MAKE MOST OF YOUR HOME SALE: KNOW LOW COMMISSION WAYS
If you know how to do it right, a home sale can be fast and easy work. If you are considering selling your home, then one of the decisions is to determine your real estate agent. There are loads of low-cost real estate brokerage options today.
Let us discuss those options one by one.
Traditional Real Estate Brokers
The conventional real estate brokers in New York charge about 6% commission on the home sale. This means that you need to pay them 6% of the price of the house. So, when you list with a traditional real estate agent and sell a home for a price of $500k, then you would end up paying about 30k as the fee to the agent.
However, most New York real estate agents work with a brokerage company. They split their brokerage amount with the broker company and then take their own cut. So, it is possible that the 30k commission that they make from the home sale deal, they divide the amount into four groups the buyer’s agent, buyer’s broker, seller’s agent, and the seller’s broker. Some also need to pay several types of fees such as license fees, office fees, association dues, marketing fees, insurance fees, taxes, etc.
Most agents provide the following services:
- Preparing the price of your home
- Listing your property on the MLS as well as the other websites
- Schedule open houses
- Keep the flyers ready
- Assess if the buyers and their agents are genuine
- Negotiate with the buyer
- prepare contracts
- Coordinate the entire transaction until closing
FSBO or For Sale by Owner
If you do not want to pay a heavy commission, then the best option for you is the For Sale By Owner or FSBO. You can catch hold of some yard signs, open the internet, find free websites to put your home sale advertisement, print the marketing materials such as flyers, find a real estate attorney to keep the documents in place, negotiate and screen the buyers, and close the deal yourself.
As per, the New York Association of Realtors, only 10% of the home sales in New York were able to sell homes through FSBO. FSBO houses may sell slower but they sure can save a lot of money than a realtor.
Also, the best option for you to go for FSBO is when you have a buyer ready. Either you know someone who is interested to buy your house such as a family member, a friend, an acquaintance from your office, etc. You will save some money with FSBO. Make sure to set the right home price and have a real estate attorney by your side. Keep the closing fees also ready.
Flat Fee Services in New York
If you are thinking about how to sell my house fast New York, then one of the discounted options is to hire a ‘flat fee real estate service. These services are provided by many big realtors’ websites and broker companies. The homeowners can list their homes on the MLS as well as other popular listing websites by paying a fixed fee. Most websites also syndicate your listing to other popular realtor websites. These services need you to spend from $100 to around $900.
This way, you can get your property listed on the MLS. However, since this is not all that is needed to sell your home, you also need to pay the buyer’s agents a commission. This commission can be anything between 2.5% to 3% of the home sale price.
If you want more support, you will have to pay more. For example, if you want lockboxes for showings, need someone to prepare the contracts, arrange marketing materials such as flyers, or stay the listing on the MLS for more than 3 months, then you will have to take a higher package. That package may also offer other services such as help with negotiations, scheduling the showings and open houses, managing the entire transaction, etc.
Low Commission Real estate agents or Discount Real estate agents in New York
Low-cost real estate brokerage is also referred to as Discount Real estate agents in New York. Unlike the traditional realtors and brokerage companies, these low-commission realtors offer services at a lower or discounted rate for selling your home. Either they offer services at a lower commission rate or they offer commission rebates.
Before hiring them, you must compare their experience, quality, price, and the ambit of services provided. You should know what you are getting at the price you are spending. Sometimes, you can grab a good deal on commission. Many services provide quick agents at low commission rates having good reviews. Search for “low commission realtors near me”
Best discount realtors in New York
Here are a few options to consider.
Clever Real Estate
This is one of the best discount real estate companies that has helped many home sellers in the past. Clever Real Estate offers a listing fee of only $3,000 or 1%. Clever aims to generate maximum savings for the sellers. Clever offers discounted rates using top-rated agents from reputed brands like Keller Williams, Century 21, RE/MAX, etc. Clever matches you with a local realtor and you can interview as many agents you want, to find your perfect match.
Redfin also aims to provide huge commission savings with a little service tradeoff. Due to the wide coverage area, elite brand name, and listing fee of only 1.5%, Redfin has been a top choice. It offers services at listing fees higher than Clever. The customer experience and rating of Redin are impressive.
Another top pick, Ideal Agent offers discounted realtor fees and promises the best quality and experienced realtor to the sellers. With Ideal Agent, you get an experienced and professional agent in your area for a listing fee of 2%.
Houzeo is one of the best MLS listing providers. The good part is that using cutting-edge technology and their online platform, you can get your home sale done without spending any commission. The sellers can list their homes on MLS within a couple of days by paying a minimum flat fee. The basic package starts from $199.
- The smallest amount package is the Bronze MLS Package which needs you to pay only $199. Your listing is live for 3 Months and you can do 6 Photo uploads.
- In the Silver MLS Package, which is available at $299, you can list for 6 Months and upload 24 photos.
- In the Gold MLS Package, which can be taken at an amount of $399, your listing will be live for 6 Months and you can do unlimited photo uploads.
- Lastly, the Platinum MLS Package which is at $999 lists a home for 1 year with maximum photo upload.