Discount real estate agents can help a typical Virginia resident save as much as $5,648 when selling their home — based on the median home value in the city.
There are different types of discount real estate brokers. Some offer full service for a reduced commission, while others offer only limited services — such as MLS listing services — flat fee.
Choosing a discount real estate agent, for home sellers in Virginia, is a great option — as you likely will be able to connect with a top agent while avoiding paying the typical 6% commission.
How Do Discount Real Estate Brokers Work?
Traditional real estate agents in Virginia charge a 5-6% commission rate when selling you home. In contrast, discount agents offer home sellers rates as low as 4%, with some offering to list your home for a flat fee of $3,000 plus a buyer's agent commission of 3%. For the typical Virginian, that savings represents 7.78% of the median household income in the state.
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* Figures based on median home values data from Zillow
Those looking to buy a home in Virginia can also save by working with discount agents, as they may be eligible to receive a buyer rebate. These rebates can range from 0.5% to 1% of the home's sale price. For eligible sellers, that would translate to about $1,432-$2,864 for a typical house in Virginia.
Why would a realtor work for a discount?
Discount realtors offer reduced commission to connect with more clients. The rationale is that the increased volume of transactions, made possible by offering low commission rates, makes up for the difference in income by offering a lower commission.
Additionally, some traditional real estate agents opt to join referral networks, such as Clever, where they agree to work for a discounted commission in exchange for being connected with clients. This allows them to generate new business while avoiding the cost and effort of doing so, which accounts for a significant portion of most realtors' operating costs.
Discount Real Estate Agents in Virginia
We can connect you with top-rated, Virginia real estate agents who will list your home and let you save on commission. Clever Partner Agents sell your home for a flat fee of $3,000 for homes under $350,000 and 1% for more expensive homes. In Virginia this translates to a savings of $5,648 compared to the typical 6% commission rate, for a typical home.
Why a Discount Real Estate Broker May be Right For You
The money saved by choosing a discount real estate broker in Virginia — which could be as much as $5,648 for a typical house — makes it a wise financial choice. The only caveat is that you need to make sure the realtor you choose is a good fit.
Finding a realtor with intimate knowledge of the Virginia real estate market and an excellent reputation, can have a huge effect on the amount of equity you get from your home's sale. Top realtors do this by determining the right listing price, and knowing the best ways to market your home.
Furthermore, every day your home sits on the market costs you money — in Virginia, this can add up to $2,153 over a one month span — the right realtor will make sure your home sells as quickly as possible to minimize these costs. Below, we've broken down the typical monthly costs for homeowner in Virginia:
- Mortgage Payment: $1,274
- Homeowners Insurance: $163
- Utilities: $414
- Property Taxes: $195
- Maintenance: $190
- Total Cost per Month: $2,153
As a home seller in today's real estate market, you have the power and leverage to dictate the terms of the deal. There were 33,816 Virginia real estate agents in 2019 (the most recent year data was available), this is 11% more than in 2015.
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More realtors competing for your listing means that it makes less sense to pay a standard 6% commission rate when selling your home, as even top agents are working for reduced commission rates to remain competitive.
Additional resources for Virginia home buyers and sellers
Estimated savings are based on home value estimates for Virginia from Zillow's home value tool. Discount agent saving estimates represent the cost difference between a listing commission rate of $3,000 plus 3% for the buyers agent, compared to the standard 6% rate. Information on the number of licensed real estate agents in Virginia come from the National Association of Realtors.
Data the estimated monthly cost of homeownership was sourced from the following: