The level of service that is offered depends on the agent or broker being hired and can vary greatly between providers. So if you're going to go this route, be sure to review the contract closely so you understand exactly what they will (and will not) do for you.
It's a mistake to think that a discount broker will give you the same level of service as a full-service agent but at a lower price. By going with a discount broker, you usually sacrifice things like professional photography, marketing services, advertising costs, and open-house planning and hosting. Discount brokers may list your house on the MLS, put a sign out front, and possibly be involved in the contract negotiations and closing paperwork, but the rest will be up to you.
The discount rate is often defined as the opportunity cost of making a particular investment instead of making an alternative investment of an almost identical nature. Opportunity cost is a slippery concept, though, because we need to subjectively conclude what that alternative investment of an almost identical nature is.
Understanding commission splits In the traditional real estate brokerage model, the seller pays the listing broker a percentage of the house's selling price (usually 6 percent, though it is negotiable).
Discount real estate agents offer lower commission rates to sellers, and rebates for buyers that can result in significant savings. These agents give up a portion of the profits in order to attract an increased volume of clients.
Typically, when you sell your home, you'll pay out 5-6% of the sale price in real estate commissions. Discount listing agents who work with people selling their houses offer rates as low as 1%.
To talk about discount brokers is to say there are standard-fee brokers, and nobody will own up to that statement. Why? Because all real estate commissions are negotiable, However, many real estate brokerages, hoping to capitalize on the growing realization among consumers that real estate commissions are negotiable, have created market niches for themselves that promise to save sellers money and rebate commissions to buyers.
Discount brokerage options almost sound too good to be true but that's only if you're not familiar with the way the internet and technology have changed the way we buy and sell houses.
There are several different types of discount real estate agent models. These include low-commission listing agents flat-fee MLS listing services, brokerages that offer a-la-carte services, and buyers agents that will refund a portion of their commission You can expect to get the same level of service from a discount real estate agent as a traditional agent, as long as you properly vet them and ensure you have found a top agent that is a good fit.
But if the discount real estate agent is offering a limited service then they will be eliminating some of the services from their offering to the seller in order to justify the reduced rates.
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