Kay Rowe

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Kay Rowe's Blog

Realtor Fees

Posted On: February 8th, 2020 7:06PM

In the years I have been a Realtor, I have found more often than not, that clients, whether Buyers or Sellers, including Investors, are not familiar with the rules and the codes that Realtors must adhere to. That said, most have no idea that the Realtor fees are always negotiable. In fact, Realtors are not allowed to set fees amongst themselves in this profession. True, there is an average of what percent of the sale is paid to the Realtor, but it is not a set in stone rate. Also, a Realtor can even be paid a flat rate instead of a percentage!

The rules and codes that Realtors are obligated to abide by are designed to protect the clients' interests and this very much includes the rule that Realtors can't set fees amongst themselves. So, beware, if one is told otherwise, i.e. "the fee is not negotiable", one may want to walk away and look elsewhere for representation.

Being uneducated, clients are pretty much walking blind through the Real Estate selling and/or purchasing process, which is why one needs a competent, trust-worthy Realtor to guide them. When one finds that Realtor, one can expect that he/she will be worth whatever fee was negotiated.

But how does one select a Realtor who will be a good fit? Its really up to the client. Some want a Realtor who has many years of experience and sells an average of 100+ homes per year. Some prefer newer agents, ones who are barely selling 10+ homes per year. Reason being, they want someone who, being new, is very conscientious, also not too busy to pay attention. Some look to "Yelp" for those with 5 star-ratings and excellent reviews. Some will go with a Realtor who they know on a personal level or one who is referred to them by someone they trust.

However, many will choose one whose fee is well below the average. But please note, whatever the fee, a low one doesn't necessarily mean incompetence and desperation, nor does a high one mean beyond the beyond amazing representation.

On the other hand, a low one could result in a "you get what you pay for" and a high one impeccable service and a significantly above listing price accepted offer, closing on time or ahead of schedule.

One is fully within their rights to shop for the best fit and should do so. Above all, it is in one's best interest to select a Realtor whom one can trust and one who will be in good communication with one throughout the process. Once that is nailed down, negotiate the compensation for a win-win.

I wish you all the best in your journey.

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