What’s the difference between asking for a buyer’s rebate and negotiating the broker’s commission?
Basically, a brokers commissions is paid by the seller to the listing broker, and a buyer’s rebate comes from the buyer’s broker.
When a broker is negotiating a commission, they’re doing so with the Boston condo seller. The seller typically pays 4-6 percent of the purchase price. If there’s a buyer’s broker, 2.5 percent (half) of that commission goes to the seller’s broker, and 2.5 percent (the other half) to the buyer’s broker.
A seller may negotiate the commission, and if that agent wants the sale badly enough, they might say yes to a lower commission. Newer agents may be more amenable to reducing their commissions. Sellers may also have a better shot if their property is pricey, in the seven figures, or they’re a repeat client.
Typically, Boston real estate commissions range from 4-6 percent. If you’re a Boston condo for sale buyer using a broker to represent you, you can ask for some of the commission the broker is making from the seller (i.e., a rebate on your broker’s share commission).
I’ve found that despite efficiencies from increased technology and transparency—which reduce the scope and difficulty of work traditionally performed by Boston real estate brokers—there has been no significant decrease in the traditional Boston real estate brokerage commission rates and no expedition of the process. We believe fees should be lower and technology should enable both sellers and buyers to benefit financially. Ford Realty passes along to consumers the productivity and efficiency gains that modern technology grants our agents.
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