Industry News

ZipRealty tool defines ‘standard’ buy-side commission rate by market

Sellers can view possible savings based on commission choices

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A set of online tools launched by real estate brokerage company ZipRealty identifies a "standard buyer's agent commission" rate for a given market area and allows consumers to review the possible benefits and drawbacks of various pricing options. In the first step, a home seller is prompted to enter information about a for-sale property, including a dollar estimate on the home's value. The next page features a brief list and a map displaying comparable properties, based on location, price and other characteristics, including the number of bedrooms and bathrooms. This page also features a Zestimate where available, which is a property-value estimate provided by the Zillow.com property valuation and marketing site. A third step in the process prompts sellers to "choose a selling plan that fits your needs," and lists three possible options for setting a commission rate to offer to a buyer's agent. This rate is in addition to the commission rate paid to the ZipRealty agent who...