When the time comes to sell you'll sit down with listing agents, they'll give you their presentation, and then comes the point that neither of you are looking forward to, the commission, and no matter what anybody tells you there is no standard commission hard stop. Broker commissions are always negotiable always and that doesn't mean that there isn't a going rate, if you're in New York City and specifically Manhattan it's very rare to find a broker that will charge less than five percent or more than six percent, and that's a very tight range, and it's a strangely tight range. Because whether it's a three hundred thousand dollar studio or a thirty million dollar penthouse it's still five to six percent and that's because that's the way it's always been there's no magic formula as to why it's five percent why it's six percent it's just if brokers can charge five percent they will. If you look globally, the US is actually a huge outlier in pretty much every other developed nation. Commission rates are significantly lower than six percent. So why are commission rates so much higher in the US? Because the real estate brokerage industry is incredibly inefficient. When you pay six percent you're paying for an inefficient system, the average agent in New York City only does two or three deals a year, so when they do a deal they need to make a lot of money. That's why we started Yoreevo, we built a much more efficient brokerage that lowers our costs and allows us to charge much lower commissions. So if you're interested in selling and you'd like to learn more you can reach out to me. My email is james@yoreevo.com and I'm happy to explain in more detail.
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