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Subject:
Real Estate Commission
Category: Business and Money > Economics Asked by: everes-ga List Price: $5.00 |
Posted:
24 Jul 2005 14:16 PDT
Expires: 23 Aug 2005 14:16 PDT Question ID: 547316 |
When was the convential 6% (3% buyers agent, 3% sellers agent) real estate commission establised? What factors influenced the decision to set the national standard at 6%? |
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There is no answer at this time. |
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Subject:
Re: Real Estate Commission
From: scubajim-ga on 25 Jul 2005 17:38 PDT |
The commision is negotiable. There are companies that charge less. The national standard isn't 6% it is whatever the real estate agent can convince you is the "standard". Some try to tell you the new standard is 7%. If realestate is selling well in your area then negotiate a lower comission with the rel estate agent. There is currently a restraint of trade and collusion case in Kansas (I think) by the FTC because some local Real Estate agents were preventing other agents from charging a lower comission. Remember the real estate agent works for them self not for the buy or the seller. They don't have sufficient incentive to squeeze every last dollar out of the sale. (the agent gets maybe 1.5 % for the sale so on a $10,000 price hike it is only $150. Not worth it to them to push for $10,000 more in price hike.) |
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