Sales Commission?

[virgil]

Just curious. I'm planning to list my hunting land upstate. I spoke to an agent and was told that their standard commission is 8%. Does that sound right to you all? I've never sold property before, but thought that rate sounded a bit high.

[Lawdwaz]

Sounds high but WTH do I know. 

 

Try it listing it here, plenty of flush members looking for some turf....................

[mac]

very high. 5% is standard usually split 2.5% for each brokering side

[Bowtoons]

Where is the land located and how many acres?

[growalot]

has been 3 % here for a long time but haven't checked recently...or actually a 6% split.... Where in general up state?

[phade]

5-6% is the standard that I've always seen, with the 3% split Grow noted.

 

No way I would pay 8% unless he can prove that he has some value in being able to inflate the price beyond someone who fetches 5-6%.

[moog5050]

6% is standard in Monroe County with a split if there is a broker on the buyer's end but the seller pays the whole thing usually.

[moog5050]

Btw - I think you should be able to negotiate a lower than standard rate since there are not many "showings" for vacant land.  Its basically just listed on the Board and Broker's website.  Many Broker's will deal.

[First-light]

5% take it or leave it. what so hard about showing vacant land?

[growalot]

Absolutely nothing!...in most cases they will give out the location and tellya to go walk the property and give them a call back...

[virgil]

Thanks for all the feedback everyone. I'll negotiate a better rate or find another agent. The land is 20 acres with a cabin in Cortland County, surrounded by state land. Good deer and turkey hunting.

[Fletch]

Info and price?

[Arrow Flinger]

I sold my house last year and the fee was 3.5% for my agent but I also had to pay the buyers agent fee of 3.5% so it was  7% total.

[Zag]

Its typically higher than if you were selling your home. In a lot of cases a piece of land may sell for $70k vs $150k for a house.

 

If I were you id give it a try yourself first. It could take awhile. Exposure is key and with the web (heck u could probably sell it on here) you can have the same exposure affect as a realtor.

[fu2lmao]

standard is 7% and gets divided between the seller and buyers agent, you can easily negotiate it to 5% total, I have bought and sold a decent amount of real estate, another tactic I use is when I get a lower offer than my list price I tell the agents to each take a cut from there commission to make the deal happen, they don't make much off of land so they are more than happy to just get something and get rid of the listing, as others mentioned exposure is the key to selling quick, this is hard to do on your own since agents monopolize the MLS, if the market is hot at your location you can try the FSBO thing but I wouldn't recommend it

[fu2lmao]

Virgil, I just noticed you are selling in Cortland county.  I have an agent friend that is usually very negotiable, very aggressive and gets the job done.  Let me know if you want the info.

[virgil]

For those that have asked, the details are: 20 acres surrounded on three sides by state forest. 14x14 cabin with loft, front deck, wired for lights, has outhouse. Good deer and turkey hunting. Cortland county. A few minutes from rt81. Timber potential. Finger Lakes hiking and snow mobile trails adjacent to the property. Never tried it, but I've heard there's excellent coyote hunting as well. Asking 59k.

[ELMER J. FUDD]

If you don't use an RE agent, you may be able to use half of the commission as a negotiating tool. In some cases, the selling agent can get the entire 6%. I bought without an agent and the selling agent fell right in line. Basically you tell them you are willing to come in with no agent provided they push to get you the price you want. Don't believe the hype about having your own agent represent you. That's what you're lawyer is for.

[SteveB]

If you don't use an RE agent, you may be able to use half of the commission as a negotiating tool. In some cases, the selling agent can get the entire 6%. I bought without an agent and the selling agent fell right in line. Basically you tell them you are willing to come in with no agent provided they push to get you the price you want. Don't believe the hype about having your own agent represent you. That's what you're lawyer is for.

 

Unless it's the agents listing as a broker, they will be splitting the commission.

[Geno C]

not sure if land with a dwelling may be different then vacant land? but when i was selling mine agents wanted 8%... depends on what the broker may be taking on top of the listing and buying agent percentages are.

[BornToHunt]

When i bought my land the listing agent was charging 10%. That was split between the listing agent and my agent. Generally you will get charged more for land because of the low values.