Frequently Asked Questions (FAQ)
Will My Home Sell?
Why We Work!
What is the "Selling Office Commission" or SOC?
Who Pays The Commission When a House is Sold?
How Much is Commission?
How is $500 Realty different from other real estate agencies?
Can I Sell the Property Myself and Not Pay A Commission?
Will $500 Realty Receive Any Commission At Closing?
Will I Get To See My Listing?
How Will Realtors Who Are Interested In Buying Contact Me?
When Will My Property For Sale Listing Appear in the MLS?
Can I Make Changes to My Listing?
What Must I Do When I Accept An Offer?
How Are Real Estate Commissions Split?
How Can I Price My Home Accurately?
What Is A Fair Buyer's Agent Commission?
When Will I Find Out How Much Money I Get?
What Will My Sign Look Like?
Do I Get Legal Advice?
Will My Home Sell?
In utilizing the $500 Plan, pricing your home accurately, and paying a fair buyers agent commission, your home will be in a very favorable position to sell. $500 Realty cannot guarantee that your property will be shown or sold through our program. The property seller is advised to offer compensation to the buyer's real estate agent that is competitive, typically 3%.
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Why We Work!
Real estate commissions are determined by real estate companies called BROKERAGES and are not set by anybody else. We can charge you the LOWEST fees and offer the BEST in customer service. It is our belief that Buyers deserve to get PAID for their efforts in finding their own home.
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What is the "Selling Office Commission" or SOC?
The Selling Office Commission is also known as the SOC. The Selling Office Commission is what the seller will pay to the real estate BROKERAGE that FOUND THE BUYER. The amount of the Selling Office Commission is determined by the SELLER. A buyer does NOT pay the Selling Office Commission. Any questions about this - please contact us!
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Who Pays The Commission When A Property is Sold?
Only the seller of a real estate property will pay commission. This includes sellers of homes, apartments, land, or commercial real estate. Remember, only the SELLER of a PROPERTY will pay a commission.
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How Much is Real Estate Commission?
Historically the real estate commission rate was 7% to sell the property. This 7% was typically shared 50/50 between the Real Estate Agent who listed your home for sale called a Listing Agent, and the Real Estate Agent who brought you the Buyer. For example, if your home sells for $400,000, 7% of that amount, $28,000 would be paid in sum to both real estate agents. $500 Realty educates its Buyers and Sellers that paying a HIGH RATE of commission will not sell their home any faster.
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How is $500 Realty Different From Other Real Estate Agencies?
$500 Realty utilizes the same resources that most all other licensed real estate brokerages use to sell your real estate property. We just cost far less! With the advent of the internet, we knew that the listing agent's fee had to be reduced. If you are selling your home, we have one simple programs: the $500 Plan.
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Can I Sell the Property Myself and Not Pay A Commission?
Yes!! If the seller finds an unrepresented buyer (who is not using a real estate agent) and who is not licensed themselves, the seller can sell the property without paying a commission to a buyer's real estate agent. Just click here to contact us for the necessary forms and we will send them to you via email or you can stop by our office to pick them up. Our office is located at 8225 South Park in Tacoma with 2 additional offices opening soon near you. Office hours are open daily 9-5pm.
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Will $500 Realty Receive Any Commission At Closing?
No!! The only time $500 Realty will accept a commission at closing is if the buyer is found by one of our agents and the offer is presented to you and accepted. The commission amount that we receive is the amount specified in the listing (that was set by you). In this case, $ 500 Realty would be the "buyer's agent".
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Will I Get To See My Listing?
Yes!! We will provide you with a copy of the listing for you for review. This will allow you to make changes you want whenever you want to make them.
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How Will Realtors Who Are Interested In Buying Contact Me?
Your phone number will be listed. The listing will instruct the agents to contact you directly and our office as well. It is your choice.
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When Will My Property For Sale Listing Appear in the MLS?
Within 24 hours of your completion of all the online paperwork and faxing it back to our office. You may also hand deliver your paperwork or pick up the paperwork at our office anytime during office hours. Our agents will be happy to assist you with completing the paperwork too.
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Can I Make Changes to My Listing?
Yes!! Please email us your change requests. If there are any changes in price or commission rate, please contact our office directly via phone at 1-888-500-RLTY for additional forms.
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What Must I Do When I Accept An Offer?
We are required to update the status of your property within 24 hours. Once you have accepted an offer please do the following:
1. Call our office at 1-888-500-RLTY so we can change the status from active to the appropriate new status.
2. Fax a copy of the accepted offer to our office plus any counter offers and addendums.
Please note: Even though we are a limited service brokerage, we are still required by state law to maintain copies of the transaction and we must comply with these laws.
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How Are Real Estate Commissions Split?
Commissions are normally divided, with a portion of each going to the listing office and the selling office. Each real estate office then pays its participating agent a percentage of the total amount received.
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How Can I Price My Home Accurately?
It is important to price your home accurately to sell within a reasonable time frame. Research homes for sale and those that have sold in your neighborhood to determine a reasonable sales price. The $500 listing plan includes a Comparative Market Analysis (CMA). A $500 Realty CMA does not include a physical inspection of your home. Any questions – please contact us.
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What Is A Fair Buyer's Agent Commission?
$500 Realty recommends a fair buyer’s agent commission for all sellers using $500 Realty. We recommend a 3% buyer’s agent commission. Offering a reasonable buyer’s agent commission will encourage more agents to show your home.
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When Will I Find Out How Much Money I Get?
$500 Realty will confirm the exact commission once you submit an offer with us. The multiple listing service will NOT allow $500 Realty to give out this information to the public on our website. $500 Realty has a minimum of $2900 commission to be paid to $500 Realty at closing. We will know how much the commission refund is once you and the seller agree on the final price.
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What Will My Sign Look Like?
Click on this image to see a larger picture of the $500 Reality Post and Sign.
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Do I Get Legal Advice
Real Estate Agents are not allowed to offer legal advice but our service provider SPDJ Law can assist with your legal questions, forms, contracts, and real estate related inquiries.
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