( NewsNation ) — New real estate commission rules are encouraging some to skip the agent altogether, finding the process more straightforward than they expected.
Gabrielle Hillman, 30, and her roommate recently sold their Chicago condo without a real estate agent.
“It’s definitely time-consuming — but all things considered — to save $30,000 we were happy to do it,” she said.
Historically, agent fees have come from the seller’s proceeds, usually around 5 to 6% of the sale price, which gets split between the buyer’s and seller’s agents. But, due to recent changes in how commissions are advertised and paid, Hillman felt she had more flexibility to go it alone.
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To determine the asking price, she researched condos in the neighborhood and figured out what a comparable unit had sold for. Instead of relying on an agent for marketing, Hillman paid a company $100 to get the condo on the multiple listing service (MLS) — a private database agents use to list homes for sale.