Is 6% too high for a realtor selling fee?

[Josh Bloemendaal]

Hey guys I’m selling a studio co-op apt in West New York NJ. The realtor that lives in the building wants to list it for me and says it’s worth around 185 and wants 6%. This commission seems crazy high to me but I’ve never sold anything on the east coast. Isn’t it supposed to be closer to 3%? Should I try to sell it myself? The market is crazy hot and there’s nothing else in the building for sale. Very nice building with a pool overlooking manhattan. Thanks for your input!

[Christopher Phillips]

@Josh Bloemendaal

@Arlan Potter is correct. The commission is split across the listing agent and the buyer's agent and their offices and marketing. So, it's not 6% going to one person. How it gets split depends the marketing situation. Here's the deal, two properties, one is offering 3 percent to buyer's agents, the other is offer 1% to buyer's agents with no marketing budget. Which one do you think will attract agents and buyers?

Here's how it breaks down. 6% is just the basics. It would include 2% for the listing agent, 2% for marketing, 2% to the buyer's agent.  Each agent splits a portion with their offices and potentially partners. The marketing would include open houses, professional photos, Facebook ads, newspaper or magazine ads, eFlyers to other agents, flyer hard-copies for the open house, door hangers when door knocking, etc. Post-car mailers to neighbors. 6% doesn't get you video walk-through, or drone video, doesn't get you food at the open house, certainly if you need more than one open house...