Here are your options for buying a home and selling another at the same time.
It’s a common misconception that landing your own buyer means you’re off the hook for paying a listing agent. Sure, the goal of selling a home is to find someone to buy it, but a lot more goes into finalizing the sale, most of which is facilitated by the agent.
If you’ve signed a contract with a listing agent that outlines the terms of payment, there’s a good chance that you’re beholden to that amount. That includes the commission, even if you are the one who finds the buyer. You could ask your agent to reduce the commission, but be aware that they are not obligated to do so.
Besides finding you a buyer, real estate agents do a lot to earn their keep. After you accept a buyer’s bid, the agent will do a lot of paperwork, handle communication with the buyer, their agent, and their legal representative, and pay attention to the details of the sale.
Just like anything else in life, you get what you pay for.
Before signing an agreement with an agent, you do have the opportunity to discuss the services that he or she should provide for you and how much you’ll pay for their help. If you’re set on paying a lower commission fee, make sure it’s outlined in your listing agreement up front. Keep in mind that if you’re planning on paying less, your agent may only be able to help you with a limited number of things. Just like anything else in life, you get what you pay for.
A typical agent commission is between 6% and 7%, with about 3% going to the seller’s agency.
If you have any questions about selling your home or any other real estate-related questions, don’t hesitate to reach out via phone or email. I look forward to hearing from you.