What’s the average real estate commission in northern NJ?

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  • #93546 Reply

      Real estate agent commission? I’m selling my condo and it’s my first time selling a property. How do I know I’m not getting ripped off? What’s the average commission, 2%? I’m in northern NJ.

      #93547 Reply

        I highly recommend redfin. Professional photos, 3D walkthrough, full-service brokerage and since they own their own platform they feature their own listings at the top. 1.5% to them to list and whatever is negotiated to give to buyer agent. Other realtors will laugh and this, but it’s true.

        #93548 Reply

          6%, 3% to the buyer’s agent and 3% to your agent.

          #93549 Reply

            Realtor here.. The commission is always negotiable but often times you get what you pay for. As mentioned above, the percentage paid gets split, half to your realtor selling your house and half to the agent that brings a buyer.

            An experienced agent will always go over different price points for listing your home to include what the commission will be and you can decide on a fair market price that way.

            Also, check out: Is 6% commission fair for selling a condo?

            #93550 Reply

              I would do anything I could to avoid paying anybody anything (against the advice of all you real estate agents) except a lawyer for the documentation.

              #93551 Reply

                Put on ZIllow and see what your neighbor is selling, Save your 6%.

                #93552 Reply

                  Realtor fees, with the way they’re currently structured, is a rip-off. It should be on a graduated scale since it typically takes the same amount of work to sell a $500K house as it does a $1M house. So why is the latter double the fee of the former?

                  My wife worked for a guy that brokered radio and TV stations. He had a graduated scale. 5% up to a million, 4% $1m to $5m, 3% $5M to $10M…etc. Realtor fees should be like that.

                  And the USA is basically the only country in the world where the SELLER is paying the BUYERS agent to negotiate against him/her. In most other western countries everyone pays their own guy.

                  I’m very happy these fees structures are finally coming under fire in the courts.

                  #93553 Reply

                    There is no standard commission rate. It’s always negotiable.
                    However as with anything you get what you pay for.

                    #93554 Reply

                      Former mortgage broker here. I think the amount of money a seller pays is outrageous. Giving away up to 6% of your sweat equity? Hard pass.

                      I suggest paying $3-500 independently for an appraisal with comps. Consider paying for an inspection for another few hundred. Now you are armed with knowledge. Price it fairly online yourself via a platform that lists with MLS. Or… Consider a “flat fee” company online.

                      Reach out to a title company (sellers usually chose the title company traditionally anyway) and ask what they charge to put together a legal sale agreement or offer a template for review and also to hold any buyer’s deposit in escrow.

                      Consider a “sellers concession towards closing costs” when you price your house and you will have a LOT of buyers banging on your door if they don’t have to cover that cost. It’s rather simple to sell your own house.

                      #93555 Reply

                        By using a Realtor, you should expect a pro at Marketing and they pay for professional photos and sometimes Virtual Tour. They should also put together a complete Disclosure package, including the inspections you provide.

                        This will mean Offers are more likely to go the distance to actually close escrow.

                        It’ll also minimize the chance of a lawsuit after you close. Be sure to get a pro and price it competitively and hope you get multiple offers and overbids.

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