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Online Real Estate Agents Can Save You Thousands of Dollars - Both Home Buyers and Sellers can List or Research Houses for Sale

April 10th 2006

Online Real Estate Brokers Can Save You Thousands of Dollars - Both Home Buyers and Sellers can List or Research Houses for Sale

Save Thousands of Dollars

If you are in the market to buy or sell a home, you may want to consider using online sources for your transaction.  Online real estate brokerage services were recently featured on an ABC News broadcast.  They discussed the pros and cons.  Of course, the traditional broker will provide better service, but it will likely cost you more.  If you are not afraid of filling out some forms and doing some research yourself, you could save thousands of dollars.

Some services may charge as little as $99 (depending on location) for a transaction while others may discount the commission on a percentage basis.  These brokers will usually focus on the state where they are licensed or based in.  So what should you look for?

Probably the most important feature needed to sell a home is the Multiple Listing Service (MLS).  Up until recently, this database of homes for sale has been undisclosed to anyone that was not licensed.  You will also want to find out if your home will be listed with Yahoo.com, Homeseekers.com, Homeadviser.com and Realtor.com.  These services provide pictures and details of houses for sale around the whole United States. 

 

Typically you will find that these brokers will charge a minimal up-front charge to cover their expenses, and a small percentage of the final sale price.  This rate will likely be .5% to 1.5%.  They may also break the percentage down depending on the value of the home. 

It appears everything has become negotiable.  For instance, one broker in Florida lets you decide what the buying broker should be paid.  If you are able to slash 3% off the commission on a $200,000 house, you would realize an extra $6,000 in your pocket. 

 

Online real estate brokers will also save the buyer.  Usually both the selling and buying brokers split a 6% commission, in the traditional non-discount transactions.  Some brokers may offer 50% commission cash back in the form of a rebate.  Typically this works out to 1 1/2 % on the standard 6% overall commission. 

There are some advantages to using a full service broker for buying a home.  You can do quite a bit of research yourself on-line, but when it comes to opening the door of the property, it may help to have a real estate agent with the key. 

 
 
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By Dan Wilson
Best Syndication

Real Estate

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Important:  The material on Best Syndication is for informational purposes only and is not meant to be advice. You should always seek professional advice before making financial decisions. 
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Copyright 2005 Best Syndication                   Last Updated Saturday, July 10, 2010 09:48 PM