I have a home in Hermosa Beach that needs to sell fast. I’ve had it listed on the market for a few months with my agent and a ton of intrest but no offers. I’m thinking about lowering the price, but how much will depend on what the commission will be (currently at 4% - 2.5% to buying agent - 1.5% to my agent).
Does anyone know if agents are willing to do a fixed commission?
Ton of interest and no offers over a few months means you are over priced. :anon
Some agents are willing to do fixed commission - especially higher priced properties. However - 4% commission is already dead low, especially in California. Your agent agreed on 1.5%? Must be a real friend, or real desperate. :rolleyes
However, before you do that, check out your competition. What is selling now. What is on the market now. Actually go out and see the others. Take a critical eye and match up your property to theirs. In this buyer’s market, with so many homes selling and fewer buyers buying - your property either has to be a helluva deal price wise - or have something going for it that just makes a buyer’s eyes pop. You either have to have the nicest property at that price point - or a clearly better price for houses like yours in that area. If your house doesn’t stand out as a clearly superior property or price, then it will be lost with the many other properties on sale - luck of the draw and there are more sellers than buyers.
So if you need to sell, you either need to cut the price to an amount that makes you super competitive with the market - or do something that gives your house a real “WOW” factor. :shocked
Before you cut the price - see if there is something you can do to get more eye candy going. You might be better off raising the price, but shelling out some money for landscaping, a super-nice chandelier - something.
Again - it either must be the nicest or have the best price, or better yet both. If you want to sell fast, that is the formula.
Don’t overlook the fact that even if you do get an agent to agree to a fixed fee, you still have to entice a buyers agent to bring a buyer to the property. Agents representing buyers may be less likely to show your property if they can show the one down the street and make a much larger commission.
My best friend is selling his house using a flat fee service to get it listed on MLS and is offering 2% to the buyers realtor. He had a realtor call him directly last week-end and tell him she had interested buyers but the only way she would show the house was if he would agree to the 3%. At that point he had not had too much interest in the house and decided to raise it to 3%. I kid you not he already has an offer on the house. Like it or not realtors have a stranglehold on buyers.
I’m in Hermosa Beach also. From what I can tell, the buyers right now are being very picky and patient waiting for a better deal to come along. There is a lot of inventory on the market right now and as it ages sellers who need to sell are making price drops. I think if you’re willing to come in at a great price right now you should be able to sell. You have to spur these buyers into action by having them feel comfortable with the deal they get right now as opposed to waiting it out a few more months. Good luck, at least you have a great location going for you!