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I'm planning on selling my home in Clifton, NJ and moving to South Jersey. Can someone give me an idea (with the market the way it is), what is a fair real estate commission to pay a realtor to sell it??? Any advice would be appreciated, thanks
the days of 6% commissions are long gone. YHD (which later became Foxtons) did away with that (MUCH to the dismay of the established Realtor cabal) when they had their 2% marketing.
right now, I'd say 5% is the norm, though some of the hungrier agents will do it for 4%...
I'm planning on selling my home in Clifton, NJ and moving to South Jersey. Can someone give me an idea (with the market the way it is), what is a fair real estate commission to pay a realtor to sell it??? Any advice would be appreciated, thanks
It depends on who you call in.
Most are usually from 4% to 6% - be an educated seller and make sure you ask the right questions. Also ask if there is a discount if they do an in house sale meaning one of their agents sells it.
Make sure you interview at least 3 agents and ask what they will do to advertise your home
I'm planning on selling my home in Clifton, NJ and moving to South Jersey. Can someone give me an idea (with the market the way it is), what is a fair real estate commission to pay a realtor to sell it??? Any advice would be appreciated, thanks
Several relevent facts;
In NJ Real Estate commissions are negotiable.
Each home is different and needs different marketing.
Even within the state or county, each local market is different.
Each seller is different and needs different services from their agent.
Each agent is different and has the right to value their services as they see fit.
There are some agents out there who will try to take every penny they can concvince you to pay.
There are some agents otu there that are so desperate for business they will take whatever offer you throw at them to get the listing.
A good, experienced, ethical agent with a plan can show you how they will make or save more for you than you will pay them in commission.
The right agent is not always the lowest priced one.
The best agent is not always the highest priced one.
Talk to a few, ask detailed questions about their marketing plan and negotiating strategy. Don't just hire the cheapest one or the one who says they can sell yoru house at the highest price.
the days of 6% commissions are long gone. YHD (which later became Foxtons) did away with that (MUCH to the dismay of the established Realtor cabal) when they had their 2% marketing.
right now, I'd say 5% is the norm, though some of the hungrier agents will do it for 4%...
The "established realtor cabal" had the last laugh since Foxtons went bankrupt with their 2-3% commissions.
Make sure you interview at least 3 agents and ask what they will do to advertise your home
Keep in mind that real estate agents do a lot more than just advertise your home. If that is all we did, then nobody would need us. Agents should be advising you on how to prepare the home for sale, pricing and pricing strategies, then market and get offers, negotiate the contract, and then coordinate all activities until closing. While the house is on the market, we are fielding buyer enquiries and qualifying them. Much more...
So also ask for the agent's full marketing plan with info on when they will do each item. Ask how they will determine price and how they will decide when to recommend adjustments to the price. What are they going to do to make your home stand out from the hundreds of homes in your area that are for sale?
Watch out for the agent that will quote you a high list price just to get your listing. Many agents do that in hopes of getting you to come down in price in the future and in the meantime, they are using your house to get buyer leads. Price right to sell.
You want a proactive agent, who will not just do the 3 Ps: Put out a sign, put it in the MLS, and pray that it sells.
I got off the commission subject a bit, but getting a great agent is much more important than commission, because they will get your house sold.
As Bill said, all commissions in NJ are negotiable and in this market many agents are taking a lower commission to get the listing. Keep in mind that some brokers/companies do not allow their agents to go below a certain commission rate, so if you want a lower commission, find an agent with a company that allows them full control over commissions.
Ask friends and family who they have used and then as Roselvr said, interview at least 3 agents and ask them lots of questions. More questions can be found online.
The "established realtor cabal" had the last laugh since Foxtons went bankrupt with their 2-3% commissions.
Actually the free market had the last laugh. Foxtons could not pay the bills while charging a 2%-3% commission, despite all the advertising hype. If the model was good, they would have made a fortune and the put the rest of us out of business. But gee, it turns out that selling a house and getting it to a closing actually DOES take a lot of effort, experience, and, of course, money.
Exactly. You could barely even get a hold of the Foxton agents to see their homes. Their business model was based on high volume, something thats tough to achieve in this market.
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