Discount Real Estate Brokers in Richmond, VA (2023 Updates)

From Chesterfield to Hanover, home sellers across Richmond dread the 6% real estate agent commission. The best discount real estate brokers use cutting-edge technology and stellar customer service making it easy to sell your home.

We’ve spent thousands of hours researching discount real estate brokers and compiled our list of the best discount real estate brokers.

Rankings: Best Discount Real Estate Brokers & Companies in Virginia

Reviews: Best Discount Real Estate Brokers & Companies in Virginia

1. Houzeo.com

Houzeo.com is America’s #1 ranked Flat Fee service. Houzeo provides an unbeatable combination of max savings, 5-star customer support, and cutting-edge technology.

Houzeo’s Bronze package is priced at $99+, the Silver package is priced at $379+, and the Gold at $379 + 0.5% (Minimum $995) at closing. Sellers can ask for the full-service Platinum package which costs $349 + 1% (Minimum $995) at closing.

2. Share Realty

Share Realty offers flat fee listings and buyer rebates that help save buyers and sellers thousands of dollars.

Their Premium Marketing Plan provides you with your own webpage, a custom sign rider, and much more. You must, however, pay an extra $1,500 – $2,000.

3. Equity First Realty

With intimate local area knowledge in Richmond and Hampton Roads, Equity First Realty works extensively to help buyers and sellers meet their real estate goals.

Their agents assist you from start to finish, negotiate the best price and terms for you, and earn you money as well!

4. UpNest

UpNest connects you with agents in your area by utilizing technology and market data. They partner with top agents from leading national brokerage firms across the U.S.

However, your savings are not guaranteed. Your ability to negotiate would be the key factor in the deal. In other words, you may end up paying more commission, or discount rates won’t go low as you expected.

5. Houwzer

Houwzer provides useful extras including a virtual tour, high-resolution photographs, and closing help.

We do not recommend Houwzer to most home sellers and buyers. You may benefit if you are buying and selling with Houwzer or if your home is priced at a higher end.

What Are Discount Brokers and Companies?

Discount real estate brokers are companies or agents who sell your home for less than the standard 2.5 to 3% commission. Sellers receive basic real estate services at a pre-negotiated fee of 0.5% to 2% or even a flat fee.

The reduced fee can easily save sellers thousands in commissions.

You may be now wondering if their services are comparable to those of a traditional Realtor at this point. Discount real estate brokers typically offer the same services as full-service brokers. The key difference is in pricing.

🤔 Do you offer buyer agent commission to discount brokerages?

YES! Most real estate discount brokers and brokerages will recommend you pay a full buyer agent fee. It is typically between 2% and 3% in most states.

It is vital to pay a competitive commission to the buyer’s agent. This will ensure you sell your home quickly while still receiving the best price possible.

Types of Discount Brokers

Find a discount real estate broker that fits your budget and saves you the most money! The four major types of real estate discount brokerages and companies are as follows:

1. Flat Fee MLS Companies: Flat Fee MLS companies get you on the MLS for a small flat fee saving you thousands in commissions. Best Flat Fee MLS listing companies like Houzeo can get you on the MLS within 48 hours, or even faster!

2. Flat Rate Full-Service Companies: These companies charge a fixed fee instead of the regular 3% commission. This amount can be anywhere between $3,000 and $5,000. A flat rate Realtor is perfect for homes priced on the higher end.

3. Low Commission Estate Agents: Low commission discount brokers offer full-service packages. These are usually priced at 1% or 2%. They cover everything from listing, negotiations, and pricing.

4. Virtual Full Service: A virtual full-service discount broker handles everything online. Companies like Houzeo, also provide full-service options that are 100% online. All services including negotiation and marketing support are at no additional cost.

Pros and Cons of a Discount Realtor

The primary benefit of working with discount real estate brokers is that they have lower overhead costs. However, a discount broker may not have as much time to communicate. They juggle many clients and may not be available for your queries.

Pros

• Reduced Fees: You’ll pay less for listing costs. While standard brokers typically charge at least 3%, discount brokers may charge as little as 0.5% to 1%.
• Full Access to Basic Real Estate Services: You receive the same basic services as you would with a traditional agent. They provide assistance with pricing, marketing, and negotiations.
• Streamlined Process: A low-cost Realtor facilitates the selling process. They are motivated to work efficiently and eliminate all unnecessary steps from the sales process.

Cons

• Not Enough Savings: Some discount brokerages may charge hidden fees or sell their services a la carte. This might add to your expenses.
• Not for First-Time Sellers: Most discount real estate brokerages are digital, so you almost never have to talk to anyone in-person. A first-time seller or buyer who needs some hand-holding may not be able to benefit much.
• Lack of Personal Attention: Discount Realtors handle multiple clients at once to make up for the reduced commission rate. They may not be able to provide personalized services.
• High Cancellation Fee: A discount realty company can charge a minimum withdrawal fee within a specified period of time. Remember to carefully review the terms and conditions of the contract before signing.

