BREAKING NEWS: Post the NAR Settlement, Richmond discount real estate brokers can save you almost the entire 6% commission. That translates to saving up to $22,500 in commission on an average $375,000 Richmond home.
Whether you’re selling a house in Chesterfield or Hanover, the best discount real estate brokers in Richmond will help you save on the 3% listing agent commission. And an additional up to 2.5% to 3% on the buyer agent commission! That’s a cool $22K on an average Richmond home.
Rankings: Top 5 Richmond Discount Real Estate Brokers
We’ve listed the top 5 discount real estate brokers in the River City based on how much you can save on an average $375,000 home.
| Rank | Discount Real Estate Broker / Company | Listing Fee | Max Savings | 100% Online | 5-Star Reviews* | Mobile App |
|---|---|---|---|---|---|---|
| 1. | Houzeo.com | $399 Flat Fee | ✅ | ✅ | ✅ | ✅ |
| 2. | Share Realty | $3500 Flat Fee | ❌ | ❌ | ❌ | ❌ |
| 3. | Equity First Realty | 2.5% Commission | ❌ | ❌ | ❌ | ❌ |
| 4. | UpNest | 2.5% Commission | ❌ | ❌ | ❌ | ❌ |
| 5. | Houwzer | 1% Commission | ❌ | ❌ | ❌ | ❌ |
Types of Real Estate Discount Brokers in Richmond
There are two types of Richmond discount real estate brokers:
- Flat Rate Discount Brokers: Also called Flat Fee MLS companies, these discount realty services let you list your home for a fixed upfront fee. A Flat Fee MLS Virginia listing service costs between $399 to $4,000.
- Fixed Percentage Discount Brokers: These discount Realtors charge a fixed percentage of the home’s sale price. Typically, it is anything lower than the traditional 3% fee: 1%, 1.5%, 2% or 2.5%, etc.
Reviews: 2 Best Flat Rate Discount Real Estate Companies in Richmond
1. Houzeo.com: Max Savings, No Hidden Fees
#1 Discount Real Estate Service
Listing Fee: $399+$350 at closing4.9/5
Houzeo is a top technology-driven real estate platform. It offers 4 different packages:
- Bronze Package ($399 + $350 at Close): List your house for 6 months. You can upload 24 house photos.
- Silver Package ($399+0.5% at Close): List your home for 6 months and post maximum photos. Unlimited open houses and listing modifications are included in this package.
- Gold Package ($429+0.5% at Close): This package offers all the benefits of the Silver package, as well as licensed broker assistance, contract review, and more.
- Platinum Package ($449+1% at Close): This package offers virtual full-service support with a licensed broker. You can list for 12 months. Brokers assist you in negotiations, disclosures, and closing.
👉 Our Take: We recommend Houzeo to all home sellers. The company has an excellent customer rating of 4.9 out of 5 stars. It has extensive coverage across 47 states + DC, a feat achieved by only a handful of other services.
» Houzeo Reviews: Houzeo is 100% online. You can finish listing formalities within 60 minutes.
These are the key features that make Houzeo one of the top discount real estate brokers:
- Significant Commission Savings: You will pay just a small flat fee to list on the MLS. On average, home sellers who used Houzeo saved $12,511.
- No Hidden Fees: All costs are disclosed upfront so you don’t have to worry about hidden charges.
- Near Nationwide Coverage: Houzeo operates in 47 states and DC, with ongoing plans for expansion.
- Max Exposure: Houzeo packages give you access to renowned MLS companies.
- Advanced Technology: Eliminate the hassle of extensive paperwork. E-signature and online forms make house listing quick and easy.
- 5-star Customer Service: Dedicated customer support addresses your every concern easily.
- Mobile App: Houzeo’s mobile app lets you manage showing requests from verified buyers and buyer agents. You can either accept, reject, or reschedule showings at your convenience.
- Home Value Estimator: Houzeo’s Home Worth Estimator is online and quick to know the FMV of your home. It provides free home value estimate within 30 seconds.
There are no dealbreakers with Houzeo.
» Houzeo Reviews: Houzeo is rated “Excellent” by 10,000+ happy customers on Google Reviews and Trustpilot!
Houzeo Reviews: With over 10,000+ happy customers, Houzeo is the most trusted discount real estate broker.
Houzeo is Richmond’s #1 ranked discount real estate company because sellers only have to pay a flat rate. It provides an unbeatable combination of maximum savings and 5-star customer support.
2. Share Realty
Multiple Packages
Listing Fee: $3,500 - $5,000Share Realty is a discount realty in Virginia. They charge a flat fee for a full-service representation. They offer both Flat Fee and FSBO packages.
- FSBO Package – $1,000: You get an MLS listing, the Richmond Realtor supra lockbox, and a yard sign.
- Flat Fee – $3,500 – $5,000: This package includes services like MLS listing, HD photographs, ‘Showcase Home’ placement on Realtor.com, and open houses.
👉 Our Take: Share Realty offers flexible options for sellers looking to save on commissions while still accessing professional services. Its tiered approach allows sellers to choose their level of involvement and support.
You get the following benefits if you sell with Share Realty.
- Flexible Options: Multiple service tiers cater to different seller needs and preferences.
- Premium Marketing Service: You can upgrade your full-service package to the Premium Marketing plan for an additional cost of $1,500 – $2,000. You get your own webpage and a custom sign rider.
- Comprehensive Services: Full Service and Premium tiers offer end-to-end support from listing to closing date.
Here are a few drawbacks of Share Realty:
- Limited Coverage: Its services are primarily available only in Charlottesville and Richmond areas.
