If a unit owner sells their 1 bd/1ba condo for $20,000 the normal agent's fee of 6% would be $1,200.00
but the way it was told to me is that a R.E. Agent in CV has a ruling that the least dollar amount they will
accept is $2,000.00. Is there any truth to this.
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I am no expert on this, Nutmegger, but I ran into the same thing with one of the local RE agents. To me, it seems quite reasonable given the drop in market values of our condos. It's simply not worth it to a RE agent to go to all the work involved in listing & selling a condo unit for $12,000 (which is what many 1/1's are selling for) to make only $720. Or $1200 in the case of a $20,000 sale. The amount of work involved is probably about the same whether you're selling a $12,000 condo or a $35,000 condo.
ReplyDeleteLanny:
ReplyDeleteI agree with you 100%. I just
wanted to know if my statement
is correct.
I don't think anyone can "rule" on a sales commission at CV. Its usually a matter of negotiation.
ReplyDeleteThe RE agent I heard this about was Century Village R.E., Nutmegger.
ReplyDeleteLanny:
ReplyDeleteI am not a realtor. I posted
that a R.E. Agent told me that
they have a ruling that the least
amount of an Agent's fee is
$2,000 for selling property in
Central Village.