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Seller's and buyer's agent commission - How do I benefit as a seller
Seller pays both of seller's and buyer's agent commission. Agentsdeal determines that the best way to reduce total commission is that the seller gets listing agent to bid for lower "listing" commission only, and offers the going maximum rate for buyer's agent commission thereby not making the property any less attractive for buyer or buyer's agent. So it is up to the buyer to get the benefit of refund of commission paid to buyer's agent. This is unless seller's own agent finds a buyer directly without the help of any other buyer's agent.
This still benefits the seller in two ways: With buyer negotiating a commission refund on his/her own, he/she will have higher paying capacity and often times may even choose to refund that commission back to seller to make their offer appear higher and secondly in future when you become that buyer (in an exchange or otherwise); you can use Agentsdeal to get refund of buyer's agent commission.Total agent commission lowered from 5% (2.5%+2.5%) to 1.75% (0.75%+1%) for deepest discount tier
1. Define what you want and enter property specifications
- Create an account and open property specification describing your requirements.
- Read the "service tier" definitions here. Full service tier is meant for first time sellers or sellers who are disengaged to not help out on functions associated with a sale. You can still get a commission for listing down to up to 1.5%, based on private or auction style bidding of commissions, depending on parameters of sale, and in such a case agent will still perform all services of a traditional agent.
- If you want to attempt to get even lower than 1.5%, and are ready to put in some efforts that a full service agent would have done otherwise, please choose deeper discounted tiers 2 and 3 and answer all questions in details.
- Agentsdeal.com's commission calculation engine will estimate the amount of commission based on analyzed patterns of entries.
- Agents get to know significant details upfront that saves farming time and wastage and helps them bid aggressively.
2. Open property specification to receive commission bids from agents
- Your privacy is protected. No agent can see or contact you, unless you choose to.
- Once you have entered the property specification, you can open it for bidding from agents.
- Bids can be received either in Private or Auction style mode. Only qualified agents are allowed to bid for your property specification.
- Agents bid for commissions based on service tiers and differentiate additionally based on their experience level and qualifications.
- Upon close of bidding after a set period, a table will be displayed to you showing commission bids from participating agents for different service tiers, each agent's experience and his/her's previous transaction details.
- Having a large number of bids ensures that commissions get to a "true market rate".
- Your listing agent can only suggest commission refund in the range of 2-3% for buyer's side. However if your agent or you get a buyer directly without the help of a buyer's agent and you allow your agent to represent the buyer in a dual agency, he/she can mention in his/her bid what commission he/she would charge for buyer as a dual agent and bid for that number aggressively. Sellers should choose this option of dual agency with caution due to a possible conflict of interest.
3. Choose an agent, sell a property and enter review/feedback
- No blind selection of the agent to be done : You can choose to contact up to 3 agents to contact and/or meet before selecting final agent. You substantially reduce the risk in selecting someone in this way
- You can enter and track details of work done by agent by submitting periodic feedbacks. At the end of a successful transaction, you can also enter a review for the agent. Entering a review will benefit the real estate community in general.