lowest commission to sell

Questions:
1 - Co-op or condo?
2 - How high are the ceilings?
3 - How long have you owned?
4 - Any mortgage? How much?
5 - What is the view?
6 - What is the condition of the building and common areas?
7 - Have you purchased yet your next apartment or home? NYC - what neighborhood, or elsewhere?

Do you think answers to all those questions will affect % broker will charge?

Well, if you are looking for cheap and incompetent, no.

If it's a co-op then you need competence, because there's a board approval to worry about. You want to screen out people who will flunk the board. We went to contract with people who flunked the board, apparently because of a criminal skeleton in the closet from a distant state, so even cautious, experienced people like moi can get tripped up.

Nestseekers and Rutenberg are two sources for flexible commissions, you might get a listing at 3% or 2% from a new agent. I was just told by an insider that Compass is the darling agency right now.

I am an independent real estate broker and mortgage broker. I would consider representing you for 2.5%. As a mortgage broker I can readily pre qualify an applicant.

Ellen Silverman
E.S. Funding Co.
Licensed Mortgage Broker since 1990
NMLS#60631
Licensed Real Estate Broker since 1987
esfundingco@aol.com
212-786-9682

This is a condo building.
Streetsmart, if you going to represent me for 2.5 % plus 3 % will go to buyer's agent,- the total commission will be 5.5 % , when you have plenty of brokers for 5 %

This is a condo building.
Streetsmart, if you going to represent me for 2.5 % plus 3 % will go to buyer's agent,- the total commission will be 5.5 % , when you have plenty of brokers for 5 %

Low ceiling, no view, poor condition building overall?

nyc2015question 5% combined commission and 3% for a direct deal. Anything less will alienate buyer’s brokers. I can be reached at karanc@nestseekers.com. Speak soon.

nyc2015question, I handle sales at discounted commissions (below the other posters in this thread). Since I don't offer a "one-size-fits-all" approach, if you'd like to learn more, please call me at (917) 675-0037. Check out my SE profile for sales that I've done this year (and one that I'm currently doing).

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

Nyc if there is a buyers broker, then I will take less. Feel free to call for specifics. If it's a condo then that's great; no board to deal with.
By the way there's a big change coming in the mortgage industry on Oct.3 which may very well slow things down as far as commitments being issued. As a mortgage broker I am on top of this and have many lenders.
Ellen Silverman, Bkr.
Tel:212-786-9682

Ellen Silverman

What a disaster.

Gee, I didn't think anyone was a fan of the HUD-1! I personally don't care what they replace it with, just glad to hear it's gone.

I like it. Dan is competing head to head with us. Increased competition is certainly good for everyone (especially the consumer!)
@nyc2015question As I have said many times selling an apartment is not rocket science. The NYC market is filled with many sophisticated buyers. However with over 8000 licensed agents and a low bar to entry into the field, you must vet out an agent very carefully. The first criteria should be finding someone you can work with that has a proven track record of integrity and results.

Don't just settle on the agent that offers the lowest commission. That is as foolish as listing your home with the agent that promises you an unrealistic sales price to secure your listing.
Keith Burkhardt
The Burkhardt Group

how about I will market it myself , offering 2.5 % to the buyer's agent and if there will be no sale within 2 mo I will get an agent's help to sell it

Using hauseit for pics , listings etc

That's an option as well.

http://www.wsj.com/articles/new-mortgage-rules-may-spark-delays-frustration-1443519000

ask on www.kounter.com and let the agents give you a full proposal. you can remain anonymous. may get good insights here but might see what you can do there as well before you make a decision.

GregCoffee...thanks for this...I was actually thinking about posting a similar question as nyc2015...pretty cool site..

Just saw an apartment go into contract using iListProperties.com . I checked out the site, I like the transparency of it, including knowing who runs the show. I had immediate success with a very similar service in another market, we did end up paying the buyer's broker a percentage commission, we were not able to find a direct buyer who was qualified.

To bad buyer showed up with an agent. Buyer could have saved themselves 15-20k on the price. Seller probably would have went lower knowing he wouldn't have to pay agent's commission

Yes, the buyer in my sale works for the Pentagon at a job he cannot describe, and they made a serious offer on the house, sight unseen, through their agent. So I was happy to pay her commission. Which points out one place where agents are really helpful---if you want to, or need to, buy a home sight unseen. The agent can be your feet on the ground.

@Flutistic The second thing I tell clients is we don't consider ourselves salespeople, that is a big part of our model. We provide an opinion based on comps, condition, views, neighborhood and point out red flags that we know will alienate future buyers. My point is, if you can find the right agent, s/he can be a valuable part of 'your' team. The listing agent and for the most part many owners are not looking out for your best interests, I think we can all agree on that.

Find the right buyer agent with a compensation model that works for you, along with a great banker, attorney (engineer, architect, contractor if needed) and you have a team that can assist you make a sound deal.

I think it is non-sense when people on this board try and generalize that all agents, brokers can't be trusted. Although I have a sort of disruptor biz model, the majority of agents I work with are honest, competent folks. In NYC it is my belief that you are better off working with the right agent as a buyer. But you will have to spend some time vetting one out that will work hard for you.

Keith Burkhardt
The Burkhardt Group

The larger context is what Steve is getting at, namely that many sophisticated people really do not need an agent to buy or to sell, but of course agents are not going away. I don't think agents are usually bad people. I just think commission rates are insane.

As someone with a NYC apartment for sale right now, I think I can say that people turn to agents out of convenience, emotional distress associated with the sale or purchase, and fear. The fear of making a mistake in buying, the fear of losing money in selling. The latter leads to the classic FSBO mistake, almost universal, of overpricing the property--and investors can be as bad about this as homeowners. Often all real estate agents really do for their commission is convince the owner to lower the price, and then like magic, the place sells. But if you're not that kind of person you can save a lot of money by selling yourself.

As someone that has done quite a few deals this year and continues to work with a fair number of active buyers,I would disagree that fear or distress plays a significant part in their reasoning for working with us. They are, as you rightly point out too sophisticated, educated for that.

They call for assistance because they understand that having a professional assist is a practical thing to do. One thing that New Yorker's are short on is time, many work brutal hours. And now there are firms/agents that offer alternative fee structures, like us. Buying or selling an apartment is not rocket science, but it does take time for both buyers and sellers. Transaction fees in general in NYC are high; flip taxes, transfer taxes, mansion taxes, mortgage recording fees and none of these costs adds any value :)

Deciding what value a broker/agent adds to the transaction is up to you. We receive quite a lot of positive feedback from our clients. For some buyers/sellers the value add may not be much, for others it may be everything they expected or more. The bottom line is everyone has the freedom to choose the path they prefer; no agent/broker, a hybrid version or a large, high profile firm.

What is great is that the market is loosening up, there are choices thanks to technology. No need to complain, unlike the NYS/NYC transfer taxes, you can avoid paying/reduce a commission :) I have given advice to a number of people that have called me that are not financially in a position to pay a commission and need to figure out an alternative. If you do good, good will come back at you. That is not only good karma, it's a good business and that is how we have grown. Which ever path you take, I wish you the best results.

Keith Burkhardt
The Burkhardt Group

If you do good, good will come back to you. No good deed goes unpunished. Both true.