Discount Real Estate Brokers to Avoid

Some agent-matching websites advertise themselves as “free”. But in reality, they keep a portion of the commission received by the discount real estate brokers. Because you pay the commission, this amount comes out of your pocket.

For example, List With Clever promotes itself as an informational real estate website that matches sellers with discount realtors. Even though Clever claims to be “free”, 25% to 40% of your commission will be directed to Clever as a “Referral Fee”.

» Clever Real Estate: Check out what you lose when you sell or buy with Clever!

 

How to Choose a Discount Realtor or Company?

It is essential to select the right real estate agent for your home-selling journey. The following are a couple of pointers to assist you with picking the ideal discount broker or company.

1. Savings: Discount real estate brokers have a variety of pricing structures. So, choose one that maximizes savings while still providing all of the services you require.

2. Technology: Choose companies that use cutting-edge technology, offer online paperwork, and have a mobile app.

3. Customer Reviews: Check for online customer reviews. This helps you to get an idea of the kind of services you are going to receive.

How Much Can I Save With a Discount Realtor?

As a seller, you can save anywhere between $1,632 and $ 6,680.

Typically, home sellers pay 6% of total realtor commissions. The total commission is divided between the listing agent (3%) and the buyer’s agent (3%). Discount real estate brokers pre-negotiate a reduced listing agent commission of 1% to 2%.

Therefore, you save a commission of 4% to 5% on your home sale.

As a home buyer, you get a buyer’s rebate – a type of cashback received after the sale. A typical buyer rebate is 1% to 2% of the home’s purchase price. For example, Redfin offers a buyer rebate of 0.5% to clients who sell and buy with Redfin within 1 year.

However, in order to qualify for this buyer rebate, buyers must fulfill specific requirements. The most important is the minimum price range.

🤔 What is a home buyer rebate?

A Realtor rebate is a type of cashback you receive as a buyer. Some brokerages and agents offer these rebates as an incentive to attract more buyers. Buyer rebates are allowed in 40 states.

Who Should Use a Discount Broker?

Discount Brokers are ideal for sellers and buyers who want to focus on savings.

• Sellers on a Tight Budget: Homeowners who wish to save money might list with a low-fee Realtor. This can help them save big. 
• Real Estate Investors: Real estate investors who frequently trade can benefit from low-commission discount brokers.
• House Flippers: Home flipping is a strategy where an investor purchases a property to renovate it and sell it for a profit. Home flippers can save thousands on agent commissions by selling via discount brokers.

Alternatives to Discount Real Estate Brokers in Richmond

Here are some options if you do not want to opt for a discount Realtor in Richmond.

• Flat Fee MLS Companies: Flat Fee MLS Richmond companies list your property on your local MLS for a flat fee of a few hundred dollars. You can save on commissions and also take advantage of their technology for a faster sale.
• List With a Full-Service Realtor: If you need hand-holding, we recommend you hire a full-service in-person Realtor. You’ll get all the professional help you need, but you will end up paying a full 5% to 6% commission.
• Sell to an iBuyer: Many iBuyers, like Opendoor and Offerpad, purchase hundreds of homes in other Richmond markets. iBuyers can be a great option if you’re wondering how to sell my house fast in Virginia.
• Sell to Cash Home Buyers: Individual cash home buyers and companies that buy houses for cash in Virginia make all-cash offers, usually within 24 to 48 hours. Cash buyers let you skip the hassle of listing on the MLS, inspection, appraisal, etc.
• Sell For Sale By Owner: For Sale By Owner websites will help you list and sell a house by owner in Richmond and save thousands in listing agent commission. Many FSBO websites will also get you listed on the MLS and help you with FSBO paperwork.

» Best FSBO Sites in Virginia: We’ve researched and reviewed all the best For Sale By Owner sites in Virginia. See our rankings!

Savings Calculator

Here’s how much you can save with Houzeo.com!

Are Discount Brokers Worth It?

YES! There are various advantages to using a discount real estate broker. Using a cheap brokerage can save you a lot of money. The commission savings can be significant.

There are several discounted real estate brokers on the market today, each with its own set of advantages. Examine factors such as listing fees, listing time, services provided, customer service, and coverage before you choose one.

With Houzeo, you can get your home on the MLS for a small flat fee. You get access to cutting-edge tools like offers dashboard, showings management, and many more to make your selling journey easy.

» List My House on MLS in Virginia: The fastest way to get on the MLS!

Eager to Know How Houzeo Works?

We’ve got you covered. Check out the following video to understand how Houzeo works and why it is one of the best For Sale By Owner websites in the U.S.

» NEED MORE CLARITY? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.

Frequently Asked Questions

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Discount Real Estate Brokers Richmond Virginia