Home sales and purchases are significant financial transactions. With so much money involved, buyers and sellers understandably want to find ways to save. One way to cut costs would be to work with a low fee real estate brokerage.
With a low fee brokerage, you can get the professional assistance you need without paying as much.
What is a Low Fee Real Estate Brokerage?
Reduced Fees
The obvious difference is that these brokerages charge lower fees. Most real estate brokerages charge a commission for their services. In most cases, the listing agent gets a commission and splits it with the buyer’s agent. The total is usually around 5-6%. It is common for the agents to have a 50/50 split of the commission. Low fee brokerages use different fee structures to help clients save money.
Fee Structures
The fee structures can vary from one low fee brokerage to another. Some might offer to work for a lower commission or have flat fees. It will also vary depending on which side of the transaction you are on. For example, a listing agent can agree to take a lower commission from a seller. However, the buyer’s agent might still want their typical percentage.
Similarly, the buyer’s agent could agree to take less. However, the listing agent sets the commission with the seller. That means the seller would still pay the full commission. In that case, the low fee brokerage could return the difference to their client at closing.
Service Packages
Some low fee real estate brokerages save money for clients by offering different service packages. For example, a seller might need help listing their home, but they’re willing to do a lot of the legwork. In that case, the brokerage could charge them for listing and other basic services. The same could go for buyers who could find a house on their own but need help with negotiation and closing. A low fee brokerage would cut the fee since there is less work for them to do.
Suitable for Active Buyers and Sellers
The services of a low fee real estate brokerage are a good fit for active buyers and sellers. If you have the time and ability to do much of the work, it could be a way to save money. Most low fee brokerages will even offer complete services, just at a lower cost than competitors.
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