At Mainstay Realty, our fees are based on the value of our services, not the value of your home. We provide full real estate brokerage services for a reasonable flat fee, with oversight from an experienced real estate attorney. In turn, you get a knowledgeable, conscientious and determined team to support you through the home buying or selling process.
Here’s how it works:
For standard residential sales,* we charge $5,250 or 2% of the sale price, whichever is less. We charge these rates because modern efficiencies no longer justify the rates charged by most agents. You still receive all the services other diligent real estate brokers provide, plus legal oversight from an experienced real estate attorney. And if your house doesn’t close, you don’t pay anything.
For sellers, you can still offer a standard buyer-side commission in order to incentivize buyers’ agents to show and sell your house—or you can pick a rate or fee that is more comfortable to you. If the buyer does not use an agent, you get to keep the buy-side commission. We never represent both sides on a listed property, so that commission will never come to us.
For buyers, you essentially receive a rebate of the commission we receive from the seller less the balance of our flat fee. If you are paying cash, that money goes into your pocket. If you are using financing, the rebate is typically applied to closing costs and pre-paids and/or used to reduce the sales price. We’ll work with your lender to determine how this “rebate” can be applied.
For comparison purposes, here’s how our $5,250 fee stacks up against the common 3% commission:
3% on a $300,000 sale = $9,000 ($3,750 savings)
3% on a $500,000 sale = $15,000 ($9,750 savings)
3% on an $800,000 sale = $24,000 ($18,750 savings)
*For non-standard or non-residential sales, contact us for a free consult so we can determine an appropriate fee. It will still be a reasonable flat fee, but for now these are being determined on a case-by-case basis.