Comments on: Typical is Boring, but When Selling a Home, Effective

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By: Stacy

Stacy — Fri, 09 Jul 2010 11:21:41 +0000

My experiance is that your data and results are miss leading for two basic reasons:
1) Usually higher commissions are placed on undesirable and hard to sell properties causing sales to take longer. In general, these are the problem properties. Any experienced agent will tell you a higher commission is necessary for such properties. Typically, the location, condition, clouded title, no permits, lack of proper easements, other onsite or offsite, create problems that will cause double or triple the time to work out to a successful close. Basically problem properties require more effort and a prudent agent and seller will acknowledge this by offering higher compensation to the party willing to help solve the problem. In this scenario, had the commissions been lower, you can bet the average sale time of those specific properties would have been higher, say 180 to 270 days.
2) You can bet that if the listings did not match scenario #1 above, they were just plain overpriced with an unrealistic agent or seller. A few percent typically will not keep a house from selling, however if it is overpriced, say 10%+ it will not sell. A lower or higher commission at that point really will not make a difference.

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By: anisacikal

anisacikal — Wed, 16 Apr 2008 11:49:36 +0000

what a nice article

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By: Outside Your Market » Blog Archive » The 8 Percent Commission | The perfect source for Real Estate Investors

Tue, 01 Apr 2008 17:45:39 +0000

[...] a contrarian real estate company with Boston offices, analyzed 2007 sales in King County, Washington (which you may know as “Seattle”). It found that homes listed for commissions below 3 [...]

By: BayAreaConsumer

BayAreaConsumer — Fri, 14 Mar 2008 19:26:00 +0000

Of course like any chicken or egg problem it’s impossible to know whether the higher rebates were a symptom or cause of properties that don’t sell well.

Another factor that I would think would come into play is that the higher fees could scare away some buyers because it makes it look like the real estate pros (on both sides) are taking them for a ride. After all, as redfin reminds us, all the fees are paid out of funds provided by the buyer.

But maybe we’re just not being direct enough. What I’d like to see is some way for the seller to channel money directly to the buyer’s agent, bypassing the cut their brokerage usually takes. If I could offer 3% to the buyer’s brokerage, and an additional 1% directly to the agent, I betcha that would get the agent motivated, as it would probably more than double the agent’s takehome.

By: John Doe

John Doe — Fri, 14 Mar 2008 13:22:24 +0000

In my market the majority of properties that offer higher commission rates are in an upper price bracket. Was average sale price considered in this analysis? We all know that more expensive houses take longer on average to sell.

By: Philip Kaake

Philip Kaake — Wed, 12 Mar 2008 17:54:38 +0000

Everyone loves to run statistical data and try and decipher some meaning from it. I can tell you as an agent that I might be intrigued by a higher commission but if the home is not right for the people in style, price or any other factor I am not going to try and talk them into it. That data also does not account for unknowable information like if the selling price was too high to begin with. My answer to the question from a professional point of view is NO. Higher commissions do not necessarily lead to a quicker sale. However a really low commission like 1% to the buyers agent will probably hurt.

By: Weekly News Round-Up | Redfin San Francisco Sweet Digs

Weekly News Round-Up | Redfin San Francisco Sweet Digs — Wed, 12 Mar 2008 16:43:59 +0000

[...] on Redfin’s corporate web site there is a new post titled “Typical Is Boring, But When Selling a Home, Effective.” Ellie Wilkinson writes about the wisdom of sellers offering a higher commission to [...]

By: ellie.wilkinson

ellie.wilkinson — Wed, 12 Mar 2008 16:09:58 +0000

Lane, good point that there is a selection bias here- we’re only looking at sales that closed. And Michael, no, we only looked at the commission paid at closing, as a percent of the list price at closing- so changes in commissions aren’t factored in.