Flat Fee Listing Service
Traditionally, real estate commissions have been determined by percentages. In the past you could count on being charged 6% of the sales price of a home. Since then, the average commission has dropped to about 5%. The commission is then split between the buyer and seller’s agent once the transaction is finalized. How it is split between to two is negotiable, but the overall percentage is established prior to the home being listed on the market.
Even though the percentage is established, the actual commission itself can fluctuate because it is a percentage! Meaning it is based off the final sales price, not the listing price. Most homeowners want multiple bids to drive up the sales price which is understandable. However, it is not often emphasized that this increases the commission! The commission can decrease, but this means the final sale was below asking price. No good.
Some homeowners feel that real estate commissions are too expensive and elect to sell themselves. In some cases they are correct. For example, a 5% commission to sell a home that is listed for $1 million would cost $50,000.
This often ends in disappointment. It can become very time consuming. The first issue is determining the sales price. Without access to the Multiple Listing Service (MLS), it is almost impossible to gather the data needed to make this calculation. Instead, the price is usually based on what the owner THINKS the home is worth. This could end two ways. Either the home is sold below market value or its sits on the market too long. Another issue is exposure. How will they find you? Who are you attracting? How will you know if they are even qualified to purchase a home? Also, serious legal issues can surface if the transaction isn’t handled correctly.
A flat fee can be determined prior to listing your property and will not fluctuate regardless of the final sales price. This is huge because you will know exactly what the commissions will be. Remember, the split is negotiated between the buyer’s and seller’s agent which most likely will end in a 50/50 split. This will get rid of complication and confusion for all parties involved. If your home sells over asking price, the commission doesn’t change. This increases your net proceeds.
Those that have considered selling themselves could benefit as well. When listed on the MLS, every realtor will be able to find your property 24 hours a day. If agreed upon, they can show your property while you are working, on vacation etc. These potential buyers are PRE-QUALIFIED prior to showing your home. This is just one way to gain exposure. Your property can be listed on dozens of websites that only allow licensed agents to post homes for sale, making your home accessible to buyers that search online. This increases your chances of selling your home quickly and potentially above asking price. Realtors also have huge networks. It is not uncommon to have a property sell rapidly because of these working relationships.
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Contact us to learn more:
Black Diamond Holdings
Real Estate | Property Management | Finance
7901 Oakport St #2450
Oakland, CA 94621