Whether buying or selling a home in Georgia, hiring a real estate agent is a significant financial expense. When you sell your home in Georgia, you will have to pay thousands of dollars in brokerage fees or commissions. In addition to legal closing costs, as a seller, you may also be responsible for prorated property taxes, residual appraisals to be performed by professional home appraisers, or a home warranty. On the other hand, when you buy a home in Georgia, in addition to the down payment, you’ll need to cover expenses like lender fees and title insurance. However, sellers and buyers should be aware of the exceptionally high costs on both sides of the deal. Yet, qualified realtors in Atlanta GA are an invaluable resource when navigating the real estate world.
Average Fees for Real Estate Agents in Georgia
According to the National Association of Realtors, in 2023, nearly 90% of home sellers used the services of a qualified real estate agent to sell their homes. Many of these real estate agents were paid similar amounts from their clients. Agents received payment from a commission based on the sale price of the house. Amounts charged to clients vary between agents and property types. Commission, its level can vary based upon:
- The current level of experience of the real estate agent
- Housing prices
- Agent’s specialization of a specific type of property
- A specific mediation model for cooperation
However, the country’s average gross commission for real estate transactions is 5.4%. So if the house sells for $400,000 and the total commission rate is 5.4%, the seller will pay $21,600 after the sale closes. The average real estate agent commission in Georgia is 5.8%. And the aggregate salary of a real estate agent in Georgia is slightly higher than the national average.
When calculating the commission fees, note that this includes the seller’s and buyer’s fees. With an average price of $200,000, a commission of 5-6% leaves the agent with approximately 1-2% of the purchase price after paying their brokerage.
The median home price in Georgia is over $400,000, making low-commission realtors more popular. Qualified real estate agencies that offer their experienced services at discounts allow you to sell your home at a reasonable price without compromising on results. Since the majority of home buyers find homes online, many home sellers wonder if they are using expensive real estate agents to find home buyers or if the high commission is worth the services they offer.
Real estate agent services in Georgia
When an agent works for a real estate brokerage, the client usually pays the brokerage for support, insurance, and technical and contractual advice. Some agents charge clients a flat sales fee or a flat monthly fee. However, most receive a “split” commission. It ranges from 5% to 50% of what the agent sells. It’s easy to say that agency fees in Georgia are very high. While real estate agents’ fees are slightly higher than the national average, keep in mind that real estate agents won’t make a penny until the house is sold. This means that agents have a lot of work to do in terms of training, pricing, and internal marketing. Below are the main services offered for a commission of about 6%:
- Registering the house in the local listing service (MLS)
- Pre-advertisement price evaluation or “market benchmarking.”
- Professional real estate photography
- Contract negotiations, including guidance and amendments
- Address declaration documents
- A thorough inspection of the condition of your home
Fortunately, choosing an experienced real estate agent can maximize your results whether you are buying or selling. The housing market is fluctuating; therefore, take advantage of the uncertainty. Although the pace of construction of new residential complexes is slowing down, the cost of housing is rising, and demand remains high. In the current trend, experts also note that many potential buyers need the experience of licensed real estate agents. Is it possible to buy real estate without an intermediary? The active development of technology has made it possible to purchase any real estate. On the Internet and various platforms, current Georgia real estate offers are collected, so you only need to choose a city and configure the search engine. However, the complexities of real estate necessitate a realtor for each transaction. The best solution will be to contact an experienced real estate agent who will give you helpful advice, write the contract’s text correctly and provide a smooth transaction.
Georgia real estate agents to find the perfect property
A real estate agent is more than a database of properties and potential buyers. The activity of a real estate agent is based on a set of services offered to sellers and buyers, which allow them to achieve the desired result in the shortest possible time. Preparation for sales, sales promotion and advertising of real estate, organization of training and negotiations, and strategic analysis are all part of the agent’s job.
After studying the sales statistics of similar homes, you can determine the relative home price. Because taxes vary based on the unique characteristics of a situation, a real estate agent can also advise the owner on tax issues when determining the price.
Pre-sale home preparation is also done by a real estate agent who should know how to make your home more attractive. Clutter, personal belongings, and family photos of former residents must be thoroughly cleaned. The presence of clutter in the house reduces the desire to buy real estate, even if it is in perfect condition. Professionals know how to make houses attractive. Therefore, before selling, you can clean the house, carry out light cosmetic repairs, improve decorations, create a warm atmosphere, and highlight the unique features. After placing a home on the MLS, a real estate agent prepares and begins an advertising campaign. As part of this step, you will need to choose an ad placement source, take high-quality photos, and shoot a video of your property.
Your realtor can create an official commercial proposal that can be used on websites, media, and communication. Different types of advertising campaigns for real estate agents are effective advertising tools. Each professional can choose the advertising strategy that suits the client.
In addition, your real estate agent will verify the details and directly check the property’s condition, square meters, and address. If they provide panoramic photos, it will result in more ad views.
Real estate agents start working with buyers after launching an advertising campaign. Realtors have to negotiate with clients themselves. Getting feedback from potential buyers is just as important as listing the property during the showing. This will help you understand why you are getting offers, or the home remains on the market.
Each Georgia real estate property must be defined and presented differently according to its unique characteristics. However, there are general guidelines that increase the chances of a successful sale agreement. Just tell the truth, and don’t be afraid to answer all the questions potential buyers have about the condition of your property and all the nuances that interest them.
The condition of the real estate affects the effectiveness of negotiations
The property’s condition must match the photos, videos, and descriptions in the listing. At this stage, the real estate agent must know all the strengths and weaknesses of the property and use this information when communicating with the buyer.
Monitor market conditions and analyze price changes and trends in the Georgia real estate market. All this will help to optimize your advertising strategy. After finding a suitable buyer, the real estate agent negotiates the sale of the property with the owner.
If there are no disagreements between the parties, it will be necessary to prepare several documents and choose a notary (the agency may have its specialist). The buyer can also contact a notary. In this case, testimonials, experience, documents, and other important documents can be used to verify the reliability of all processes related to real estate. Providing a full range of services from searching for real estate in Georgia to making a purchase, real estate agency professionals are in high demand on the market. Agents help to optimize work and achieve the desired result.