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Old 06-30-2007, 11:35 PM
 
9 posts, read 36,223 times
Reputation: 20

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I live in a large development in Brooklyn in a pretty desirable area (not the top top but still nice) where I may eventually sell my co-op apartment. It's 3 1/2 rooms. There is a real estate company that our Board of Directors sanctions, and they want to take 4% commission for the sale. I am not sure if this is the best way to go. Is this fair? Reasonable? Do you suggest that I look around for someone else who will take less?

I've never owned property so I am new to this. Any advice would be very helpful.

Thanks!
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Old 07-01-2007, 07:13 AM
 
Location: Morehead City, NC
1,681 posts, read 5,579,276 times
Reputation: 1260
Reverse the thinking. Don't look at what you give up-Look at what you get back in return That determines the true value and worth of the service you contract.
If the commission is 4% but no sales occur-It's worthless.
If the commission is 4% and all they did was place a "For Sale" sign out front-It's equally worthless.
If the commission is let's say, 6% but they got you a higher return and you closed in 2 weeks from the time it was first listed-Then it would probably be VERY worth it.
It's not what you give up it's what you get back,
Bill
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Old 07-01-2007, 09:11 AM
 
Location: Somerset, NJ
505 posts, read 2,210,602 times
Reputation: 135
Quote:
Originally Posted by eschwartz View Post
I live in a large development in Brooklyn in a pretty desirable area (not the top top but still nice) where I may eventually sell my co-op apartment. It's 3 1/2 rooms. There is a real estate company that our Board of Directors sanctions, and they want to take 4% commission for the sale. I am not sure if this is the best way to go. Is this fair? Reasonable? Do you suggest that I look around for someone else who will take less?

I've never owned property so I am new to this. Any advice would be very helpful.

Thanks!

If you are talking about the company that I think you are, the name begins with a "F" I can give you my personal experience with them. I worked their for 2 years until they backed out of my region in January. If that truely is the company you are considering, I recommend against it. I was their leading agent for Orange and Sullivan Counties....Due to the payscale, the agents are forced to work for quantity rather than quality and therefore have too much on their plates and will not pay the correct attention to you and you risk getting lost in the shuffle. The sellthrough rate is about 25% at best, which is incredibly low.

I hope this helps you any.
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Old 07-01-2007, 09:38 AM
 
Location: Virginia Beach, VA
2,124 posts, read 8,258,993 times
Reputation: 816
I would interview several agents, and ask what is their marketing plan, also ask them to show what their listings to sales ratio's where: you want to know how many listings they took in the last 6 months and how many sold, and what was the % of sold price to listed price.

When talking commission, you must know how much the company is keeping for themselves and what they are offering the selling agent (the agent that brings the buyer). If the % is too low, you may get passed over for viewings.

You absolutely must come out of the gate marketed correctly, priced correctly, pristine condition, and ready to sell. Don't play the if I don't get this much higher price, I'll reduce. You will become stale, and the downward spiral usually doesn't get any better. The more folks that see your property in the beginning, and buzz is created, the better.

Just some thoughts for you since you asked,

shelly
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Old 07-01-2007, 11:19 AM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 34,925,003 times
Reputation: 2661
Default Good advice....but..

This is an NYC coop. That is a local and different institution in NYC.

I don't think anybody but a knowledgable local can tell the OP what he should do.

RE is local...particularly NYC coops.
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Old 07-02-2007, 07:56 AM
 
78 posts, read 353,071 times
Reputation: 21
Default Co-op Sales Are Different

RE is local but co-ops are different all together. Not every local agent can carry a co-op listing and do it well even though they say they can. There is an approval process and an agent that doesn't know what they are doing can really screw things up. Use the sanctioned agency, my guess is that this is how you got your place and they will have a list of contacts that have wanted a place in your building in the past. This alone may get your home sold and get it done quickly.

All the best.
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Old 07-02-2007, 07:28 PM
 
9 posts, read 36,223 times
Reputation: 20
Default Re: answers to How Much Commission is Fair

Hi everyone, thanks for your insights. I appreciate it.
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Old 07-03-2007, 10:00 AM
 
Location: Somerset, NJ
505 posts, read 2,210,602 times
Reputation: 135
Quote:
Originally Posted by eschwartz View Post
Hi everyone, thanks for your insights. I appreciate it.
No problem, good luck.
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