From Pierre to Sioux Falls, sellers across South Dakota can save thousands on real estate agent commissions. With discount real estate brokers in South Dakota, you can slash the traditional 6% rate down to just 2% to 3%.
The current median home price in South Dakota is $317,800. The traditional 6% commission will cost you a whopping $19,068. A discount Realtor offers you similar services at just 1.5%. With a competitive buyer agent commission of 2.5%, you now have to pay only a 4% fee. That’s just around $12,712.
You can lower this amount to around $9,534 if you list on the MLS with Houzeo’s Gold plan. You also get the professional services and tools available to real estate agents at a fraction of the cost.
Rankings: Best Discount Real Estate Brokers and Companies in South Dakota
We’ve researched and compiled a list of the best discount real estate brokers for you.
| Rank | Discount Real Estate Broker / Company | Listing Fee | Additional Charges | Max Savings | 100% Online | Mobile App |
|---|---|---|---|---|---|---|
| 1. | Redfin | 1% Commission | ❌ | ❌ | ❌ | ✅ |
| 2. | Flat Fee Realty | Varies | ❌ | ❌ | ❌ | ❌ |
| 3. | Coldwell Banker | 2.5%-3% Commission | ❌ | ✅ | ❌ | ✅ |
| 4. | UpNest | 4.3% Commission or As Decided by the Agent | ❌ | ❌ | ❌ | ❌ |
| 5. | HomeLight | 2.5% Commission | ❌ | ❌ | ❌ | ❌ |
Reviews: 5 Best Discount Real Estate Brokers in South Dakota
1. Redfin
Best-In-Class Agents
Redfin.com
- Listing Fee: 1% of Sale Price
- Available in 80+ U.S. Markets
3.4/5
(135+ Reviews)
3.4/5
(135+ Reviews)Redfin is the largest discount real estate company. Its premier agents, with years of experience, help you buy and sell high-end homes.
- Listing Price: Redfin charges a 1% listing fee if you want to sell a house and buy your next one with them. It charges a 1.5% listing fee if you decide to just sell your house with Redfin.
👉Our Take: Redfin is a technology-based platform. You can expect transparency and an accurately managed database. However, you may not get complete attention due to their high customer volume.
» Is Redfin Legit? Check the legitimacy of Redfin’s discount broker services
Redfin offers:
- Competitive Pricing: You pay a listing fee of 1% if you decide to sell and buy with Redfin.
- Updated Technology: Redfin provides a mobile app, 3D walkthrough, relevant filters, etc. This makes the real estate transaction seamless.
- National Presence: Redfin covers 80+ markets in the US.
» Redfin Pros and Cons: Read about the advantages and drawbacks of Redfin services.
The disadvantages of using Redfin are:
- Pricing Inaccuracy: Many sellers have complained about certain factors like, lot area, a gated compound, or a city location not getting considered during valuation.
- Long Time for Listing: As per Redfin’s agreement, it takes almost 15-18 days to verify the seller’s property and list their house.
- Lack of Customer Service: There has been negative feedback about lack of personal attention by Redfin salaried agents.
Redfin has an average rating of 3.4 out of 5 stars on Yelp and average 3.7 out of 5 stars on Google.
» Redfin Reviews: The reality of 1% fees, pros, cons, and alternatives!
Redfin, founded in Seattle in 2002 by Mr. David Eraker, covers 80+ markets in the US.
It provides an elaborate listing agreement with a marketing plan for your home. However, this agreement specifies an 18-day timeframe for listing your property. Additionally, some customers have expressed concerns about their agents’ professionalism.
2. Flat Fee Realty
GREAT SAVINGS
Flat Fee Realty
- Listing Fee: Varies
- 3.4/5
(9 Reviews)
Flat Fee Realty offers a single Flat Fee MLS package, the price of which varies by state. The listing agent also retains a small percentage of the buyer broker’s commission.
- Standard services included in the flat fee package are a listing term of 6 months with six photos. Your listings get syndicated to Zillow, Trulia, and Realtor.com. The package also includes free listing upgrades and state disclosures.
Listing Photos Upgrades: If you want to change your listing photos, you must purchase upgrades separately. You can add up to 25 photos for $50.
👉 Our Take: Flat Fee Realty is a good option if an affordable plan is your priority. However, the company charges additional fees for optional upgrades like photos. Also, it does not offer any services to home buyers.
Flat Fee Realty is a decent option if you are looking for a low-cost real estate brokerage.
- Market Exposure: Your listing gets syndicated to the local MLS and other real estate websites like Zillow, Trulia, and Realtor.com.
- Full Representation: Flat Fee Realty offers a full representation of your property, enabling you to sell your home quickly.
- Custom Home Search: You can save your home search preferences on their website. Later, you can view homes matching your description as they become available.
In our research, we have found some red flags associated with Flat Fee Realty.
- Low on Tech: Flat Fee Realty is not 100% online. Some of the processes are carried out manually. Your listing might get delayed.
- Non-customizable Packages: Flat Fee Realty’s listing package provides no scope for customization. The package is a one-size-fits-all plan, limiting the options you want.
