Why It Works
Interestingly, millennial sellers and sellers in urban areas, who tend to skew younger, are more likely to attempt to sell on their own or succeed in doing so — 36 percent of millennial sellers and 34 percent of urban sellers attempt to or succeed in selling on their own.
Last year, nearly 1,500,000 sellers nationwide saved thousands by not using a full commission agent.
By law, real estate commissions are negotiable. What this means, is that commission rates are determined or set independently by individual real estate companies (brokerages) and are not set by any govermental body, real estate board or association.
Additionally, some real estate companies will allow their sales people (agents) a certain degree of latitude in negotiating the commission rate to sell your home.
This is of course no different than Ford or General Motors suggesting a retail price for their vehicles and then allowing a certain amount of bargaining at their dealers. So, just as it is prudent to shop around for the best deal when you are buying a car, it is equally important to shop around when you are hiring the services of a Realtor.
The good news is that real estate commissions seem to be falling. The monopoly that Realtors have held over the MLS system is weakening as a result of comprehensive Web Sites that enable the public to access this information.
Web services are creating new competition to the industry which will ultimately lower commission rates. More, specifically, it is the listing side of the commission that is feeling the downward pressure.
Speculation suggests that one day the listing agent will be completely replaced by the web in that the public will pay a flat fee to place their home on a national MLS site. The emergence of "buyers only" brokerages throughout the United States certainly lends credence to this theory.
Our MLS Flat Fee program starts at just $84.95.
This allows you, the home seller, to save on fees and commissins and still attract all the potential buyers for your home through effectiveuse of the MLS system. It really is the best of both worlds.
Don't wait another day, take advantage of this great exposure!