It’s time to sell your home but you’re not sure if you want to hire a realtor or do it on your own. Of course, going the, for sale by owner route is a way to keep more of the profit. You’ll cut out the middle man and avoid paying typical realtor fees.
The flip side is, you’re responsible for showing the house to prospective buyers. There are also legal aspects when it comes to closing the deal.
Before you decide, take a moment to better understand the cost associated with hiring a realtor. Keep reading for a guide on what are typical realtor fees.
Commission vs. Typical Realtor Fees
In a standard real estate sale, the realtor earns a real estate commission equal to 5% of the home’s selling price. This number could inch up a percentage point or two depending on the location.
It benefits the realtor to sell the home as close to the asking price as possible. The seller, on the other hand, does not pay the realtor until the house is sold. The fees are included in the closing cost so you do not pay the realtor directly.
Appraisal and Home Inspections
When looking into hiring a realtor, you should negotiate the realtor fees. A realtor will have industry connections that could save you money. For instance, part of the process includes getting an appraisal and home inspection.
You may know someone who does this for a living or you can leave it to the realtor. Find out what the realtor is going to charge and compare the prices. Also, ask if you’re getting a full inspection or just the HVAC, plumbing, and roofing.
In cases where you know your home is in need of major repairs, you may opt to go with a sell my house fast company. By doing this, you may end up better off.
Staging the House
Before your house goes on the market the realtor may suggest staging. Depending on the condition and size of your home, you’re looking at $500 or in the thousands.
Some things you make be able to do on your own to cut costs. A typical staging can include painting walls, bringing furniture, and trendy fixtures. It’s also a time to start getting rid of things you no longer need.
Photography for Marketing
After the home is staged, the realtor will want to bring in a photographer and possibly a videographer. In the digital era and with technology, social media is used to market homes.
The typical fees for a photographer are based on the square footage of the home. The expense will also include editing and hosting the images and footage on virtual tours on real estate hosting sites.
Closing the Deal
Typical realtor fees are all about getting the seller to closing. There’s a list of things that must get done to support the home’s asking price.
For more information on preparing your home for a sale, check out our services section.