Posted by Stu-Canada on November 11, 2002 at 14:41:17:
The fact that she told you she gets 2.5% bothers me. You are not required to give the realtor anything. If you decide to do so you may protect the broker (offer commission) but you are selling FSBO for a reason. Is it worth 2.5% to get it sold.
It may be different in Canada but you also should make sure who the broker is working for. It is expected that the sales rep is acting in the vendors best interest to get the highest price possible. If the sales rep is working on behalf of the buyer you must be very careful what you disclose as they are obligated to inform their client. They would also have to disclose this information to you.
I would recommend that if the sales rep is acting as a buyer’s agent and you have said too much already then you can have the buyer pay for the commission. The sales rep (broker) would have to put it in writing in the contract who is responsible for their commission.
Posted by Todd (IL) on November 11, 2002 at 13:03:54:
I am considering selling my home FSBO, and was wondering if a realtor comes in with her client and tells me she gets 2.5% if we sell to her client, is that fee negotiable or do we have to pay that??
thanks
Posted by Jim FL on November 11, 2002 at 16:04:50:
Todd,
That fee is called “Commission” and is totally negotiable.
However, keep in mind, the agent has access to the MLS, where they can surely find a home for their clients that will pay them 2.5% and above.
So, they need to get paid.
You might get them to go a little lower, but I would not imagine much.
Have you given the agent the price? What do they know about the house?
If no price was mentioned yet, simply raise yours by 3% to cover comissions.
And if there is room to pay the 2.5% at your current price, and you will be happy with your profit, then do what makes you happy.
Close the deal.
The choice is yours, and everything is negotiable.
Just keep in mind, you can never go down with a number, so start low and work up.
Posted by Ryan_MA on November 11, 2002 at 14:06:19:
If an agent brings you a buyer, which is unlikely, they’ll want a commission. Agents rarely do this for that exact reason because there are plenty of other houses out there offering a buyer’s agent commission. If you do have an agent call you and offer to show your home to a potential buyer for a commission you can negotiate that commission. - Ryan