- ORIGINAL NEWS
36% of homebuyers and sellers don’t know they can negotiate real estate agent fees. Here’s how to do it
- SUMMARY
In the housing market, real estate agents often take a percentage of the home sale price as their commission.
However, many buyers and sellers don’t realize they can negotiate these fees.
According to a report, 31% of homebuyers and sellers negotiated their agent’s commissions, and 64% were successful.
This can save you thousands of dollars.
Agents provide various services, such as navigating paperwork and researching the market.
However, it’s important to ask questions about their fees and compare rates with other agents.
If you find an agent you like but are concerned about the cost, consider sharing your concerns.
They may be willing to lower the rate or come to an agreement.
Low-commission agents may offer fewer services, while flat-fee agents charge a fixed rate.
Dual agents, who represent both the buyer and seller, may have an incentive to negotiate a lower total commission since they wouldn’t need to split it.
It’s crucial to be aware of all costs involved in buying or selling a home, especially agent commissions.
By negotiating, you can potentially save money and get a better deal.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“Nearly a third, 31%, of homebuyers and sellers negotiated with their agents and a majority of those, 64%, successfully reduced their fees, according to a new report by LendingTree.”
“Many buyers and sellers are unaware they have this option, as real estate agent costs are often “not at the forefront” of their minds, said Jacob Channel, a senior economist at LendingTree.”
Negative
“About 36% of homebuyers and sellers say they didn’t know they could negotiate a real estate agent’s commission.”
“Yet 48% of homebuyers and sellers didn’t know how much their agent received in commission for their latest home transaction, according to LendingTree.”