broker sales commission breakdown

What are you selling? Don't list until you post here...maybe avoid the fee all together

that wasn't his question, fool.

Insist on 4% or less.

Good luck getting 4%. No one will take this listing and even if they did, you will be flagged in RED in the database as a reduced commission and will probably not get as many showings had you paid a full commission.

.....Falls asleep at keyboard from another broker comment by #5....... zzzzzzzzzzzzzzzz...

Stick to 4% and belive me if you have an attractive apartment with an attractive location and the right price.you will sell it. I beleive Patricia, who is an abnoxious broker thinks she knows all and must do what she says otherwise your foolish. I would never ever even consider working with a broker with such an attitude.

Alot is case by case (though it is true that corcoran tends toward less flexibility). Line up appts with a few agents from a few firms (which you should do anyway--preferably a few referred by someone), get their feedback, get their absolute bottom line, and decide based on how they struck you, how good they seem, and how negotiable their commission is with whom to list. Many many brokers will negotiate on the "direct deal" percentage.However, even if you find a broker willing to take 4% even for a cobroke,I wouldnt go that route, as you will get very little traffic from cooperating brokers, and that really handicaps your likelihood of achieving top dollar.Good luck!

thanks #8 for the only comment related to my question. Agree with you that trying a better co broke deal would be limit traffic. The area to negotiate is the direct deal commission which seem to be the majority of sales in my building. Just did not know if the direct was varied more by brokerage or was an individual broker negotiation discussion.

#7 I don't think you giving good advice as many of the prestigious firms will not accept a deal at 4%. Maybe the unknowns may take it but you will not get the traffic and marketing as you get what you pay for. See comment # 8 & #9--they are correct in giving realistic advice.

The botom line is that I've seen brokers take 3% on a non exclusive listing. You can advertise the apt yourself and have brokers come in and pay them 3% if they find a buyer. It's done all the time. Granted if you have an apt that's a tough sell then I would enlist a broker. However if your apt is in a great location and you have a good idea based on comps and speaking with other brokers the price that you should list it as than why pay the full commish if the the apt will sell itself.

Pay 6% to a broker who is going to post a free ad on craigslist?

I'm a buyer but my sense is that if you go with a reputable broker from one of the larger firms they won't post your place on craigslist. A good broker will use his/her resources available to market your place effectively, getting your 6% worth

When I started looking I checked out craigslist and found either FSBO's or the brokers who didn't return my calls (indicating that the postings were bogus).

and, no I'm not a broker...

I checked out craigs list and 95% of all ads are byy brokers. Some are the very large brokers you are talking about. If you list with a broker there is a very good chance that they will also advertise on craigs lists as well. Why wouldn't they it's another tool and another advertising avenue that may bring in a potential buyer for your properrty. Keep in mind the reason why they also advertise your property is to get prospective buyers for other properties that they can steer them to as well.

Those craigs lists ads are not posted by the listing broker. Those ads are open listing or bs ads run by rental-turned-sales-agents hoping to grab some buyers. There are many valid arguments for attempting to FSBO, but the notion that a reputable exclusive broker simply slaps an ad on craigslist for yourproperty and then waltzes off with 6% ain't one of them.

Like I said craiglist is just one tool among many tools.

I don't understand the animosity with some of the comments against brokers. If you go to an investment advisor, or if you have a job that requires you to have a manager, you pay them a % of your income. Well, the same is true for brokers, and look for a broker who will give you the right advise, about staging (if needed), about the market, about what is the right price, etc. these are all things that the broker works on, it takes a great deal of time and it's not as simple as slapping an ad on Craig's list. Your broker should represent you, spend time on the property, and money on promoting the property. It is what you pay for. Oh and I used an independent broker to sell an apt of mine and she sold the apt for the most per sf in the building. She did her job she got paid. simple

I think the problem is not 'broker', but about the huge number of bad brokers that lie, cheat and steal to make a deal. These guys spoil it for everyone and I'm surprised established brokers don't push for a higher entry barrier

As an(I like to think) honest, succesful broker who works solely on referrals, I agree with you, #18. I think something else that would help is if the consumer viewed a broker as something other than a necessary evil they may be more exacting in their standards when hiring one. It always amazes me when people on this board say things like "I hated the broker who sold my loft" or "my buying broker was an idiot".There are so many of us out there, take your time and hire one you like, trust, and respect. I think that--ironically--the low opinion many have about brokers helps to keep the bad ones in business, because these consumers, expecting very little, settle very easily. If people hire a broker expecting that they deserve class A service and really interview them (even asking for references) that would create more of a process of natural selection. I do feel that the way in which the market is evolving, with the attendant increase in transparency, is slowly but surely helping to weed out those with little to offer. It is those with least to offer who are most apt to resort to bad behavior in their desperation to make a deal.

#15, tmf, is not correct. I'm in contract right this minute for a Manhattan apartment that I found on Craig's List. The listing broker put it up there. That apartment is not here on Street Easy because that broker does not participate in the Street Easy listing service (which I assume charges a fee).

That apartment, by the way, never appeared on the NY Times real estate ads. (Don't tell the broker, but we LOVE LOVE LOVE this apartment! As the price is very fair.)

If you're a buyer and you're not checking craig's list, hum. If I were selling I would give FSBO a try before signing with a broker. But then, I'm self employed so I feel comfortable with that. Obviously I'm not a broker.

Oh, one more thing, the URL for Craig's List is http://newyork.craigslist.org/

Definitely worth your 60 seconds a day when you're a buyer.

Ok, #20--obviously I generalized, and in this case I was wrong (and congratulations!)
However, for the most part craigs list sales listings are filled with carefully vague hyperbole about an apartment that is not the exclusive of the craig's list lister.But of course you are right and when looking for an apartment why not check every resource. I was simply responding to #12 who basically said "why pay 6% to a broker who is just going to throw up a free ad on craigs list".Because again (for the most part) this is not how we handle an exclusive listing. And I am glad it worked out for you, but I must say that if I were a seller and I hired a broker who then did not advertise in any recognized publication, did not cobroke and simply placed it on craigs list I would be pretty pissed.

Thanks, tmf #22! And I agree with you about being unhappy with having a broker who only went the Craig's List route.