What Is the Average Real Estate Commission Rate in NYC? How Real Estate Commissions Work in NYC

What Is the Average Real Estate Commission Rate in NYC? How Real Estate Commissions Work in NYC


What is the average NYC real
estate commission rate? Despite falling commissions
around the globe, New York City’s average
real estate commission rate has remained stubbornly
fixed at 5-6%. Most NYC sellers are unaware that there
are alternatives to paying 6% commission. These alternatives include
selling For Sale by Owner with Hauseit’s NYC Flat Fee MLS Listing
Service or listing with a traditional, full-service agent for
just 1% commission. Why have NYC real estate
commissions remained so high? Reason #1: Lack of Transparency There is no public database
which provides information about average NYC real
estate commission rates. Therefore, most potential
sellers are unable to determine how much commission other
sellers are actually paying. Reason #2: Brokerage Prohibitions
Against Reduced Commissions Although commission rate
fixing and collusion among real estate brokerages is illegal,
we often hear from our FSBO sellers that many brokerages will refuse
to sign any listing agreement for less than 5% commission. Reason #3: Dominance of Buyer Agents Buyer agents represent over 75% of buyers
in NYC, and the only way for sellers to gain exposure to these buyer agents is
by listing in the RLS broker database. Most sellers think that the only
way to list in RLS is to pay 6% and hire a full-service
listing agent. These sellers are unaware that they can
list in RLS for zero percent listing agent commission with an NYC
Flat Fee RLS Listing Service. Reason #4: Perceived Complexity
of Selling in New York City Listing agents often portray selling
apartments in NYC as being more challenging than in the rest of the
country and something which only a seasoned listing agent
is capable of handling successfully. While it’s true that selling a
co-op in NYC is more difficult than selling a condo in another city, the
reality is that it’s not rocket science. At Hauseit, we’ve helped hundreds
of NYC home owners sell FSBO without the assistance of a
full-service real estate agent. How can you reduce or eliminate the average 6% NYC real estate
commission when selling? You can save up to 6% in NYC
real estate agent commission by listing For Sale by Owner with Hauseit’s
NYC Flat Fee MLS Listing Service. Our FSBO listing service
markets your home on New York City’s most popular
broker database, called RLS, and a dozen real estate
websites like StreetEasy all at once while offering you
control over the sale process. Don’t have time to sell FSBO? Consider selling with our 1%
full-service listing option. Hauseit’s 1% full service
listing option is identical in every way to what you’d
expect if you paid 6%. Visit www.hauseit.com to learn about our reduced commission options
for NYC home sellers.

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