for the buyer's agent is competive, because some agents won't show equal homes when the commison for them is less, even though they are not supposed to. You should decide on the agent based on the marketing plan, their competence and if you feel comfortable having them work for you.

NAR stats shouw the homes being sold by owners ell or 165 less than the average homes, although it could be because the owners are selling less valuable property and 88% of fsbos do end up listing with an agent.

NY652 · 05-28-2007, 12:42 PM

Here's what you could do if you want to try it - do a for sale by owner but then offer to show the home to buyer's agents - that way you can negotiate only that side of the sale. You would not have to pay the listing agent because you do not have an agent representing you. This is easy on Long Island because you need a lawyer for the contract anyway. Real estate agents make it sound so technical but all they do is put up a sign and run ads - you can do that. The internet makes marketing of your home and market analysis pretty easy; it just takes time and dedication (the incentive for you to do it alone and do it well is saving $$$). Realtors in other states do everything including the contracts and lawyers are not needed - they truly earn their commissions in this way. Realtors on Long Island play "commission-games" and can be annoyingly persistant in their pursuit of "inventory". You do not have to play games if you don't want to. There's only one person who is going to make an offer you can't refuse and there's no guarantee a realtor will bring you that person. Have you noticed how many listings run out and the owner just goes to another agent? What's the point? It's the same buyers out there, right? The one person who sees your house and wants it could simply be driving by and see your sign. Oh, by the way, the NAR stats are put out by - - - guess who?? And I've read that it is difficult to find the data to back it up. I'm a FSBO and proud of it - many of my friends have been FSBO's - - - I say, GO FOR IT !

momix5 · 05-28-2007, 08:30 PM

Where on LI are you selling?

VICTORIA.1 · 05-29-2007, 09:49 AM

Thanks all.. I really would like to give it a shot on my own.. Just don't have alot of time to commit.... I am still going to think about doing it... great tips...NY652.. Never thought of that..

The House is in Mount Sinai... anybody want it??? lol

NY652 · 05-29-2007, 04:13 PM

Victoria - if your house is in Mt. Sinai - where are you moving to?

joeymarine · 06-02-2007, 12:01 AM

Quote:

Originally Posted by NY652

Here's what you could do if you want to try it - do a for sale by owner but then offer to show the home to buyer's agents - that way you can negotiate only that side of the sale. You would not have to pay the listing agent because you do not have an agent representing you. This is easy on Long Island because you need a lawyer for the contract anyway. Real estate agents make it sound so technical but all they do is put up a sign and run ads - you can do that. The internet makes marketing of your home and market analysis pretty easy; it just takes time and dedication (the incentive for you to do it alone and do it well is saving $$$). Realtors in other states do everything including the contracts and lawyers are not needed - they truly earn their commissions in this way. Realtors on Long Island play "commission-games" and can be annoyingly persistant in their pursuit of "inventory". You do not have to play games if you don't want to. There's only one person who is going to make an offer you can't refuse and there's no guarantee a realtor will bring you that person. Have you noticed how many listings run out and the owner just goes to another agent? What's the point? It's the same buyers out there, right? The one person who sees your house and wants it could simply be driving by and see your sign. Oh, by the way, the NAR stats are put out by - - - guess who?? And I've read that it is difficult to find the data to back it up. I'm a FSBO and proud of it - many of my friends have been FSBO's - - - I say, GO FOR IT !

The only problem with the FSBO internet marketing is that you normally cannot be advertised where buyers are looking. As long as you can make sure that you can get your home on websites such as realtor.com and other realtors websites, that's the most important part.

debhop · 06-02-2007, 07:59 AM

If you have the time, you could sell the home yourself. But, have a lawyer , too.

Remember, to look at your house, like a buyer does. Get rid of "stuff", take care of cosmetic problems, and a fresh paint job for the inside will help sell the home.

I have asked for a lower rate, and got it. However, 5% is not a bad rate, if they really want your business.

joeymarine · 06-02-2007, 08:04 AM

5% is probably right about the best spot to be to get the right amount of marketing and the most activity from a buyers agent. Make sure you ask the agent if they will put your home on Realtor.com with the "showcase package". Ask how often you are advertised in the paper? Ask how often they do open houses, even though they don't normally sell homes. Ask what other web advertisements they do. When negotiating the commission make sure you ask what they will offer out to the buyers agent...yuou want to make sure that it is at least 50% of the commission....if you do 5% I recommend them offering 3% to the buyers agent and keeping 2% in house, however they will not likely go for that kind of a split.

Best of luck to you on what ever you decide to do.

ca46 · 10-05-2007, 09:02 AM

Could someone here recommend a good real estate attorney?.......I would like an attorney willing to explain the whole process to me...not someone who just comes up with surprises at closing.

CG