I managed to negotiate down to 5%, with my listing agent taking 2% and the buyers agent getting 3%. If the buyer's agent is going to get less than 3% he/she may not bother going to your house, so my agent made it clear in the MLS he was taking the pay cut. I also negotiated a lower percentage if my listing agent finds the buyer.
What I agreed to is him setting the price a little under market and a reduction if my house wasn't sold in a month. It wasn't and I reduced. I figured going in we wouldn't be sold in a month and the price would drop. But the savings on commission more than makes up for it.
Its a win/win situation for both of us. I know its hard for realtors to sell homes when the buyers refuse to acknowledge the real current value of their house. The agent only makes money if it sells, so what he loses in commission, he potentially gains in a quicker sale and a reasonable client.
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