Reply to Help me with the basics - hiring agent to sell our house and asking for discounted commission

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[quote=Anonymous][quote=Anonymous]We are putting our house on the market and will be hiring an agent. We'd really like to negotiate a lower commission to go to the agent, as we live in a popular neighborhood where houses move really quickly. [b]We don't expect the agent will have to work super hard [/b](I know he/she will still work hard, of course!) Our house should sell for over $700k. Is it possible to negotiate down the commission to the seller? What strategies or talking points would you suggest?

Am I correct in the following assumptions? Typically, about 6% of the sales price of the home will go towards commission - about 3% to buyer's agent and 3% to seller's agent. I assume that what we'd be trying to negotiate down is the standard 3% to go to the seller's agent. What is reasonable? Should we try to get this down to 1.5%, 2% or 2.5%?

Thank you for any tips. [/quote]

You really have to look at the commission as an insurance policy in case the sh** hits the fan. It's true that for that price in a popular area, you are going to have a lot of interested buyers, but any number of things could come up that could ruin a contract. You might, for example, have a problem with the house you weren't aware of (mold, termites, structural issues). You could have a buyer who wants to back out at the last minute. You could find a buyer with great financials, but who wants a rent back. Etc., etc. (All of the above have happened to friends of mine buying in upper NW, DC.)

If you need to sell the house because you have already bought one, or are moving out of the area, find an experienced realtor--even at full commission--"just in case."

And no, I am not a realtor.[/quote]

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