How can you negotiate broker fees to save money?

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Broker fees are one of the costs of buying or selling a property, especially in competitive markets. They can range from a few hundred to thousands of dollars, depending on the type and value of the transaction. However, broker fees are not set in stone, and you can negotiate them to save money. Here are some tips on how to do that.

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Yemmie Olaleye (CMSA?, FTIP?) ?

I help individuals make informed & strategic decisions in the financial market; charts into profitable…
David Jacobs

Business Broker - Technology Group at Zoom Business Brokers
Ankit Walia

People Manager/ Quality Assessor | Training Strategy | E-Learning Development

1 Know your options

Before you start looking for a broker, you should know what kind of services you need and how much you are willing to pay. There are different types of brokers, such as full-service, discount, flat-fee, or online, and they offer different levels of assistance and expertise. You should also research the average broker fees in your area and compare them with the value and complexity of your deal. This will help you set a realistic budget and avoid overpaying or underpaying.

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Yemmie Olaleye (CMSA?, FTIP?) ?

I help individuals make informed & strategic decisions in the financial market; charts into profitable opportunities. Market Analyst| Coach| Mentor| Thought leader| Futurist CFI: FMVA?| CMSA?| CBCA?| BIDA?| FTIP?| FPWM
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I would need not to negotiate if I am not seeing another options. Others can make me think competitively and figure out to deal with the broker that will safe me most money. Looking into transaction fee, commission, spread and swap charges etc will vary from brokers to brokers. With satisfactory services and products, I will still choose the cheapest of them all.

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Ankit Walia

People Manager/ Quality Assessor | Training Strategy | E-Learning Development
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When negotiating a broker's fee, consider offering to pay a flat fee instead of a percentage of the sale or rental price. This can save you money if the property is high-priced. Another option is to negotiate a lower fee in exchange for a longer contract. Additionally, you can ask for a cap on the broker's fee so that it does not exceed a certain amount. Lastly, don't be afraid to shop around and compare fees from different brokers to find the best deal.

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2 Shop around

Once you have a clear idea of what you want, you should shop around and compare different brokers. You can ask for referrals from friends, family, or other professionals, or use online platforms and directories to find brokers in your area. You should interview at least three brokers and ask them about their experience, credentials, marketing strategy, communication style, and fees. You should also check their reviews, ratings, and testimonials from previous clients. This will help you find a broker who meets your needs and expectations and who is willing to negotiate.

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David Jacobs

Business Broker - Technology Group at Zoom Business Brokers
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I know many people focus on the broker fee, but it is typically 3-10% of the deal. Instead of focusing on the fee, I'd look to work with brokers you trust. A bad deal can be a 30,50,100% loss. Saving 1-2% on the broker fee to land in a bad deal makes little sense. The same is true on the sell side. If one broker promises you $x for 5% fee and another promises you $2x for a 7% fee, the more expensive broker is better financially for you. The best is to check past transactions and see if the broker earned their fee.

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3 Negotiate the terms

When you have narrowed down your choices, you should negotiate the terms of the contract with your preferred broker. You should not be afraid to ask for a lower fee or a better service, as long as you are respectful and reasonable. You can use your research, budget, and goals as leverage, and show that you are a serious and motivated client. You can also explore different ways to reduce the fee, such as splitting it with the other party, paying a flat fee instead of a percentage, or offering incentives for a quick sale or purchase.

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4 Review the contract

Before you sign the contract with your broker, you should review it carefully and make sure you understand all the details and clauses. You should look for any hidden fees, exclusivity periods, cancellation policies, or other terms that could affect your rights or obligations. You should also ask for a copy of the contract and keep it for your records. If you have any questions or concerns, you should address them with your broker or consult a lawyer.

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5 Maintain a good relationship

After you sign the contract, you should maintain a good relationship with your broker and work together to achieve your goals. You should communicate regularly, provide feedback, and cooperate with their requests. You should also respect their time and expertise, and avoid unrealistic demands or expectations. By building trust and rapport with your broker, you can increase your chances of getting a good deal and saving money.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you negotiate broker fees to save money?

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1 Know your options

2 Shop around

3 Negotiate the terms

4 Review the contract

5 Maintain a good relationship

6 Here’s what else to consider

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