Paying someone else for a job, even if they have done a good job, is never something to be expected. The same goes for Playa del Carmen Realtors. Some consider real estate agent fees a necessary evil. Some simply cannot spend the time and resources to sell their home or buy their home on their own. Most real estate agents work hard for their commission; it’s still hard to see thousands of dollars coming out of your hands and into your Realtor’s pockets.
Most real estate agents are paid through a commission plan that, in most cases, ends up being a percentage of the sale/purchase price of the home. Commission rate percentages will vary from one real estate agency to another, but most neighboring agents will have comparable rates. A common realtor fee is 5-7% of the sales price.
Once you do the math, you’ll realize that 5-7% is a lot of money (in fact, enough to drive people to do their own buying and selling despite the difficulty). However, it may take some comfort to know that the real estate agent is not the recipient of the full amount of the commission. After paying your Playa del Carmen real estate agent the agreed percentage, the real estate agent must split his profits with the agency he works for. If there were other brokers involved in the purchase or sale, these brokers will also get a share of the sale. The agency with which the broker splits his commission (usually paying 50%) receives compensation for the real estate agent’s workspace, marketing, support and other resources needed to assist in the sale.
Although it is possible to find rates below 5% in Playa del Carmen, it can be difficult, especially in markets with a lot of real estate business and little competition between agencies (no competition means little incentive to have competitive prices). Some agencies are open to negotiating prices. Below are two suggestions for reducing your real estate agent’s fees.
1. Agents who don’t have to give as much money to the agencies they work with in order to have more flexibility in negotiating prices with you. When a real estate agent works for a company that requires 50% commission, it puts them in a difficult position of having to commit the small percentage that they will actually end up with. Some real estate agents are only required to pay 15% to their agencies. These are the types of real estate agents who are most likely to offer you some type of discounted price.
2. There are real estate agent services that you can opt out of to save money. Marketing methods, such as newspaper ads, are rarely what ends up selling a home. Telling your agent that you are not interested in such underperforming expenses saves the agency money that can then be passed on to you.
If you’re still not satisfied with what you can expect to pay a Playa del Carmen real estate agent, consider all the costs you would be incurring if you had chosen not to hire a real estate agent. Remember that when you sell your home on your own, you are responsible for paying for all forms of advertising, paying for your home to be listed with a service, paying for legal advice, paying for copies, office supplies, and paperwork. You sacrifice money and time that you could save if you didn’t have to spend so much time selling your property or looking for a new property. Consider time lost from work and time lost with family and friends because you are responsible for being there at open houses, meetings with potential buyers, inspector reviews, etc. If you don’t follow all the laws and file the proper documents, you could also have to pay a large amount of money in a lawsuit. All the costs add up quickly.