- No Buyer Support: Flat Fee Realty isn’t a buyer-focused platform, offering no significant benefits for home buyers.
Flat Fee Realty has an average rating of 3.4 out of 5 on Yelp.
Fred Romano owns Flat Fee Realty LLC. The company is a licensed brokerage in Connecticut. In the remaining states, they partner with licensed brokers to list your property on the MLS.
Flat Fee Realty charges 0.10 – 0.25% commission at closing. Even though they claim the buyer agent pays this, the entire commission comes out of the seller’s proceeds.
3. Coldwell Banker Realty
LOCAL YET NATIONAL
Coldwell Banker
- Listing Fee: 2.5%-3% of Sale Price
- 1.8/5
(175+ Reviews)
1.8/5
(175+ Reviews)Coldwell Banker offers a variety of free tools to the seller. It includes tools like a home value estimator, local market data, and fast cash offer alternatives.
- 2.5%-3% Commission: Coldwell charges a traditional brokerage fee. It offers services like renovations, home staging, technology support, etc at no upfront cost. You may negotiate your offer with their agent to get a discount.
👉 Our Take: Coldwell Banker has a huge team of professional agents. They assist you at all the stages of your real estate transaction. However, we suggest reading the customer reviews before proceeding.
Coldwell Banker provides the following advantages:
- Local and Experienced Agents: Agents with local expertise help you learn more about the current housing market state. You can then price your house right.
- Effective Marketing Plan: A marketing strategy is drawn based on market knowledge, advanced pricing tools, and comprehensive housing data. This helps you sell your house faster.
- Seller’s Assurance Program: It offers benefits like home staging, renovations, and technology support at no upfront cost. You pay for this expense only after your house is sold.
- Home Financing: Coldwell Banker assists buyers with home financing options. This includes down payments, mortgage prequalification, loan approval, etc.
Coldwell Banker provides the following disadvantages:
- Poor Customer Feedback: Customers have mentioned issues regarding commission percentage and unprofessionalism.
- Undisclosed Commission: Coldwell Banker does not offer fixed packages like other discount brokerages. You will not know how much to pay until you consultant them. If you don’t negotiate well you may end up paying a higher amount.
It has a rating of 1.8 out of 5 stars on Consumer Affairs.
Coldwell Banker has been serving the real estate industry since 1906. A large network of brokers and sales associates is spread across 40 countries.
It offers a mobile app that makes the online listing process easy. However, it has average customer feedback.
4. UpNest
Negotiable FEES
UpNest
- Listing Fee: 4.3% of the Sale Price (or as decided by the agent)
- Available in all major cities
- 4.7/5
(295+ Reviews)
4.7/5
(295+ Reviews)UpNest is a marketplace that connects home sellers and buyers with local agents.
- Pricing: UpNest does not charge you any upfront fee. It allows their agents to discuss the pricing with you like commission, fees, discounts, etc.
👉 Our Take: UpNest introduces you to 2 to 3 agents once you register on their platform. You may face trouble in evaluating these agents concerning their experience and knowledge.
» Is UpNest Legit? Find out if UpNest can be the best option for your house sale.
UpNest offers certain advantages:
- No Fees: UpNest does not charge you an upfront commission. Instead, you are introduced to an agent to discuss the services and commissions.
- User-Friendly Dashboard: It has a user-friendly dashboard which makes it easy to compare agent profiles.
- No Obligation Service: UpNest connects you with multiple agents as soon as you sign up with them. If you are not satisfied, then you can simply walk away.
- Nationwide Coverage: Prevu offers service throughout the US. It connects you with the local agent who has current market insights.
» What is UpNest? Read the comprehensive study for UpNest to learn more details!
UpNest has certain disadvantages:
- Lower Savings: The commission depends on your negotiation with the agent. A higher commission fixed would make you pay more.
- Uncertain Customer Service: Some customers share feedback of agents being extremely helpful and knowledgeable. However, less experienced agents struggle to answer simple questions.
» How Does Upnest Work? Agent-matching at UpNest is pretty straightforward. Check it out!
UpNest has a rating of 4.7 out of 5 stars on Google.
» UpNest Reviews: How Much Will it Save You in 2023?
UpNest is a licensed agent-matching brokerage. It is headquartered in California. Move, Inc., (Realtor.com the parent company) acquired Upnest in June 2022.
UpNest pairs you with local agents with a proven sales record. However, you may end up fixing a high commission for the agent.
5. HomeLight
GOOD AGENT COVERAGE
HomeLight
- Listing Fee: 2.5% of sale price
- Good agent coverage
- 4.6/5
(237 reviews)
HomeLight has a network of thousands of successful real estate agents and brokers. It is an agent-matching tech-platform.
- Standard Commission: HomeLight is a free agent-matching platform. The agent you get through this platform will charge the standard commission of 2% to 3% for listing.
👉 Our Take: HomeLight provides decent agent-matching services. However, the standard listing commission means zero savings for you.
