How Do Broker Fees Work When Selling in NYC?

Nick at Hauseit (https://www.hauseit.com) demystifies the concept of broker fees when selling real estate in NYC. Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/
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You may have heard about six percent. Six percent is the customary amount of total commission you pay as a seller here in NYC. Ordinarily that 6% is designed to be split equally in most cases between the listing agent and the buyer’s agent.

If you just contact a random agent and say I want to sell my place they'll send you a listing agreement and the commission amount will say six percent. The commission is payable at closing only if you close in most cases, but refer to the listing agreement that you're about to sign to confirm this.

Can this be negotiated? Six percent is an egregious amount of money especially when you consider the fact that homes in NYC often cost millions of dollars.

You can estimate your seller closing costs using Hauseit’s interactive seller closing cost calculator for NYC: https://www.hauseit.com/closing-cost-estimator-for-seller-nyc/

If you push hard enough with most brokers you can probably get them down to five percent. That's two and a half to the listing agent and two and a half to the buyer's agent. It's very tough to go below five percent. Most of the time the firms will simply not allow their agents to agree to such a low commission.

Fortunately there are services out there which allow you to save a lot more and potentially save the entire six percent. Here at Hauseit we have our Hauseit Agent Assisted FSBO listing which is akin to a Flat Fee MLS listing service where we basically list your home in the same way a traditional broker does in all of the same places and we allow you to run the process. You do the showings you negotiate and so forth. Learn More: https://www.hauseit.com/agent-assisted-fsbo/

If the buyer comes without an agent, you're going to pay zero percent commission at closing aside from a nominal flat fee which we charge of a few hundred dollars that fee is only payable to us if you close.

If the buyer has an agent using Hauseit Agent Assisted FSBO, then you would only pay the buyer agent commission which you get to set when you list. For example, 2.5% or 3%. This means you’ll save at least half of the traditional 6% NYC real estate commission when selling.

We also have another service which we call Hauseit 1% Full Service. This is designed for a seller who wants to save money but doesn't necessarily have time to assume the responsibilities of a traditional agent. It includes everything from initial pricing/comps analysis, professional HDR photography, 3D virtual tour, all of the media, preparing the listing, doing the listing description, syndicating and advertising it, showings and open houses, negotiating and so forth. Learn more: https://www.hauseit.com/1-percent-full-service/
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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