DoorFly.com: Can I Negotiate Real Estate Agent Fees?

Simple answer: Yes, you can negotiate real estate agent fees.

How? First of all it is important to understand the home buying process. Many people are quick to criticize real estate agent fees, but they don’t fully appreciate the time and effort that Realtors put in to successfully close a deal. Simply requesting that a Realtor take a pay cut will likely be about as well received as someone asking you to take a pay cut. So, how do you negotiate fees?

It really is pretty simple, you need to find ways to reduce the time and effort a Realtor must put into serving you. Basic business principles apply. The more you “do it yourself” the more likely you are to find an agent willing to offer home buyer rebates.

What types of “do it yourself” things can you do?

Get prequalified. Nothing says I am serious about what I am doing and know what I can afford like getting prequalified. An agent working with a prequalified buyer knows that there is a much smaller chance they are wasting their time with a buyer who ultimately cannot get financed for the home they are interested in buying.
Get specific. Do not tell an agent you are looking for something in a 3 county area. Instead give a Realtor specifics. Narrow it down to a few neighborhoods, or perhaps a specific school district. Also get specific about things like the number of baths, bedrooms, etc. that you want. All of these specifics save a Realtor time by allowing them to quickly narrow down the search to help you find a home, saving them time and perhaps money for you.
Use the Internet. Do some research on your own. The better you understand your options, the market and what to expect, the easier it is for the Realtor.
Understand that fees are based upon the sales price. Even if you have done a lot of work, set realistic expectations. If a Realtor will receive a 3% commission on your house, you can expect to have more negotiating success when buying a $300,000 house than a $75,000 house.

Keep these tips in mind and remember that DoorFly.com is your resource for finding finding a qualified Realtor who is willing to negotiate!