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..................Michael King
...........The Cajun Contractor
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Selling Raw Land
Question
We want to sell a parcel of raw land we own in another state, but all
of the agents we have interviewed want to charge either a 10 percent
or 15 percent commission. We have sold several homes and never paid
more than 6 percent. The agents say commissions on land sales are always
higher, but we think they are trying to rip us off because we are out-of-towners.
What do you think?
Answer
I don't think the real estate agents are trying to rip you off. It is
very common for agents to charge a 10 percent to 15 percent commission
to sell a vacant piece of property, compared with the 6 percent or even
less that's usually charged to sell a house. Marketing raw land can
be time-consuming, because there typically aren't as many buyers looking
for land as there are for homes. In addition, most raw lots sell for
much less than similar size parcels that already have a house on them.
By charging a higher commission, an agent who sells a vacant lot can
recoup the extra market costs that are usually involved, and also make
about the same amount he or she would earn if the property already had
a house sitting on it.
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