Real Estate 1 in Connecticut: The One Percent Listing
Most people haven’t heard of the one-percent listing feature of realtors, though they may be intrigued about paying less commission to sell their home. The ‘real estate 1’ in Connecticut is a phrase used to explain that you can sell your real estate and pay only one percent of the full sale price of the house to the realtor.
How It Works
The one-percent listing feature is similar to other realtor dealings. The realtor has an inspection of the home, asks you to fix any significant issues, helps you spruce up the house to make it look presentable to potential buyers, and lists it on the MLS (Multiple Listing Service). You can add photos and other pertinent information in the listing, which ensures that your home gets noticed.
You will hold open houses to attract attention to your home. If buyers are interested, they will go to the bank and get a mortgage to buy it from you, and everything must be done legally.
The realtor is still there to help with negotiations and paperwork. Once a price is agreed upon, and the buyer gets the funding from the bank, you can close the deal, move out, and pay the realtor just one percent of the total cost. For example, if you sell your house for $100,000, the realtor makes $1,000 on the sale.
Why One Percent?
Most realtors demand a three-percent commission for selling a home. With the same $100,000 home, you’d be paying $3,000 in commissions for the realtor to do their job, which is significantly less profit for you, especially if you have a large mortgage on the property already.