The average Fairfax real estate commission is 5.40% and the seller typically covers this fee, which gets deducted from their sale proceeds at closing. It translates to roughly $21,896 in realtor commission to sell a home worth $405,489 (the typical home value in Fairfax). The good news is you might not have to pay the full 5.40%. Home sellers in The Sunshine State can use discount real estate brokerages to save on commission. Discount brokers offer built-in commission savings, and often provide similar services as conventional realtors.
Here’s what to know about Fairfax real estate commission, including how to save, tips for negotiating with agents, and next steps if you need to sell your home. Most Fairfax agents work 100% on commission. Agents only get paid when your home sells and the commission is deducted from the sale proceeds at closing.
Realtor fees are unavoidable, but not set in stone. Everything in a real estate transaction can be negotiated, including your agent’s fees. Learn how to negotiate rates with an agent before signing a listing agreement. The commission covers a wide range of services. It often includes the cost of photography, online advertising, hosting open houses, showing the home to prospective buyers, and negotiating contracts. Fairfax sellers are in a strong position to negotiate right now. It’s a seller’s market in the Sunshine State, and that’s not likely to change in 2022.
How to save on Fairfax realtor fees
Selling your home is likely the largest financial transaction of your life, so it’s smart to interview a few agents from different brokerages. Compare options to measure agent’s experience, service, and personality verus price. While price is important, it’s not everything. It may be worth paying more for an experienced, full-time realtor who has the knowledge and skills to sell your home, versus a cheaper, but inexperienced agent.
Choosing an inexperienced or part-time agent solely because they charge less could end up costing you a lot more than you save, in terms of the final sale price. Fairfax market conditions are favorable for negotiating commission rates because the high demand for houses makes it easier for agents to close deals. But no two houses or neighborhoods are the same. You have a better chance of securing a lower rate if you meet one or more of the following criteria.
Agents are more likely to offer you a discount if you also use them to purchase a new home – a “list-buy” deal means double the commission for your agent.
Realtors also appreciate referrals because it provides them with new business, without little time, money, or effort. Referring friends, family, or acquaintances helps your agent and should give you leverage in negotiations.
Start interviewing local agents
Meeting with agents can be useful to learn about your home’s estimated value, each agent’s specific marketing strategy, and what agents are charging in your market.
Here’s why it’s smart to sit down with a few agents before signing with one:
It’s completely free to meet with agents. There’s no obligation or risk on your end. Just keep in mind that the agent is meeting with you to win your business, so they will try to sell you on their service (and will plan to follow-up with you). You can compare pricing and features. Shopping around helps you find the best combination of experience, personality, and price for your specific needs.
It’s an opportunity to learn more about your market from an expert. Realtors can provide local data like what similar homes in your area are selling for, how quickly they’re going under contract, and other current market trends. You can learn more about how to sell your home. An agent can walk you through the home sales process from start to finish, and provide tailored advice for marketing your property to homebuyers.