As with most people who need to sell their home, you’re probably under the impression that the only “safe” way to sell your home is to pay a real estate agent to help you. Sure, they have their advantages depending on the situation, but hiring a real estate agent isn’t always the best choice. Especially if you don’t want to pay thousands of dollars in fees and commissions.
Did you know there are other ways to sell your home faster and without paying a real estate agent’s commission? To help you decide the best path to sell your home, we’ll cover how much a real estate agent costs and then an alternative method that will save you a ton of time and money.
How Much Commission Does a Real Estate Agent Make?
Real estate agents work on commission and take a percentage of the sale price of your home. Traditionally, this commission is 6%, which is split between the buyer’s and seller’s agent. So, each agent will make 3% of your home’s sale price.
For example, if you sell your home for $350,000 and the commission is 6%, the real estate agent’s commission is $21,000 split between them.
Who Pays a Real Estate Agent’s Commission?
Since the commission is a percentage of the home’s sale price, the seller usually pays the cost of the real estate agent’s services. This commission is subtracted from the sale’s profit if there is any.
In some cases, the seller and buyer may agree to split the real estate agents’ costs.
Additional Fees Working with a Real Estate Agent
You may be surprised to learn that there are additional fees when working with a real estate agent to sell your home in the Chicago area.
On top of the commission from the sale, your agent may request that you pay a flat service fee of up to a few hundred dollars or more. This could be enforced by the broker or determined by the agent independently.
You’ll have to shell out some cash for other services related to working with a real estate agent too. These could include staging and storage services to present your home well to potential buyers and making major and/or minor repairs before listing your home.
How Long Does It Take to Sell a Home with a Real Estate Agent?
Some home sellers are in a hurry to sell. Whether they are going through major life changes such as a divorce or facing pre-foreclosure, they may not have time to spare working with a real estate agent.
In Illinois, it typically takes 21 days to receive an offer from a buyer and an extra 35 days to go to settlement. So, from the first day of listing to settlement can take almost two months, granted that there are no delays or issues with the mortgage or title.
Alternative Method to Sell Your Home in Chicago Without a Real Estate Agent
Did you know you could save thousands of dollars selling your home by not using a real estate agent? No commission fees. No staging your home. And you can sell it much faster!
Sell Your Home for Cash to Homes to Harmony
The best and fairest solution to sell your home quickly and for a fair price without paying a real estate agent’s fee is to let Homes to Harmony buy it for cash.
In as little as seven days or less, you can be free of the burden of owning your Chicago area home and have cash in your hands. We will buy your home as-is, so there’s no need to make repairs or even clean your home before you sell it to us.
We won’t charge you any commissions or fees and will always give you a fair offer price. Unlike other cash home buyers, we take pride in our dedication to finding a solution that works best for your situation.
Interested in how much cash you can get for your home? Schedule a free consultation with our friendly and compassionate team members today.
We serve the Chicago area including Hillside, Bridgeview, Broadview, Elmhurst, and surrounding Chicagoland neighborhoods and communities.