Real Estate commision - a way out of exorbitant rates?

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PhantomNVD

2619 posts

Uber Geek
Inactive user

#154622 2-Nov-2014 22:02

So (real question) is there any reason I can't stipulate a condition of sale as the seller?

I'm thinking to limit the sale price of my house to say $100K (leaves a 'fair' commision fee to the broker), and then stipulate this to be conditional on the sale of my phone for $X00K... to make the total sale price agreeable to both parties, but not pay the ridiculous amount that 2 weeks of 1/2 an hour sitting in my house showing people through will otherwise net my 'general' listed Real Estate Broker.

Ethics aside (please!) is there a LEGAL reason this is not lawful?

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Fred99

13684 posts

Uber Geek

#1167281 3-Nov-2014 08:46

joker97: Only if your house is easy to sell.

But I have bought and sold before, privately usually you can't get what you want, where as a good agent can.

Which has been the basis for an incredibly profitable business model.
Sellers get told not to worry about the the massive commission - because the agent will jack up the price of the house to (more than) cover it. Buyers get told not to worry about the massive commission - because the seller's paying it.
Discount commission agents (ie the "1% & GST agencies") don't get much business because "everybody knows" that they can't give the property sufficient market exposure for the price (unbelievable in the internet age).
Agents always ranking as the lowest of trusted professions - yet we (80% or so anyway) choose to use them when buying/selling our largest assets.

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