If you are new to the world of real estate transactions, then chances are that you go by everything that you are told by your friends, well-wishers, and self-proclaimed industry experts.
One of the most common notions about real estate transactions in USA is that a realtor?s commission is not negotiable. Yet, as many sellers in miami, as in other parts of the country find out, this is not true. This means that with a little mutual understanding between you and your real estate agent, you can end up paying much less than the standard 6% commission to him/her.
It doesn?t matter if you plan to sell lavish sunny isles condos or a more modest property, the given suggestions will help you negotiate the commission rate with your realtor.
- Take advantage of the current market slump- It is no secret that the global economic downturn has affected the real estate industry adversely. So, if you are a serious buyer or seller in this market, realtors are sure to treat you as a valuable client.
- Try to be realistic about your selling price -This might sound inconsequential, but placing a realistic selling price on your property will ensure a realtor that you are easy to work with. In such a circumstance, they will be more willing to give you discounts on commission as working with a realistic client means spending less time on a project.
- Consult more than one realtor - Perhaps, you will not be able to convince the very first agent you interview to cut his commission rates. At such times, don?t give up hope, and conduct the negotiation procedure with other realtors. Ultimately, you are sure to find a mediator who provides you slashed commission rates.
Real estate transaction is a two-way process and once you have gained the trust of your realtor, negotiate the term of his commission. Since the industry is doing poorly, a real estate agent would never risk losing a prospective client, even if that translates into dropping their usual rates.
If on the other hand, you remain rigid about your overpriced listings, a realtor would have to put in extra effort and time to satiate your greed. At the end of the day, you will have to pay a hefty price for it, in terms of commission.
You should, however, not compromise on the quality of the realtor, for a few extra commission dollars. In your dealings, you will surely come across agents, who readily provide you discounted rates for their services. At such a time, use your good sense, and select a realtor, who can actually give you a good final deal.
Like every other trade, there are no hard and fast rules to real estate dealings. So, if you want to be an alert member of the real estate community, try to test out every theory that you hear about the property market. This will help you stay ahead of the curve, and make greater profit. It is not difficult to bargain the commission rates of realtor. Just a little bit of tact and transparency goes a long way, in getting the job done.
Source: http://www.1st-choice-homes.com/learn-how-to-negotiate-a-real-estate-agents-commission/
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