FAQs
Yes, we are full service. At True Realty, full service means complete representation by a licensed agent throughout the entire real estate transaction process. We’ll list your home on the local MLS, which publishes the listing to hundreds of other national websites like Zillow, Trulia and Realtor.com. Additionally, you’ll receive an in-home consultation, comparative market analysis (CMA) of your home, yard sign and lock box for showings, home staging advice and contract negotiations. True Realty will be with you throughout the entire process until your home is sold
Our $5500 flat fee begins with a $350 non-refundable deposit paid at the time you sign a listing contract with us. It is used to pay for the marketing of your property. The deposit is part of the $5500 fee and is deducted from the $5500, so at closing, you’ll only owe the remaining $5,150. The $5500 ONLY covers the listing agent’s commission. The seller is still be responsible for paying the buyer’s agent commission. (broker co-op).
The broker’s co-op is the split in commission between a buyer’s agent and a listing agent. Traditionally the broker’s co-op was split at about 3% to the listing agent, and 3% to the buyer’s agent. At TRUE REALTY, we replace the listing agent commission with a $5500 flat fee, but the seller is still responsible for the full buyer’s agent commission.
No, they do not. To a buyer’s agent, TRUE REALTY is no different than other brokerages. This is because the home seller determines what to offer the buyer’s agent as payment. At TRUE REALTY, we recommend sellers set the buyer’s agent’s commission to be comparable to the market rate. This ensures that the buyer’s agent will be properly motivated to take their clients to view the listed property.
TRUE REALTY is profitable because of our process, it regularly generates business and keeps our agents selling. Our agents meet with prospective clients, focus on customer service, and partnering with them throughout the entire sales process. The result is a higher volume, which keeps our agents listing and selling and lets us pass the savings back to our clients.
Our listings are marketed the same way as traditional companies. They are listed on the MLS, which is syndicated to hundreds of websites, including, Zillow, Trulia and Realtor.com. This ensures the highest visibility for listings. Convening to the National Association of Realtors, over 90% of homebuyers search for their new home online. Lastly, we place a yard sign. Neighbors and people driving by often know someone who wants to live in your area. These methods make up over 99% of all home sales in the Hampton Roads area.
TRUE REALTY has been selling houses since 2008. The concept of flat fee real estate commissions has been around much longer, but TRUE REALTY is one of the first to offer this service in the Hampton Roads area.
We typically do not hold open houses on our listings. We believe due to internet technology; open houses are becoming a thing of the past. However, if the owner requests, our fee for a 3-hour open house is $100.00. This fee is due 1 week prior to the open house.
The same can be said for printed flyers, so we do not usually print them for your listings. We’ve found that both open houses and flyers tend to only draw the attention of curious neighbors and people who aren’t serious buyers. Other than these two items, True Realty does everything a traditional full service brokerage does.
Note that as a home seller, you can offer the buyers agent any amount of money you want. However, we recommend offering a % that is consistent with your area. The reason is to ensure that buyers agents are properly motivated to show your property.