Selling a home, though it is an exciting idea, is no easy feat. From packing up, getting it valued, and on the market, to finalizing the sale and moving out, there’s normally a lot to organize. You want to sell your home for what it’s worth and ensure that in the end, it’s your money to keep.
However, it’s difficult to do so on your own. It’s common practice to seek a realtor’s help when faced with selling property, but for many reasons, it isn’t always the best option. Real estate commissions take a huge bite out of your prized sale check – let’s take a look at how to avoid paying commissions when selling your home.
How much is a commission?
If you’re a first-time seller it’s important to know to avoid high-street estate agents and realtors. High-street estate agents charge around 1% commission fees and Realtor commission rates usually amount up to 6% — that’s a large sum of your home’s sale price.
Why do realtors charge commission?
One of the biggest expenses when selling your home would be paying for a Realtor to help you. Choosing the wrong one could cost you thousands of dollars and waste your time.
Traditionally, realtors are not paid a salary and earn solely from the commission. This commission is split between one or various parties and only received on the home’s closing date. On this date, you’ll be finalizing all your other expenses too.
What are you paying your realtor for? Their tasks might include:
- Comparing your home with others on the market
- Listing and marketing your home
- Arranging and coordinating viewings
- Negotiating offers
- Assisting you through the process
- Answering your queries
When selling through a Realtor your commission fee will also cover, at least, the costs of the agent representing your buyer. This means the commission fee is split between the two but it’s not always 50-50 and depends on the region you live in. It could range from 48.6-51.4% to 51.4-48.6%.
Imagine you’re selling your home for $500,000 and the Realtor commission fee is 5%. You’ll end up spending $25,000 on real estate commission. If you sell your home without a Realtor and with zero commission, that extra $25,000 could be yours.
A 1% flat fee might seem more appealing but that’s still a large part of earnings that could be yours. Using the example above, you would lose $5,000 on fees.
Avoid the commission and the hassle
Here at Wasy Homes, we’ve been helping homeowners to sell their homes every step of the way, sparing them the hassle – and most importantly, the commission of a realtor. We can directly purchase your home from you so you don’t have to waste your time on listing it on websites, paying a photographer to take pictures, measuring and taking photos of each room and the furniture, designing floor plans, and writing about the property…
We aim to alleviate the stress and financial strain of selling a home for you. Selling to Wasy Homes means fast, hassle-free transactions. We pride ourselves on working directly with our clients and assisting them before selling or buying a home. The best part: we charge zero commission, so whatever you make from the sale of your home, is fully yours.