I am helping a family member sell a house in Fleetwood for their father that just passed away. I believe the current standard commission (before negotiation) for a full service realtor is 7% on the first $100,000 and 2.5% on the balance. Based on what is selling in the surounding area I estimate that the house is worth about $800,000. Most houses seem to currently sell within 1 or 2 weeks so to me a $24,500 commission seems to be outrageous. What would be a good fair negotiated commission rate to shoot for for selling the house with an experienced realtor in the Surrey area?
For good realtors expect to pay what you quoted. However if you know the market value of your home and don't need a qualified second opinion, you can always go with a 1% realtor. Cost you $8,000. Might work in a hot market since it will sell fast anyways but you may not end up getting top price for it.
to me a $24,500 commission seems to be outrageous.
Don't forget the commission is divided between the listing agent and the buyers agent (the realtor who brings the buyer).
54% normally goes to the listing realtor ($13,230) and 46% to the buyers agent ($11,270)
If you lower your commission percentage, you may lose buyers due to the fact buyer realtors will find the low commission unattractive. You have to split the commission, and you'd be surprised how much liability a realtor takes on when brokering your sale. Imo always get more than one opinion before selling. Good luck!