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Welcome sellers! If you are planning to sell your property in the near future,
you have come to the right place. The Listing Commission auction helps property
sellers find the real estate agents who will sell your property for the lowest
listing commission possible. This listing commission can save sellers
considerable amount of money in the sale of their home. Typically in a real
estate transaction, 6% of the property price is paid in commissions; 3% of
which goes to the buyer’s agent and the remaining 3% goes to the seller’s
agent. This entire amount is paid by the seller.
In a Listing Commission auction, agents bid in decrements i.e. 6%, 5.5%, 5.0%
and so on. The lowest bidder at the closing of the auction wins. If the winning
agent bids to list the property for 3.5% instead of usual 6%, it would mean
$10,000 savings over a $400,000 property to the seller. This can be great
saving when the seller has less equity available on the property. Only winning
bidder will be able to see seller’s contact information and proceed toward
working together to find a buyer.
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Seller's View of
Listing Commission Auction
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| Registration is required to create a Listing Commission auction. It is quick
and easy and should not take more than 2 minutes. HomeCommission is entirely
free to sellers and agents. To register, simply click on
Buyer/Seller Registration.
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Once your registration is complete, you may create a Listing Commission
auction. This will require you to provide the following information:
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Auction start and end date & time
- Approximate property price
- Property
address and property information. The street address of the property will only
be revealed to the winning bidder once the auction closes.
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The auction will automatically open for bidding at the auction start date &
time specified by you. Once the auction starts, the real estate agents can
start bidding the Listing Commission on the property you have listed. The
bidding will reinforce the realtors to bid lower in decrements i.e. 6%, 5.5%,
5.0% and so on to win your business.
You as a perspective client and a seller will be able to see the profile, read
reviews and view the rating of the bidders (real estate Agents). You will also
be able to decline a bid from any agent and reserve the right to terminate the
auction at any time.
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Unlike the Cash Back auction, the bidding in Listing Commission auction takes
place in decrements.
For instance, if Agent1 places a bid to list the property for 5.5% total
commission, and then Agent2 can beat the Agent1's bid by placing a bid of 5.0%.
If no more bids are placed on this auction, then Agent2 will win the auction at
the closing of the auction. The winner will be able to contact the seller to
list the property for a total of 5.0% commission.
Please note that action does not obligate seller to any commitment unless a
written contract is signed. In other words, Listing Commission auction at
HomeCommission.com is not a legally bound contract.
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The auction will automatically close for bidding at the auction end date &
time indicated by you initially. At the auction closing, the realtor with the lowest
bid will win. Your contact information such as telephone number and email
address will be revealed to the winning bidder only.
The realtor may then contact and establish a relationship with you leading to a
successful property sale. Upon the closing, you as a seller and realtor are
expected to discuss entering into a contract for the real estate property sale.
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| You as a customer may rate the realtor who provided you the services to sell
your home. You may also provide reviews that can be of great help to the
realtors and other prospective customers.
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