Many people have a traditional sense of how a realtor can help. You may want them to help you buy or sell your home or you may need help with a rental property. Most believe there is a set formula for these services.
Standard, or full services, are generally accepted as the only services offered by REALTORS but they are just more widely, and publicly, known. Many people believe those services are the only services available from real estate professionals. Further it is widely believed that these services have set commission rates for all sales listings and rental listings. However, the real estate industry has expanded over the years. There are other, more limited services, that are offered.
Commission rates are negotiable. There are some larger companies that set their commission rates for their own agents, however, their rates do not influence, or control, rates set by other companies.
Moreover, many REALTORS also provide discounted services to allow for more participation from those owners who wish to have more involvement in selling or rent their properties.
For those seller’s who live locally and would like to market their own property, and are also willing to:
be hands on,
meet the buyer’s,
hold open houses,
advertise their property,
It may be worthwhile to request limited service.
They would only need an agent to list their holding on the MLS (Multiple Listing Service). That could be accomplished at a substantial reduction of that REALTOR’s standard fee.
The same holds true for rental owners. Our company, as an example, offers one half of our standard rental commission for those owners that refer their renters to us.
Since most owners of rental units do not live locally, they frequently need assistance with lockouts, repair issues, flooding or parking/towing problems. Even though they may have a number of renters (co workers, relatives or through advertising) a local REALTOR is of great value when such services or assistance is required.
Should you elect to promote your property through a real estate agent with limited services, you should be careful to document the exact services you may need. By memorializing those exact services in writing, it will help avoid misunderstandings and allow all parties to clearly understand what duties the REALTOR will provide and what the owner will pay.
While one real estate company may only provide standard services only, there are many that will help you with your specific needs.
There are no set commissions across the real estate world. In fact, should all companies try to agree to all hold exact fees, that would be an anti-trust violation. This would be an illegal practice.
Most REALTORS are happy to assist you with any related needs, from merely providing advice and guidance or writing up a contract on sale you have arranged to attending settlement for you.
If you have real estate needs of any type, you should contact your local REALTOR to discuss what service(s) you may require, and price for fees for that service.
