4 Ways to Reduce Your Real Estate Transaction Fees

4 Ways to Reduce Your Real Estate Transaction Fees

Reduce-Your-Real-Estate-Transaction-FeesEvery home seller wants to sell their property at the best price possible in order to earn maximum profit. However, many sellers only focus on the price and not the net profit. The process of selling a home requires the help of a real estate agent and a quality escrow company. And the seller has to pay most of the fees for the companies that are involved on both sides of the real estate transaction. If you want to reduce your real estate transaction fees, then you will be glad to know that there are some ways that can help you in this regard.

Following are 4 ways to reduce your real estate transaction fees:

1. Negotiate the Commission

It is recommended that you interview several real estate agents before selecting the one to list your property. During the interview, don’t hesitate to ask for a discount on the commission. Keep in mind that not all sales agents agree to the lowered commission amount. It usually depends on the price range of your property as well as how easily and quickly the agent thinks it will sell.

2. Find an Escrow Company with Low Fees
There are several escrow companies available in the market that offer discounted rates. Such companies charge relatively lower fees to sellers while keeping the commission of the buyer’s agent at the standard market rate. While actual fees vary depending on the market conditions, finding an escrow company with low fees can save you a lot of money in fees while still acquiring the full services and benefits.

3. Flat-Fee Listings
You may have already heard of flat-fee listing services. These services allow you to list your property in the Multiple Listing Service (MLS) that is widely used by Realtors. When you list your property on the MLS, it is exposed to the real estate agents who are working with home buyers who may be interested in your property and will typically include placing the property on real estate websites that are frequently visited by home buyers. Apart from a few hundred dollars fee, you will only have to pay the commission of the buyer’s agent.

4. Dual Agency Sales
Dual agency is a scenario in which the same real estate company represents both the seller and the buyer. Dual agency is illegal in some states while in others, agent must disclose this scenario with both the buyer and the seller. If your chosen company works with home buyers and sells your property to someone it is already working with, you can use it as an opportunity to ask for a discounted commission as the real estate company is earning the entire commission. However, it is not recommended to encourage a dual agency situation because it can be quite difficult for the agent to fairly represent both parties’ interests.

Inland Empire Escrow  provides escrow services for a diverse variety of real estate transactions.  With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more.  To hear more about our escrow services for residential, mobile home, short sale, REO, bulk/business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.