What are standard commissions for real estate brokers for sales and rentals and are they negotiable?

We were given a contract from a real estate broker to sell our co-op stating they would receive 6% of the sales price or 15% if we rent. I have read on the web the rental commission can be negotiated. In this current market, can a rental commission be negotiated to as low as 10%? Or is 12% more likely? Also, after the contract expires it says the property reverts to an open, non-exclusive listing. If the broker found a buyer at the stage of an open listing, what % would we pay them?

Nicholas

in Real Estate - Sales 13 years and 7 months ago

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jennifersaavedra | 12 years and 3 months ago

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I recommend contacting real estate professional Jennifer Saavedra from Keller Williams NYC. She will help answer all your questions and concerns as well as guide you in finding the property of your dreams! Email: jsaavedra@kwnyc.com Her website: http://www.kwnyc.com/jennifersaavedra

unclerent77 | 13 years and 3 months ago

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All vacation rental commissions are indeed negotiable. http://www.unclerentals.com

Crownlfc | 13 years and 7 months ago

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Yes – they are usually negotiable – REBNY firms are not as flexible but you can still probably get them down to 4-5% if they bring a a DIRECT buyer and 5-6% if they have to co-broke. As putnam says: rental broker fees are usually paid by the tenants, it is usually up the the broker to decide how much they will charge. Once it reverts back to an open listing, it’s up to you on how much you will pay but if it’s from the broker that had the exclusive an it’s within a month after expiration, maybe a tad more if you are nice but usually 3%.

Putnamdenizen | 13 years and 7 months ago

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In New York isn’t the broker’s fee for rentals normally paid by the renter?

timber | 13 years and 7 months ago

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My understanding is that all real estate commissions are indeed negotiable.  My neighbor simply asked and they reduced their commission by half.