Not exactly. Paying a 3% commission to a real estate agent is not mandatory and does not guarantee that you will receive better service. All commission fees are negotiable, especially when the price of the property being purchased or sold is higher than average. One doesn’t justify paying a $15,000 commission for a $500,000 property and a $6,000 commission for a $200,000 property when the work performed by the agent is essentially the same.
Using Price Setter® you first select the price range of the property, then you select the agents that better suit your needs. You can further narrow down your choices by filtering agents based on their experience, earned certifications and designations, deals closed, the language they speak, their organization etc. Once you have done this you can engage those agents into a real-time competition to see who generates the lowest commission fee. Without filtering Agents you would be engaging more agents thus generating an even lower commission fee.
The Price Setter® platform determines the winning agent based on simple supply and demand principles and the value of the property, not on how much the agent paid to have their name appear on top of the list. Price Setter® agents adjust their fees based on parameters they store in our database which come into play when being compared to the parameters of other agents
If you are a home buyer, do not contact a listing/Seller’s agent without a buyer’s agent representing you. If you go at it alone the listing agent will get paid his/her commission plus the commission that would otherwise be paid to your agent. Beware of Real Estate websites that automatically put you in direct contact with the listing/Seller’s agent.
All agents members of Price Setter® are obligated to perform the following regardless of what their commission fee is:
➤ Listing on MLS
➤ Photos including interior and exterior and/or video of the property or advertising on BizBuySell or Loopnet (as minimum)
➤ Assist Seller in establishing price (Market Research)
➤ Suggest improvements
➤ Provide and install Real Estate sign
➤ Negotiation with buyers
➤ Advise Seller on contingencies
➤ Customary practices and local regulations
➤ Network with other Brokers and/or Agents
➤ Hold open house
➤ Pre-qualify buyers
➤ Preparation of contracts, addendums, etc
➤ Coordination with third parties
➤ Oversee the entire closing process
➤ Frequent Updates