» HomeLight Reviews: The Truth You Need To Know
HomeLight offers a number of advantages to both sellers and buyers:
For Home Sellers:
- Free Agent Matching: The agent matching service from HomeLight is free for home sellers. HomeLight furnishes details of the best real estate agents in your neighborhood. Depending on the agent, the traditional 5% to 6% commission is charged.
- Estimators and Calculators: HomeLight offers Home Value Estimator, Best Time To Sell Calculator, Agent Commissions Calculator, and Net Proceeds Calculator to home sellers.
- HomeLight Simple Sale: HomeLight has a network of pre-approved buyers. If you want to sell your house fast, this option allows you to sell it to a cash buyer within 7 days.
For Home Buyers:
- Home Search Feature: Buyers can search for homes by city, zip code, or address.
- Estimators: HomeLight offers estimators like Home Affordability Calculator, Down Payment Calculator, and Closing Costs Calculator for home buyers.
In our research, we have found some red flags associated with HomeLight.
- Inconsistent Agent Quality: The agents they assign may not work at your convenience. Even the listing speed will be based on the agent selected.
- Off-market Restriction: Registering on HomeLight will get you offers from agents instantly. Although the process is fast, only homes that are off-market are allowed.
HomeLight has an average rating of 4.6 out of 5 from 237 reviews on Sitejabber.
HomeLight is an agent-matching company established by Drew Uher in 2012. It is a single platform where home sellers meet their prospective home buyers.
It has a huge broker database. Every agent handles multiple clients at a time. This leads to miscommunication and a lack of personalized support.
What Are Discount Real Estate 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. Such low-cost real estate agents typically offer the same services for reduced fees of 0.5% to 2% or a flat fee.
How Much Can I Save With a Discount Realtor in South Dakota?
As a seller, you can save anywhere between $10,000 and $20,000.
Typically, home sellers pay a total of 6% as Realtor commissions to both the listing agent and the buyer’s agent. Whereas, with discount real estate brokers you can pre-negotiate this at 1% to 2%.
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.
Types of Discount Brokers in South Dakota
The four major types of real estate discount brokerages and companies in the The Mount Rushmore State 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. The best Flat Fee MLS listing companies like Houzeo can get you on the MLS within 24 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 at only 1% or 2% of the usual fee. They cover everything from listing to negotiations and pricing. They are also called 1% commission Realtors or 2% commission brokers, etc.
4. Virtual Full Service: A virtual full-service discount broker handles everything online. All services, including negotiation and marketing support, are at no additional cost.
Pros and Cons of a Discount Realtor
Here are the pros and cons of discount Realtors:
Pros ✅
- Reduced Fees: You’ll pay less for listing agent fees. While standard brokers typically charge at least 3%, discount brokers may charge as little as 0.5% to 1%.
- Full Access to Basic Services: You receive the same services as you would with a traditional agent. They assist with home pricing, marketing, and negotiations.
- Streamlined Process: A low-cost Realtor provides similar services as traditional agents. They streamline the process of listing your property on the MLS, marketing the property, negotiating offers, and assisting with paperwork.
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 rarely talk to anyone in person. A first-time seller or buyer who needs some hand-holding may not be able to get benefits.
- 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. Remember to carefully review the terms and conditions of the contract before signing.
Who Should Use a Discount Broker?
Discount brokers are ideal for:
- Sellers on a Tight Budget: Homeowners who wish to save money should list with a low-fee Realtor. This can help them save big.
- Real Estate Investors: Real estate investors who frequently trade homes 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 Agents in South Dakota
Here are some options if you do not want to opt for a discount Realtor in South Dakota:
- 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 South Dakota markets. iBuyers can be a great option if you want to sell your house fast in South Dakota.
- Sell to Cash Home Buyers: Individual cash home buyers and companies 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 in South Dakota will help you list and sell a house by owner and save thousands in listing agent commission.
Are Discount Brokerages Worth It?
YES! There are various advantages to using a low-cost real estate agent. Using an affordable brokerage can save you at least $8,000 to $10,000.
There are several discounted real estate brokers on the market today, each with its own advantages. Before you choose one, examine factors such as listing fees, listing time, services provided, customer service, and coverage.
With Houzeo, you can get your home on the MLS in 24 hours for a small flat fee. You also get extra savings and services like access to an offers dashboard, showings management, and more.
Eager to Know How Houzeo Works?
Houzeo is the #1 For Sale By Owner website in the U.S. Check out the following video to understand how Houzeo would help you crack the deal faster in 5 steps.
How to List on MLS With Houzeo?
5 Easy Steps to List on MLS with Houzeo as FSBO
» 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
Who are the best discount real estate brokers in South Dakota?
HomeLight and Redfin are the top discount real estate brokers in South Dakota.
How much is the real estate agent fees in South Dakota?
On average, traditional agents in South Dakota, charge 5% to 6% of the sale price as commission. On the other hand, discount real estate brokers charge 1% to 3% commission.
How do I find low cost discount Realtors near me to sell my home?
You could do a Google search, go with an agent from one of the national discount brokers like Redfin, or list your home using Houzeo. With Houzeo, your home will be listed on the MLS without the added expense of a listing agent.
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