I want to sell my condo in Los Angeles. What is the average commission I must pay to my realtor?
I own a townhouse in Sherman Oaks, California, Los Angeles county. I want to sell my townhouse. I am going to interview real estate agents. I would like to know what is the standard commission paid to the realtor who sells my townhouse. I believe the commission for houses is 6 percent, but I thought the rate for condos/townhouses was less.
Not typically. Most residential is 7/3.5, straight 6 or 6/3 (for new construction).
Variations in my area are usually land which 8 – 10% is common or mobile homes on leased land (in a park) is typically 10%.
Commission are negotiable. Bear in mind the 6% is usually split between the listing & selling office. I would not offer less than 3% to the selling office, else you won’t see much showing activity.
Also to take into consideration would be reduced fee = reduced marketing efforts and follow up to you.
If you prefer to have a discount real estate agent, go with a flat fee office & be prepared to step in & do your own marketing.
An exception would be if your agent would be representing you in purchasing another home. (Quantity discount) Then you can expect full service as they are going to work doubly hard because you are a repeat customer. I personally reduce my side to half (1.5) for friends, family or repeat customers.
February 20th, 2010 at 9:35 pm
Commissions are negotiable. You can always offer less than the customary commission. They may or may not accept your propsosal. Most won’t.
References :
February 20th, 2010 at 10:16 pm
Not typically. Most residential is 7/3.5, straight 6 or 6/3 (for new construction).
Variations in my area are usually land which 8 – 10% is common or mobile homes on leased land (in a park) is typically 10%.
Commission are negotiable. Bear in mind the 6% is usually split between the listing & selling office. I would not offer less than 3% to the selling office, else you won’t see much showing activity.
Also to take into consideration would be reduced fee = reduced marketing efforts and follow up to you.
If you prefer to have a discount real estate agent, go with a flat fee office & be prepared to step in & do your own marketing.
An exception would be if your agent would be representing you in purchasing another home. (Quantity discount) Then you can expect full service as they are going to work doubly hard because you are a repeat customer. I personally reduce my side to half (1.5) for friends, family or repeat customers.
References :
February 20th, 2010 at 10:38 pm
Commission is between you and the agent/broker. It is customary to offer 3% to each side (seller and lister side). You can negotiate that. However, you should know that there are quite a few realtors who will not show a client your house if you set the selling side (SOC) to less than 3%. I know it sounds bad, but it it the ugly truth. If your a good realtor, a lot of work goes in to representing either side. Regardless of what so called, bargain listers say (which do very little to sell your house), an agent earns every penny of the commission.
References :
Realtor in WA state