Prospective home buyers and sellers often ask the question - “How much does it cost to hire a realtor?” It’s an important and obvious question that should be discussed up front when considering your options for buying or selling a home.
For residential listings in Central New York, a 7% professional fee is typically charged, split between the buyer and seller agents. As a seller, your agent will also pay part of her share with the Broker company they are affiliated with, for office overhead and other expenses. HUNT Real Estate ERA is the Broker for Realtor Judy Winslow, Associate Real Estate Broker.
In legal terms, commissions are negotiable, so you may pay more or less than the standard 7%. The final commission fee is whatever you and your agent agree upon. An important piece of information, that is often misunderstood, is that sellers pay the commission earned by the listing agent and the buyer’s agent as well. Buyers do not pay a commission to their agent, just the negotiated price of the home they are buying.
As a career professional realtor, I work very hard for my clients, investing in marketing, staging and professional photography, including video and aerial shots. I also network with colleagues, clients and other agents to give wide exposure to your home.
I often caution sellers about choosing an agent who agrees to take less than the customary commission percentage, for this reason: If the agent cannot negotiate well enough to keep their own money, how will they successfully negotiate keeping your money?
Whoever you choose to represent your home, choose agent who knows their profession, the value of their knowledge, and one who clearly knows the value of your home. You want an agent who will confidently charge a fee based on the their knowledge of housing values, and what values support the price of the home they are selling.
Select an agent with the experience to sell your home, and be sure to have a conversation with prospective agents so you are comfortable with your ultimate choice of realtor. In the end, understanding how real estate fees work, and what are the best practices for a professional realtor, will go a long way toward reaching that ultimate win-win scenario we all want in what is typically the most important business transaction of our lives.