Re: Commission for Selling Multi Family Building?

Re: Commission for Selling Multi Family Building? by Garry (Iowa) on March 25, 2015 @20:16

In Iowa, residential real estate commissions are 7%. I don't know what they are for commercial properties. My guess is 6%. Just check with several brokers/companies to find out what the going rate or range is. Also, remember, the higher the listing price, the more negotiating power you have on the commission. But don't necessarily pick a broker based on their low comm.price. Pick one who has a strong track record of getting properties sold fast and at as close to the original list price as possible. Have several companies do a "market analysis " of your property, so YOU know what you should list it for.

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Re: Commission for Selling Multi Family Building? by Anonymous (CA) on March 26, 2015 @01:12	[ Reply ]

Full commission in Calif is 6% residential but 5% is now very common in the listings. I do not know what commercial rates are.

Re: Commission for Selling Multi Family Building? by jannie (IL) on March 26, 2015 @09:50	[ Reply ]

I agree with G. We made the mistake of chosing someone that we had met previously at open houses and felt comfortable with. She basically didn't do much of anything. However, she and the agent represesnting the potential buyer agreed to cut their commissions when we had an offer that was way below the listed price. We came down some, but potential buyer didn't come up. I found out later that the the potential buyer was only approved for x amount of dollars which was below our price... was borrowing the down payment. I think we should have been told. Learned our lesson to interview brokers/agents. We ended up renting the property again - that was nearly 3 years ago. If/when this tenant leaves we'll try to sell again - but will be wiser.

Re: Commission for Selling Multi Family Building? by Anonymous on March 27, 2015 @00:30	[ Reply ]

You need to submit a written complaint of an ethical violation of an agent's fiduciary duty to you to the state real estate board and copy it to your local Realtor Association. We do not approve of this.

Re: Commission for Selling Multi Family Building? - Landlord Forum thread 332624