My Fees (Commission) to Sell Your Condo
There is no standard commission rates in BC. Real estate agents are allowed to charge whatever fee structure they want.
My commission structure is as follows:
7% on first $100,000 and 2.5% on the balance.
Of that amount, I offer a generous share to the buyer’s agent who brings a buyer to the deal. From the 7%/ 2.5% commission, I generally give the buyer’s agent 3% on first 100,000 and 1.16% on balance
So what does this look like on an example sale price?
For a $400,000 condo, the commission break down would look like this:
$7,000 (7% on first 100k) + $7,500 (2.5% on 300K balance) = $14,500 (this total commission is then shared with the buyer’s agent)
Split to buyer’s agent = $ 3,000 (3%) + $3480 (1.16% on bal) = $ 6,480
Total commission $14,500 minus buyer’s agent commission $6,480 = $8,020
My commission: $ 8,020
From that remaining 8K commission, I pay to market, list and sell your home.
I always am asked if I am open to negotiation on my commission. My answer is Yes, of course. Everything in real estate is a negotiation; however, I will only negotiate on my take home part of the commission. The splits for the buyer’s agent and the fees needed for marketing the condo (on average, I use 20 to 35% of it on marketing) are non-negotiable. I believe they are needed to sell your home. My time and experience is valuable and I do want to be paid for my time. And remember, I am working on spec by investing my own money up front that your place will sell. I believe my strategies will get you more money and save you more time in the long run. If you think you can get a better deal elsewhere, please check out all your options before deciding to use my services. Your condo is your nest egg so ensure you are happy with your choice.
And again, there are no standard commission rates in BC