Real estate agents have an average fee of 5-6% in commission of the total sales price. For some, this fee is too hefty for them to pay which leaves them wondering if there’s a way to avoid paying
realtor fees.
The best way to avoid paying realtor fees is to avoid hiring them in the first place; this means you have to sell your property yourself without the assistance of a realtor. Or you could try these:
- Finding agents that offer a flat fee
- Negotiating your realtor’s commission
- Working with a discount real estate agent
- Comparing different realtors
What Are Realtor’s Fees?
Realtors get paid certain fees after they help you sell your home- these fees are called realtor’s fees. Realtors are paid 5-6% in commission; the commission is split between the agent of the buyer and the seller which amounts to 3% for each side.
How To Avoid Paying Realtor Fees
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Find Companies That Charge a Flat Fee
Companies that charge a flat fee charge lower than other realtors. This is because they have realtors whom they put on a payroll rather than a commission. This doesn’t affect the quality of their work as they still provide the same services you get from realtors that charge by commission. Companies that charge a flat fee also help list your property on the MLS and walk you through the entire process.
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Sell Your Property Yourself
You can as well choose to sell your house by yourself if you don’t want to pay a dime to realtors. When you sell your house yourself, you can save up to 6% of your property’s value that could have gone to your realtor.
However, this means you have to go through the stress that your realtor goes through. You’ll be the one to access the MLS database and make plans for repairs and renovations if there’s a need. Here are things to do if you intend to sell your property on your own:
- Determine which home improvements to make
- Market your property and conduct open houses
- Understand the paperwork
- Negotiate purchase, contingency, inspection, and warranty terms
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Ask What Services Are Offered
There’s no harm in asking your realtor what services they offer so you can know if paying the commission is worth it. You can ask your realtor to list their services so you can judge if it’s worth hiring a less expensive agent for. If your realtors are not offering any services that are not valuable to you, then you can consider negotiating with them or hiring a less expensive realtor.
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Negotiate Realtor’s Commission
Instead of paying whatever fee is given to you, you can negotiate instead. You can negotiate with your real estate agent to reduce their commission fee until you arrive at a price that’s suitable for both parties. If you find a realtor you’ll like to work with but have a high rate, ask them if they’d like to reduce their rates.
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