There’s more that goes into selling a home than how much money you can get for your property. Most sellers end up paying a pretty penny along the way too. A good chunk of that goes to paying commissions. Do you always have to pay a commission when you sell your home? If not, how do you know if you do or not?
Real Estate Agents=Commissions
The answer is pretty simple: if a real estate agent is involved, you will pay a commission. Real estate agents are compensated for all the work they do with a commission rather than an hourly wage or an annual salary. You can expect agent commissions to fall between 3%-6% of the sale price of your house. In 2022, the average price of a home was $348,079. Commissions for that house would cost between $10,442.37-$20,884.74.
Traditional Buyers: Almost Always
If you sell your home to a traditional buyer, there’s a very high chance that you’ll pay a commission. Most buyers rely on real estate agents to sift through all the available properties to select options that fall within their budgets and meet their preferences. On top of that, real estate transactions are incredibly complex. There are a lot of details to sort through. Many traditional buyers lack the time, knowledge, and experience to navigate the transaction successfully, hence the need for an agent.
Cash Buyers: Your Best Chance to Avoid Commissions
If you want to avoid paying a commission, your best bet is to sell to a cash buyer. Some cash buyers still rely on real estate agents, but others, particularly fast home buying companies, never use them. Fast home buying companies are in the business of making real estate transactions simple and painless, especially for the seller. That removes the need for you to rely on an agent. Their knowledge and experience eliminate the need for an agent on their end. With no agents, there are no commissions to pay.
It’s easy to spend a lot of money when selling your house. Between paying for repairs and renovations, commissions, and other closing costs, your list of expenses can get pretty long, to say nothing of how expensive it gets. Fortunately, selling your house to Hapa Homebuyers saves you money. If that’s one of your major priorities, we’re the buyer for you! Do you want to sell your Montgomery, AL house without paying a small fortune in commissions? Sell to Hapa Homebuyers! Click here to take the first step today!