Real Estate Agent fee

What is average fee for a real estate agent these days?

We are putting our co-op on the market in the next few months. There is an agent that is commonly used in our building for selling, but we found out she is at 6% commission fee.

DH thinks that is way too expensive, especially for a co-op. Plus, he thinks that since she has so many units that she is representing how is she really going to focus on making ours priority in the building (she is representing our next door neighbors unit which has been on the market for a year with her - I know they are desperate to get out since they just had twins and their new home that they are building is about 85% complete).

Re: Real Estate Agent fee

I *think* it's typically 3-5%. 6% does sound a bit high...perhaps the agent is negotiable?

Also, I agree with your husband. It doesn't bode well that she hasn't sold your neighbor's unit. I would move on.

Real Estate Agent fee

When I sold my co-op in 2011, the agent charged me 5% (which I negotiated down from 6%)

Re: Real Estate Agent fee

co-op are a lot of work to sell- the board approval process is usually done by the agent from my experince

you said your neighbors new home isn't built- are they in contract or they haven't had an offer yet?

having multiple units in the building is a plus in my eyes- she probably understands the board process and knows who is qualified and who isn't- a lot of times the reason the unit isn't selling is the price- not the agent- and if the seller isn't realistic on what they unit is worth it will just sit there

I don't sell co-ops in Queens but I have a good friend I refer them to- she probably charges 5 or 6%

Re: Real Estate Agent fee

Message edited 6/17/2013 3:19:41 PM.

Re: Real Estate Agent fee

Its definitely on the high-side- I would get another agent to come in and see 1- what their commission is 2- what their marketing plan is for your property

If the 6% agent is including a lot more open houses or ads or what have you- it could be worth it.

Re: Real Estate Agent fee

Selling my coop now, standard is 6%. We're using the same agent that sold to us so we got 4.5%.

Re: Real Estate Agent fee

Its important to consider what is the standard in the market that is offered out to selling agents/buyers agents. If most listings offer 3% then a 6% commission would be reasonable.

Re: Real Estate Agent fee

6% is standard, that is what we did selling ours, There is so much that goes into a coop sale, qualifying buyers, dealing with the board, it is a real PITA.

I would look into who sells the most coops in your area, look on redfin, check otu what has sold in the last few months and which brokerage sold it, they have the buyers, they know the coop etc.

IMO someone who had the listing for a year without a sale is NOT the person.

My coop had so many offers and who got 3k below asking in about 6 weeks from listing bc my broker knew what he was doing (and my unit is well done), also I listed it at the right price, other units in my development are listed over a year with no buyer bc their realtor stinks or they are priced to high.

Good luck!

Re: Real Estate Agent fee

we interviewed a few people for selling our co-op. the range was 4-6%. we wound up going with someone primarily because of their marketing approach. they were 5%