brokers fee

yes,indeed

thank you! i was just curious if it varied by broker house

if the sale is worth more than 1million$ you can definately get a percent or two off the commission

I think a broker will be tarred and feathered if they publicly says anything other than 6%; it's written in their code of ethics.

However, my understanding is 5% for listings over $1M is pretty standard, and 4% once you get into the several million dollar range. Also, be sure to spell out what happens if the broker represents both sides: should be another 1-2% reduction.

Here's a better idea: just tell the broker to give you the best deal their brokerage gives, you don't want to go back-and-forth, just an honest answer. If they come back with 6% and no discount for a single-broker sale, you know they won't hesitate to lie to you. You hear that, trust me, the 1% you're missing in the contract is the least of the money the broker is probably going to cost you. Lots of honest brokers out there looking out for their customer's best interest, but also lots of them with that suffer from, ahem, an ethically-challenged disability.

Wow, really? So they will say its 6% unless you bring it to their attention that its should be negotiated? The apt is over 1MM.

when i was doing RE, i told the sellers that it was 4% if i sell myself or 5% with a co-broke. they liked that idea and went for it.

bottom line is some deals are hard to close so 6%to 5% is good!

At the large companies they are pretty firm about the 6%. Now that I have my own company, I have found that 5% is the sweet spot. A lot of brokers won't tell you this, but if it is anything more, you are probably overpaying and if it is anything less, a lot of brokers won't bring their buyers.

Truth be told, the 1% is insignificant if the broker doesn't do a good job. I recommend looking for someone who is a REBNY member (so all 12,000 other members can see the listing and bring their buyers), has good marketing (esp. good photos and online marketing), and has the skills to negotiate the best transaction terms for you.

I've dealt with some REBNY members. Some of the lowest scum on this earth are members. Find a broker who will listen to your needs, give you a good % (4-5%) and will cobroke. Paying to be a member of a "group" means absolutely nothing. It's not like they tape record the broker when he says, "I have a better offer". Then you're stuck with this apartment because he/she was a moron.

Hi, as mentioned above it depends on the price of the apt. I personally do a stepped percentage. Assuming the apt is over a million, 6% if at full ask, 5% if with in say 4% of the ask price (depending how it is priced), 3% if the buyer doesn't have a broker. Also I think it is important to put a mutual termination clause, that if either party are unhappy the termination happens upon 10days of written notice.

Also I have assumed you have done this however I am always how surprised how many sales happen in a building from people trading up in the building (ie in our building it is approx 20 plus %) in apt size or views or wanting to adjoin the adjacent apt. So make sure you email all share holders in the building (thru the building management company) to tell them about your pending sale and tell all adjoining neighbors to your apt. add this as a separate clause to exclude these people for a reasonable amount of time.

Good luck.

gabrielle brings up a good point. i actually saw clauses in MLS that stated if the owner sells themselves, they owe the broker a 1% fee. i would think that this would be reasonable. the broker will have to do more work in terms of keeping track of who he/she shows the apartment to, but that's life.

I guess I'll chime in here. I list for 3.5%; 2.5% to co-broker, 1% to me. If I do a direct sale I take 2%. How do I do this and still give your home full exposure/service? I don't have to split the commission with my "firm". Yes I have successfully sold this way(even where others failed).

Today's technology puts everyone more or less on equal ground. As stated above the most important factor is finding a broker who understands the market, is honest, you get along with and will put the time in to make sure your home sells.

Keith(Broker)

http://theburkhardtgroup.com/services-and-fees-c14358.html
http://nycrentrant.blogspot.com/

Yes 6%, and I hope you also know that 3% is paid to the buyer's agent and 3% to the seller's agent. However, everything is negotiable.