I had a realtor call me the other day and tell me how one of my listings, with a buyer agent fee of less than 2.5% would not work, as it was not the “norm” for the area. The agent mentioned that their agency would charge a buyer a fee of 2.5% of the sales price.
At first, I didn’t see why this was such an issue. However, the more I thought about it, the more I realized the importance of the home buyers’ final decision of selecting their real estate agent. If home buyers take the time to shop around before picking their real estate agent, they could save thousands of dollars.
2.5% might be a “norm” for an area but if a home buyer is willing to do some research on the internet, they would be able to find an agent that would be able to save them thousands of dollars by providing them a rebate, while still providing them the same quality service.
At Maximo Properties LLC, we charge home buyers .75% (minimum $4,000) of the sales price and rebate the rest (lender must agree to the rebate). This would save a buyer $13,125 on a $750,000 property (assuming the listing has a buyer agent fee of 2.5%), compared to a traditional agent that charges the buyer 2.5%. For contract only buyers, we charge even less (.5% of the sale price, again assuming the lender agrees to the rebate).
I am not saying that a home buyer should not go with a traditional agent, as there are many great agents out there, but I am saying that if a buyer spends an hour or so researching on the internet, it could save them thousands when purchasing their new home.
Maximo Properties LLC
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