Are You Selling Your Fort Lauderdale Real Estate Home Or Condo? Want To Save Some Money?
July 7, 2008
If you’re selling your home, the statistics say that more than likely you will end up utilizing the services of a real estate agent. Despite what you may have heard to the contrary, did you know real estate commissions are negotiable?
Don’t let anyone tell you otherwise. As a matter of law, ALL real estate commissions are negotiable, especially in the current Fort Lauderdale real estate market.
While some agents will agree to a commission reduction right off the bat, don’t expect most agents to willingly enter into such negotiations. This is your responsibility as the selling homeowner to do your own due diligence and find that agent who will perform the services that you want at a price that you are willing to pay.
Just like with any other service provider, you decide what you are going to pay. There are so many hungry agents out there who are suffering through what they perceive to be a bad real estate market that if you do a little homework, you will find an agent who will provide you with a high level of uncompromising service at a price you decide is reasonable.
As A Seller, You Need To Know How A Real Estate Agent Is Paid.
It is customary that the seller in the transaction pays the real estate agent. Once you have chosen a real estate agent and have entered into a contract with their broker, the agent will list the property for sale. If another agent brings the buyer they will normally split the agreed upon commission in 50/50 fashion. If the agent you contract with ends up bringing the buyer then they usually will keep 100% of the commission.
Commission reduction is a hot topic in real estate agent circles. Many agents feel they are “worth what they are paid” simply because they are licensed agents without much ability to define what it is that they do or what they will provide for their services.
It is up to you to ask what they will be doing for their commission and if you want to be truly protected, DEMAND that a line by line detail of what they will do on your behalf to get the home sold is written into the listing agreement. If you don’t you are leaving yourself open to trouble. Don’t just take anybody’s word for it. Get everything in writing!
Did You Know That It’s Legal To Offer Buyer’s Rebates?
In the Fort Lauderdale real estate market it is legal to offer a portion of the commission as a rebate to a prospective buyer. Imagine you have a buyer show some interest in your home but he and the wife are torn between your home and another a few blocks over. Both homes are in similar condition but the wife likes the landscaping on the other home better.
Rather than lose the sale, did you know that the buyer can be offered cash back at closing?If your agent wants to, they can offer the buyer an incentive that can mean the difference between a sale or losing a sale. If your house is a $300,000.00 and if you are paying 6% in commission there is $18,000.00 in commissions sitting on the table.
Do you think offering a Buyer $3,000.00 of the $18,000.00 would entice a buyer to look more closely at your property? Of course it could. If you are considering a rebate make sure you get your agent to agree to the rebate at the time of your listing agreement execution and DEMAND that your Fort Lauderdale real estate home or condo is marketed to the general public that there is a cash rebate being paid to the buyer.
Most importantly, make sure you retain the right to fire the agent at your discretion. No, you simply can’t do so. Most listing agreements are written to tie up sellers pretty tightly. Some will tell you that there is no problem in terminating their services, but the listing agreement will most assuredly say otherwise.
Make sure that you get it in writing that you can fire your agent at your discretion…subject of course to any legitimate reimbursement of expenses and you will still be liable for commissions if someone they introduced to you still becomes the eventual buyer.
If you have any questions about commission negotiation or how to structure a buyer’s rebate to entice buyers, feel free to give me a call or drop me an email at robins@robinashley.com or you can simply fill out the contact form below.
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If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
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Barry Johnson: bjohnson@robinashley.com