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With the advance of the internet, the real estate business has changed dramatically. Unfortunately real estate business models have not.
Real Estate commissions are negotiable and there is no set fee. However, there are commission rates that are common. Many brokers will not allow their agents to negotiate commissions and most brokers will not allow agents to advertise a commission rate, especially if it is viewed as a "discount".
I believe that while commissions are negotiable, excellent service is not!
In a typical listing the seller agrees to pay a commission of around 6%. When the home sells the owner pays 6% period. If there is a buyers broker the commission is split. Usually 3% for the listing and 3% for the selling brokers. If the listing broker sells the home directly to the buyer with no other agent involved then they get the entire 6%.
Think about how much the internet has impacted other industries. Old business models have been turned in to virtual dinosaurs by streaming media and instant downloads.
Atlas Realty Service Web Wide Marketing Gets maximum Exposure To Buyers and Their Agents
The current real estate business model is an old apple cart waiting to be turned over!!!!
In my own opinion buyers agents work way harder and spend way more time to make 1 sale. The 50/50 commission split should be a thing of the past in many cases. That is why I arrived at 1 percent listing solution.
For many years I have offered a "variable rate commission". That is if I sold the home directly to the buyer with no commission split, the seller pays a discounted commission of 4%. It does not happen all the time but it works out great for both me and the seller! Win/Win!
Now with 1 Percent Listing Solution I have taken that 1 step further! The internet has streamlined the work of listing and marketing homes so I believe the commission structure should reflect that.
Most homes are eligible for my 1percent listing solution! There are some active agents that offer discount listing services but they charge an up front fee so there is very little incentive to actually sell your home. This full service listing program gives your home maximum exposure to buyers and their agents with NO UP FRONT LISTING FEE
You only pay when the home is sold!
What’s the catch?:
There is no big catch but there are few guidelines.
*$175,000 minimum sale price. Homes less than $175,000 are a flat listing fee of $2000 but that is still only paid when your home is sold! Still no up front listing fee! You save $1000’s!!!!!
*The buyers agent needs to get paid so the listing will also include 3% for the buyers agent.
*FMLS fee of .0012 % is added in. Total stated commission at time of listing is 4.12% or $2000 + 3% depending on the sales price. Again with no fees up front. You only pay when your home sells.
*My Variable rate commission still applies! If I sell the home directly to the buyer with no co-op agent then total commission will be reduced to 3% + the .0012% MLS fee. The 1% is waived!
*If you have access to a very high quality digital slr camera or have a friend that has one then you can provide your own photos. Cell phone pics and pocket cam pics are not acceptable. We can also recommend a professional photographer that will do photos for as low as $89 or photos and VIDEO for as low as $129 depending on the size of your home. In today’s world internet marketing high quality photos are a requirement and the video is very highly recommended for the small extra cost.
How do I do it?
Law requires that an agents license be held by a broker. The broker is in charge of monitoring the agents actions, reviewing contracts, and holding earnest money. Different brokerages provide many other services for the agents. In return the agent pays the broker a fee. Sometimes it is a monthly "desk fee", sometimes a transaction fee on each sale, sometimes a commission split, sometimes a combination of fees.
In order to properly implement the ideas that I wanted to incorporate in to Atlas Realty Service, I had to start a new business. I am the owner/broker/agent and right now the sole employee. I do not have any monthly fees or commission splits. As managing broker I hold my own license and I am the broker responsible to the Ga Real Estate Commission.
I don't have an office! Over the last several years I have had access to an office through my old broker. Reality was that in the last 3 years i used the office exactly once. And that was only to drop off an earnest money deposit for an elderly client that did not want to do an electronic deposit. Why pay for an office when I can meet at any Starbucks for the cost of a cup of coffee?
Leverage technology! Let's face it, with searches being done by computer,agents do less today. I can spend more time and do a better job representing clients in less time than required in years past.
There are other things that I do to streamline and create efficiency in the business but never at a sacrifice to quality service for my clients.