Broker fee still at 6%?
We bought our place a few years ago and are wondering if brokers are still charging sellers 6%? It looks like few properties are moving which makes me think that is a little high and possibly negotiable. Anyone have experience selling by owner? We’re not looking to sell right now but are just working the…
We bought our place a few years ago and are wondering if brokers are still charging sellers 6%? It looks like few properties are moving which makes me think that is a little high and possibly negotiable. Anyone have experience selling by owner? We’re not looking to sell right now but are just working the numbers.
yes! it’s negotiable right here in NYC.
We paid 4% and got GREAT service. Temple Morrow Realty. http://www.templemorrow.com/about.html
You can always go the FSBO route and allow co-broking, i.e. if a broker brings a buyers, offer them 2.5% or 3%. State “Brokers Welcome” in your listing and what % you are paying.
Long Island’s (Libor’s)listing and commission structure is completely different to Brooklyn’s and hence – irrelevant.
That being said, commissions are definitely negotiable. You can always try to sell on your own but if you use a broker, use one that will co-broke your listing from day one (REBNY firms are required to) but many local ones do as well. You can negotiate two structures: 6, maybe 5% if there is an offer from a buyer’s broker, 4% if there is a direct buyer.
We just met with 2 brokers to help sell a relative’s house on Long Island in Nassau County– both quoted 4% which surprised me since I thought it was a standard 6% too.
One was from a boutique realty agency and the other was Prudential Elliman.