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
Save Thousands of
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.
By Dan Wilson
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