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5 Ways to Save a Fortune in Real Estate Fees...
While Engaging a Dynamic Marketing Plan.
Real Estate Savings
As a real estate agent I make no bones that the two best ways to sell your home are to:
a. price it right
b. list it on the MLS
And I would be willing to pass along the savings especially if my costs to procure the client was reduced. An easy trade off I thought.
There are five general ways to create real estate savings.
1. Reduced Commission- this is the most common real estate savings that we see.
It is apparent with reduced fee companies and when listing a home. However, there are other ways to save.
2. Flat fees- You can list a home for a flat fee for the listing broker and/or the buyers broker. Usually the flat fee is with the listing side of the commission.
3. Menu of Service Fees- this is similar to a flat fee, but the actions or duties of the listing services are broken up and quantified. ie.
list in the MLS is $X
negotiate $Y
manage escrow $Z
etc.
4. Variable Fee-This is a hybrid of the typical agency agreement. Usually you pay a flat fee or menu fees upfront with a discounted commission on the backside.
5. Buyers Broker- Not only can you save on the sale side, but you can also save when you are on the buyer side. Since you are more than likely going to be buying after you sell your home.
So you might as well pledge your allegiance now, and you can get a savings on the buy side.
You can pay a portion up front once you sell, even have a portion of your proceeds of the sale go to the the agreement. Then you have 2.5 or 3% go into your pocket when you buy.
Other ways to save money with your real estate:
PMI-Private Mortgage Insurance. Often times you have paid down your loan enough to drop your PMI.
bi- monthly- Paying your loan down every two weeks can buy down the principle at an accelerated rate over time. It is best to do when you plan on staying in your home for a long time.
Propery Taxes-Is your tax Assessed at the proper rate?
Refinance- By refinancing your note you can often times save hundreds of dollars a month.
These topics and more will be covered in future articles.
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