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Real Estate
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]Real estate agents are such a ripoff, particularly for an educated seller. If I were you I would use something like Redfin[/quote] You're entitled to that opinion but I think it's simplistic and misguided. For the OP, you're rightfully concerned about your cost. But also consider things from the agent's perspective: 6% on $700,000 is $42,000. Your agent gets 1/2 of 1/2, or about $10,500 under this scenario. At 5%, the agent gets 1/2 of $14,000 or about $7,000. So, that single percentage point represents a 33 percent reduction in his or her compensation for listing the house. If you're right and s/he hardly has to lift a finger, it's nothing to sneeze at, but if the deal is any way complicated or requires more extensive marketing, it will not motivate the agent to do more.[/quote]
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