{ "media_type": "text", "post_content": "About to retire and planing to downsize. My home is now worth ~4m and its outrageous to think that realtors would charge me 6% in fees ~$240k. Should I list by owner? Can I negotiate down realtor fees?", "post_id": "5f91b532286eec00218ef1f9", "reply_count": 9, "vote_count": 4, "bowl_id": "5f75071f4a076300201926c8", "bowl_name": "Partners in Accounting", "feed_type": "bowl" }

About to retire and planing to downsize. My home is now worth ~4m and its outrageous to think that realtors would charge me 6% in fees ~$240k. Should I list by owner? Can I negotiate down realtor fees?

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Are your diamond shoes too tight? But seriously, at that price point, no. Any realtor that can earn that big of commission should be able to provide the value and expertise needed to limit your liability and expedite a sale. Best of luck and congrats on your retirement!

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Just sold a house last year, market in my area was pretty hot so I hired a realtor to manage contracting, inspections, etc., found my own buyer and was able to share some of the commission savings with the buyer so it was a win-win (ie the buyer did not have their own realtor to save that 3%). End result were realtor fees <1%. There are other realtors like REX and redfin you should check out.

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If you get a good realtor, they are worth every penny that they make. I am married to one and had no idea how much they do for you. They will help you market, get top dollar, negotiate price, negotiate repairs, and manage your risk. There is so much involved in selling a house, especially at this price point. The standard 6% is split 3% to the listing agent and 3% to the buyers agent. You never want to reduce the buyers agent 3%. As previously mentioned this could deter agents from showing your house. The listing agent’s 3% is negotiable, but keep in mind that you get what you pay for. My wife very rarely reduces her commission. If you use them to buy a new home where they get that 3% from the sellers of your new house, they will usually reduce commissions you pay them. I hope this helps.

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We tried to negotiate down our realtor fees, but what we found was that some buyers agents won't show the house because they don't get as much commission. We got multiple offers over asking price as soon as we increased the commission rates. Probably more important now since you need to rely more on realtors given some limits on open houses.

Retiring partner weighing in. Is 6% the norm in your market? We own homes in 2 markets where one is 6% and one is 4% and have done transactions at those rates in both. As others have said, the right realtor provides the value worth the commission.

Realtor fees are definitely negotiable for a house in that price range and 5% is what I have typically seen as reasonable.

REDFIN

You can negotiate on the selling agent side -we did so selling a house last year although admittedly the agent was one we've used several times before and had an existing relationship with. I think you want to keep buyer agent fees at "market" or its a disincentive to show the home

I am hours away from deciding whether to sell off market, with no agents in either side. But I also negotiated a 4.5% commission with three agents. I think it depends on the market. In DC metro 5% is standard. I agree that you don’t want to go below standard for the buyers agent commission. Redfin, REX, and Houwzer are some of the companies trying to disrupt the market, but I think their levels of service are suffering, and some buyers agents may avoid those listings or FSBOs.

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