Tips On How To Negotiate With Your Real Estate Agent
It may seem a daunting task but one well worth exploring: negotiate how much you’re willing to pay your real estate agent for services rendered.
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Okay, here’s the scoop – it’s true: you can really do this! However, as we all know, there’s an art to negotiation and let’s face it, most of us aren’t Picasso. So, what do you do? You could potentially save thousands by negotiating down your real estate agent’s fees and saving money is always good, right? Well, as they say, where there’s a will there’s way, so let’s get down to brass tacks then.
1.Decide Which Services You Want From Your Real Estate Agent
Agents offer a number of services like staging your home or conducting an open house. You don’t necessarily have to take the whole package. It’s kind of like buying a car: you don’t always want or can afford the fully loaded model, right? Instead, you choose the options, which you find most desirable and pay for those. Do the same with your real estate agent’s services!
2.Negotiate With At Least 3 Real Estate Agents When Deciding Whom To Work With…
And let each of them know that you’re talking to other agents! On average, most people will talk to at least 3 real estate agents before reaching a decision whom to work with. Real estate is a competitive industry and agents will do whatever they can to secure your business! If they know that you’ve got, shall we say…a few irons in the fire, it’ll motivate them to work harder to get your business!
3.Buy And Sell With The Same Real Estate Agent
If you’re not a first-time buyer and need to sell your current home when buying a new one (like most of us), you can always choose to use the same agent to buy and sell your property. Normally you’d engage a Buyer’s Agent to help you find your new property while using a Listing Agent to sell your current one. Since these are 2 separate transactions with 2 different real estate agents, 2 commissions are involved. Now here’s where you can strike hard and fast: offer your agent the whole enchilada, so to speak, in return for a lower commission; after all, they’re doubling their business right off the bat thanks to you!
4.Selling More Than 1 Property?
If so, then negotiate for a volume discount! You’re offering your real estate agent a number of properties they can sell, therefore they should cut you a break on their commission!
5.Do Your Homework: Find Out What Other Real Estate Agents Are Getting For Handling Properties In Your Area
Properties in some areas are harder to sell than in other areas and vice-versa. For example, if you know that homes in your area are selling easily and most real estate agents are accepting 4% commissions, use this as leverage when you’re negotiating with your agent.
6.The Same Real Estate Agent For Both Buyer And Seller
In some cases, one real estate agent will represent BOTH the buyer and seller. This is called a dual agency and it’s not legal everywhere. However, let’s say you’re somewhere where it is legal and your real estate agent has a dual agency in regard to your business. If you’re selling, this means your agent will get a commission from both you and the prospective buyer; it’s called double ending. It’s also called a good reason to negotiate their fee! They’re earning at both ends, so use this to get a better deal!
These are only a few tips on how to negotiate with real estate agents and there are many more out there – all you need to do is go online to find out. Regardless of how you decide to do it, remember one thing: DON’T BE AFRAID TO ASK FOR A LOWER FEE! It’s normal to do so and far more common than you might think. A very wise life form (staying politically correct here) once said, “If you don’t ask, you don’t get!”
Let us know some of your top tips for negotiating with real estate agents. And enjoy using your new found skills at Sundaybell!
To learn more about real estate and other services please visit us at www.sundaybell.com
Sundaybell Inc.Toronto, Ontario, Canada
Toll Free: 1-855-786-3291
Contact: Andrew Brest, VP Marketing
Hours of operation: 8:30am-11pm daily