In today’s article, Bakersfield CA Real Estate Commissions FAQ’s we’ll cover some typical questions sellers ask agents about selling a home and more specifically the commission it costs. Listing commissions vary and of course are negotiable but most agents charge a customary percentage to their clients to list a home for sale. The traditional Bakersfield CA Real Estate Commissions fee to sell a home is 6.0% of the sales price.
Many sellers will attempt to negotiate this fee to a lesser price and often agents will reduce the fee by a percentage or so to help a seller out. Typically the 6.0% real estate commission fee the listing agent charges is split by the listing agent and buyers agent so the listing agent most times doesn’t see the full commission. In addition, the 3.0% the listing agent gets is then further reduced by the employing broker who also wants a percentage of the check. So at the end of the day the listing agent might only see 50% to 60% of the 3.0% commission.
Keep in mind that the listing agent is still doing all the work to sell your home and carrying all the costs; that means paying for advertising, professional photography, staging, open house treats, gas to meet people at the property, etc. The cost can get excessive especially if a home is stuck on the market for an extended period of time.
Bakersfield CA Real Estate Commissions FAQ’s
Be careful of the so called discount listing agents because the discount comes at a cost and usually from the buyers side and the service they provide. For instance, a full service agent will do a complete marketing campaign, be available to their clients, host open houses and do whatever else is necessary to sell your home. Additionally, agents not providing large discounts on commissions will also properly split their commissions with a buyers agent. What does this mean? It means that if a listing agent is getting 6.0% commission then the buyers agent will likely be expecting 3.0% which will be published online for all agents to see. If the commission is reduced to say 2.0% then an agent might be apprehensive to show a property that doesn’t pay well. Sounds crazy right? I thought so too when I first got licensed 12 years ago but it happens.
If you want the best opportunity to sell your home for top dollar in the fastest time possible go with an agent that provides full service at a slightly reduced rate like 5.0%! Most of the time you can get all the bells and whistles a listing agent offers for 5.0%. That means 2.5% to the buyers agent and 2.5% to the listing agent. This discounted but fair commission amount will get you the marketing you need to get the showings necessary to sell your home quickly and for top dollar!
Some Bakersfield CA Real Estate Commissions FAQ’s people ask are as follows;
Will my property be listed online and in the Multiple Listing Service (MLS)?
In today’s real estate market your home HAS TO BE listed online and in the MLS. If your listing agent is not listing your home on Zillow, Realtor.com, Homes.com and Trulia in addition to the local MLS then you need to run the other way! With over 90% of buyers looking online at homes for sale you must make it a necessary requirement that your agent list your home online.
What’s the breakdown on marketing on how are homes sold?
This is a question that not enough sellers ask and it’s pretty important, after all don’t you want to make sure that the advertising your agent’s doing is going to be most effective? Believe it or not, the listing agent probably won’t sell your home. It’s interesting because the listing agent will be the one doing all the advertising and marketing of your home but most times a buyer will call a friend, family member or agent they’ve dealt with in the past to see the property after locating it online. Today, online advertising and content is key! Your home must be promoted via all social media outlets, listed online via the major real estate websites and on the MLS. Additionally, a for sale sign in the front yard is something that accounts for 9% of homes sales but print ads like homes for sale magazines don’t matter anymore.
How much experience do you have as a listing agent?
Any experienced agent will probably answer this question for you without you having to ask it. When preparing for your interviews with agents you’ll want to know how long they’ve been licensed, if they’ve ever had any disciplinary actions, how much experience they have in your immediate area, what testimonials they can provide (ask for names and numbers or look online at Yelp!) and what they’re valuation to sales price ratio is. The valuation to sales price ratio will tell you whether or not they’re accurate with their pricing. The last thing you want to do is list your home for too little and leave money on the table or too much and never sell your home.