When you’re buying or selling a home, one of the biggest costs is going to be the real estate agent fees. And with the median sales price of a single-family home being $449,800, that’s no small sum! So when you’re interviewing agents, how do you determine the right amount to pay them?
There isn’t a set rate, but a general rule of thumb is that the seller pays the agent’s commission. This could be factored into the initial listing price, or it can be negotiated at closing. Regardless, the agent will receive about 37.5 percent of the final sales price of the property, and this is typically split between the buyer’s and seller’s agents’ companies (or brokerages). The brokerage usually keeps half of the total, while the agent and their team will take the other half.
In addition to the actual agent fee, there can be other charges that are tacked on during the transaction, such as escrow fees or title insurance. It’s important to understand these additional costs to help you budget accordingly.
While you’re interviewing agents, make sure to ask how they would handle your unique situation. For example, if you’re a first-time home buyer, an experienced agent may be willing to negotiate the agent fee in order to secure your business. And if you’re in a hot market where homes are flying off the shelves, an agent might be willing to reduce their fee in exchange for a higher percentage of the sales price. Read more https://www.sellsoonbluemoon.com/sell-your-house-fast-in-pontiac-mi/
What to Look For
Lastly, it’s important to find an agent who works well with you and communicates regularly. An agent with bad negotiating skills is likely to cost you money, while an agent who’s not interested in working hard for you will leave you frustrated.
Finding the right agent to work with can be a big decision, but it’s a good idea to spend some time shopping around before making your final choice. You’ll want someone who’s experienced, trustworthy, and committed to helping you navigate the process successfully. So, don’t be afraid to ask for an interview with a few prominent agents before choosing the one who will be the best fit for you! After all, buying or selling a home is a major life event, and you’ll need an expert on your side.