Setting Your Terms
You’re In The Driver’s Seat
Let Your Numbers Take The Lead
On Cortiam, there’s no need to negotiate real estate agent fees because sellers set their commission rate and contract terms.
Setting your terms means making some important choices. The numbers you set tell your prospective agent a lot about what you want to accomplish and how much you value their services.
Setting Your Commission Rate
Before we do the numbers, let’s get into the nuances of real estate agent commission.
Commission Rates Are Negotiable
Some enjoy negotiation, but most despise it. By stating your commission rate in your seller profile, you avoid that awkward back and forth conversation that so many of us dread. Not an awesome way to start a new relationship …
Industry Standard Is 6%
The average commission for real estate agents on a sale is 6%. Some will take less - a half or single percentage point less - and some won’t budge. When inventory is low or their availability opens up, some will entertain less.
Commission Is Split Between Agents
Commission is usually split 50/50, but sometimes 60/40 or 70/30. It depends on compromises on both sides. By the time you get to this stage, you'll have agreed on total commission with your agent, so now it's between the agents.
Real Estate Commission Calculator
Enter the amount you hope to sell your property for and compare real estate commission rates. The dollar differences will show you why half and single percentage points matter so much!
*Calculator is provided for illustrative and educational purposes only. Information obtained by using the calculator is not, and should not be taken as legal or financial advice. Read full disclaimer.
Your Commission Rate, Translated
Lower Rate
Setting a commission rate on the low end signals to prospective agents that you’re either new to real estate and don’t realize their worth, or that you’re kind of a pro and plan on doing a lot of the work yourself.
Higher Rate
Setting a rate on the higher end suggests that you value the expertise an agent brings to the table and/or that you will be leaning on them to guide you through the selling process step-by-step.
Setting Your Contract Terms
Choosing the length of your contract term is more straightforward.
How long are most real estate contracts? The typical real estate contract length is three to six months. Knowing your timeline helps an agent with planning. A good real estate agent doesn’t want such a robust portfolio that they can’t provide high-caliber service.
After you decide to work together, your agent (note, not Cortiam) will present you with a legally-binding contract that solidifies your agent-client relationship. This is standard; don’t sweat it!
Your Contract Terms, Translated
Shorter Timeline
A shorter timeline signals that you either don’t have a lot of time to accomplish your goal and want to be aggressive, or that you’ve done some leg work and need support closing the deal. Or both.
Longer Timeline
Setting your timetable on the longer end indicates that you have a little more time on your side and that you want the absolute right price or property when it presents itself, not necessarily right now.
