Negotiating commission

[OPButtrey]

We have not yet listed our house and don't have an agent. We do have a loan preapproval for our next house and I have seen one for sale that I'm very interested in. I would like to offer to list my current house with the agent of my potentially new house but with a lower commission than the 7.5 percent that is the norm here in the Kansas City area.

Any thoughts on that?

 

[cyhawkdmb]

We have not yet listed our house and don't have an agent. We do have a loan preapproval for our next house and I have seen one for sale that I'm very interested in. I would like to offer to list my current house with the agent of my potentially new house but with a lower commission than the 7.5 percent that is the norm here in the Kansas City area.

Any thoughts on that?

I am not a agent... It could work, but be prepared for the agent to say no...

 

[dmclone]

7.5 seems stupid expensive. That's nearly 19k on a 250k house.

 

[cycloneworld]

Not familiar with the KC market but most places are around 6-7%. And yes, commission is negotiable. But be prepared for some "no"s.

 

[breck53]

Not familiar with the KC market but most places are around 6-7%. And yes, commission is negotiable. But be prepared for some "no"s.

It's easy to negotiate a 6% commission here in Ds Moines-not sure in your part of the country. 7 1/2% is crazy!!

 

[CyBobby]

I am not a agent... It could work, but be prepared for the agent to say no...

First of all its NOT the AGENTS who set the commission rates its the BROKERS, who set commission rates. So if you want less than the usual market commission rates go call your favorite Broker or Broker Owner and see what they say.

 

[ISU_phoria]

First of all its NOT the AGENTS who set the commission rates its the BROKERS, who set commission rates. So if you want less than the usual market commission rates go call your favorite Broker or Broker Owner and see what they say.

While that's true, I'd still start the request/negotiation with the agent & let them do the negotiation with their broker. If they have a potential listing in hand, but need to lower their commission (within reason) to get the listing, they'll likely be willing to fight pretty hard for you (& themselves) with their broker to lower the commission.

FWIW - I'm a licensed RE Agent in MN, so I do have some experience in this arena. (Not knowing the KC market, you could start with requesting 6.5%, which is often divided 3.5% to the listing agent and 3% to the buyer's agent)

Good Luck!

 

[CTTB78]

7.5 seems stupid expensive....

Agree. I would think they would be a little more hungry than that.

 

[IowaRealEstate]

We have not yet listed our house and don't have an agent. We do have a loan preapproval for our next house and I have seen one for sale that I'm very interested in. I would like to offer to list my current house with the agent of my potentially new house but with a lower commission than the 7.5 percent that is the norm here in the Kansas City area.

Any thoughts on that?

Commission is ALWAYS negotiable and if an agent tells you it is not, keep looking. I offer my clients three commission options of 5, 6 or 7% depending upon what extras and add ons they want.
If 7.5% is the standard where you are, I feel bad for you, that is crazy high for a norm. There are many areas around the country where 5% has become the norm.

If you called me and said , I will pay 6% plus you can rep me on my purchase that would be a lightning quick yes from me as I would make 6 or 6.5% off of being your agent. I like those numbers.

But sadly, many agents are greedy and will try to make you feel bad for that.

There is an agent out there for you, start by going to a site like Trulia.com and searching for an agent based on reviews. Go with somebody who has a good record of service with the their clients.