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 residential properties with a purchase price under $500,000, we charge buyers and sellers a flat fee of $6,500 or the seller-paid commission, whichever is less. For residential properties with a purchase price at or over $500,000, we charge the same flat fee, plus 1% of the purchase price.
We charge these rates because we feel that modern efficiencies (who hasn’t used Redfin(R) lately?) no longer justify the rates charged by most buyer’s 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.
When your new home does close, you receive a “rebate” of the commission we receive from the seller (typically 2.5 to 3% in our local area) 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 these funds can be applied.
For comparison purposes, our $6,500 flat fee is roughly equivalent to a 2.5% commission on a $250,000 home. Here’s how our fees stack up against the common 3% commission:
3% on a $400,000 sale = $12,000 (our fee is $6,500, for a $5,500 savings)
3% on a $600,000 sale = $18,000 (our fee is $12,500, for a $5,500 savings)
3% on an $800,000 sale = $24,000 (our fee is $14,250 for a $9,750 savings)
*For non-residential sales, contact us for a free consult so we can determine a fee that makes everyone happy.