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Are agents more motivated by a higher commission?
Given all things equal, any agent would rather sell a house for a 4% commission than one for 2.5%. Nearly all of them will remember better and give any close judgment calls to a 4% listing versus a 2.5%. They would also be more likely to email a 4% listing that may not be exactly what their client was looking for, but was close. In negotiations they would also be more motivated to make a deal with a home that was offering a higher commission.
How much commission should I offer the buyer’s agent?
2.5% commission: Should be used in very fast seller markets, especially with higher-end homes that will be purchased by sophisticated buyers and experienced buyers. It is best used in markets where you know you will be getting multiple offers and the maximum price for you home. It should also be used with homes where the agent has little to no influence of the buyer’s decision. We consider 2.5% is the lowest commission you can offer agents and have their complete cooperation.
3% commission: Should be used for any home that does not fall into the 2.5% or 4% category.
4% commission: This is when you want to motivate every single agent on the MLS to show your home over all of the others. This doesn’t mean you can overprice your home by 20% and have a line of buyers at your door. It means that if another home is close to yours, most agents will give yours a little extra nudge to the buyers. This is best for homes that are targeting first time home buyers and those where the buyer will be relying more on the agent’s advice. This is also perfect for slower markets and markets where you expect to get one offer at a time.
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