| Michael E. Byczek, Real Estate Broker Chicago, IL |
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($200 setup fee to start; Commission fee waived if you sell the house yourself) Full market analysis of comparable properties to find the right selling price Custom domain name with full website (domain name is transferred to you or buyer at end of contract) Photographs and videos to showcase every inch of the property, interior and exterior Promotional videos posted on Internet websites Floorplan drawings for each unit Real estate tax and utility cost information for prospective buyers Historical ownership report from 1871 to the present (marketing tool) Communicate with prospective buyers via phone and email Contact local brokers who may know clients who are interested in your property Assist you with showing the property to prospective buyers Disclosure forms Sales contract Negotiate with buyer's agent for a finder's fee (set by you in advance) 3-month broker-client contract Pay-as-you-go advertisement costs (you pick where to place paid advertisements) * Clicking the "Buy Now" button will take you to the PayPal payment website for a secure transaction. If you haven't already spoke with Michael, he will contact you after notification of the payment. You will receive a short broker-client contract to sign and Michael will gather the information from you necessary to market your property. Regardless of who you hire as your broker, there is another fee scenario that is often overlooked. If the buyer has a buyer’s agent, you are going to pay this broker a commission either directly or indirectly. As an example, consider a house that sells for $100,000. Assume the seller hired a broker to sell the house at a 6% commission ($6,000). If the buyer hired a buyer’s agent, that agent wants to get paid from either the buyer or the seller. The 6% seller commission includes not only the seller agent’s fee, but also how the buyer’s agent gets paid. Assume a 50% split. This means that when you pay the seller’s agent 6%, you are really paying 3% to both the seller and buyer’s agent. In other words, the seller’s agent gets $3,000 and the buyer’s agent gets $3,000 (as an example). If the buyer did not hire a buyer’s agent, the seller’s agent keeps the entire $6,000 without sharing the fee. You pay a one-time flat setup fee to create Internet-based marketing materials, communicate with prospective buyers, and show the property. You, the seller, pay for specific advertisements that fit your needs and budget. You have the choice of whether to hire Michael as a broker to handle the entire transaction on your behalf. Alternatively, you pay for only the marketing material (i.e. website, photos, and videos). You communicate with prospective buyers and show the house. If the buyer does not have a buyer’s agent, these are the only fees that you pay to sell the house. However, if the buyer does have a buyer’s agent, he/she wants to get paid. Option 1: Direct commission from the seller – You offer the buyer’s agent a finder’s fee to help close the deal (i.e. a flat fee or commission on the selling price). Option 2: Payment from the buyer – The buyer will ask you to reduce the price of the house to compensate paying a fee to the buyer’s agent. Either way, if the buyer has an agent, you will pay him/her directly, or through a reduced sale price on the house. This is true whether you hire a broker or sell the house yourself without an agent. The only way to completely avoid paying any brokerage fee is to sell the house by yourself without a broker to a buyer who doesn't have a broker. If one broker is involved, you pay one fee. If two brokers, then two fees. * You, the seller, pay for advertisement costs if you decide to place a paid ad. Michael will advise you how to save these additional fees by testing the market using free Internet websites and marketing strategies. If the initial offer does not generate a potential sale, then the marketing plan is adjusted on a pay-as-you-go basis. Copyright © 2003-2010. Michael E. Byczek. All Rights Reserved. |