- FSBO Involvement: The lowest-cost option requires significant seller participation.
Share Realty has no customer reviews on popular sites like Google or Trustpilot.
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.
Reviews: 3 Best Fixed Percent Discount Brokers in Richmond
3. Equity First Realty
GREAT SAVINGS
Listing Fee: 0%4.3/5
Equity First Realty is a full-service discount realty with more than 20 years of market experience. They offer the following programs for home sellers and buyers:
- 0% Listing Fee: Sellers who engage Equity First Realty to buy and sell their homes will not be charged a listing fee.
- 3% Seller Cash Back Rebate: Home buyers who list their property with Equity First Realty can receive a 3% cash back rebate at closing. It can be used for paying the closing costs.
👉 Our Take: Equity First Realty offers a 0% listing service, with the condition that clients both buy and sell properties through them. The company has not disclosed the full terms and conditions of this offer.
Equity First Realty has certain advantages:
- 0% Listing Fee: You do not pay a listing fee if you sell and buy a house with them.
- Home Value Calculator: Equity First Realty’s House Worth Calculator allows you to estimate your home’s current market value.
- Local Expertise: The team has over 20 years of experience in Virginia real estate markets.
Equity First Realty has certain drawbacks:
- Lack of Detailed Information: Their website provides limited information about the terms and conditions of their 0% listing services.
- Program Restrictions: You have to use both their buying and selling services to get the benefits.
- Regional Focus: Equity First Realty operates only in Virginia.
Equity First Realty has an average rating of 4.3 out of 5 stars on Google.
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
GOOD AGENT COVERAGE
Listing Fee: 2.5% of sale price4.6/5
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.
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
BEST FOR LOW VALUE HOMES
Listing Fee: 1% of Sale Price4/5
Houwzer is a full-service discount Realtor. It offers:
- 1% Commission: It charges a fixed 1% listing fee on the total home sale price. That’s huge, for a $500,000 home, you’ll pay around $5,000. This 1% fee includes the charges for signs, photography, open houses, negotiation, etc.
👉 Our Take: The 1% commission is a little steep for MLS access. You can consider a Flat Fee MLS alternative for more savings and better tech.
Based on our research, the benefits of Houwzer are:
- Market Exposure: Your listing will be displayed on sites like Realtor.com, Zillow, Trulia, etc.
- Unlimited Showings: Houwzer’s agents are available seven days a week. You can schedule as many private showings as you want.
- Proprietary Software: You can organize your sale easily with Houwzer’s tech tools
Here are some limitations we found with Houwzer:
- Not Ideal for High-Value Homes: Houwzer’s model might not be ideal for luxury homes. For example, selling a house worth $1 million would still mean paying $10,000 in commission.
- Less Personalized Service: Houwzer agents handle multiple clients due to the flat-fee model, which means you might not get the one-on-one attention.
Houwzer has an average rating of 4.0 out of 5 stars on Yelp.
» Houwzer Reviews: Check out our detailed reviews on 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.
Discount Real Estate Brokers Richmond: How Much Will You Save?💲
Richmond discount brokers can help you save almost the entire 6% commission, depending on your home’s worth.
If you choose a 6% full-service Realtor, you’d pay $22,500 to sell an average $375,000 house in the River City. But, if you choose a flat-rate broker company, you save thousands. With Houzeo’s Gold plan, you only pay $2,304 and save $20,196!
NAR Settlement Saves Sellers Thousands in Commission
The NAR Settlement went into effect on August 17, 2024. Buyer agent commissions can no longer be offered on the MLS. This means sellers will save thousands! But it also means there’s a lot more compliance and litigation risks.
Here’s what this means for you:
- Sellers Can Save Thousands in Commissions: You will likely be paying much less than the traditional 3% buyer agent commission. That’s because buyer agent commissions will be negotiated twice: Once when buyers engage Buyer Agents and again when sellers review offer contracts.
- Seller Priority #1 Will Be Paperwork (to Mitigate Compliance & Litigation Risks): Buyer agents mitigate all types of risks. From seller disclosures, offer contracts, contingencies, inspections, repair requests, appraisal, and closing – Buyer agents keep the paperwork tight. Their state licensing authorities, Realtor associations, and MLS’ audit paperwork compliance. Without buyer agents, sellers will have to learn and adapt. Or risk expensive litigation.
- Negotiations Can Now Feel Like Haggling: Buyer agent commissions will now be part of offer contracts and buyer agency agreements. Buyers may ask sellers to include commissions in the form of seller concessions. That means home buyers and sellers alike will be negotiating commissions. Sellers will need expert licensed brokers to help them with these negotiations.
- Buyer Agent Commissions Can Be Offered Offline: Buyer agent commissions can still be offered outside of the MLS. They just cannot be advertised on the MLS.
Lara Shane Saved $24,000 With Houzeo, You Can Too!
Start Your Home Selling Journey
Discount Realtors in Richmond: Pros and Cons
Even though cheap Realtors in Richmond will save you thousands in commissions, you should consider the advantages and disadvantages of hiring one:
Pros ✅
- Sell Home for a Discounted Fee: You’ll pay less fees for a discount real estate listing in Richmond than a 6% Realtor. Even if you only want to list your Virginia home on MLS, you pay a much lower fee than the typical 3% listing agent fee.
- Receive Full-Service Realtor Services: Discount real estate agents in Richmond will provide the basic services that any traditional agent would. This includes assistance with pricing your home, marketing, paperwork, and negotiations.
Cons ❌
- You May Become a Victim of Hidden Fees: Some discount brokerages in Richmond may charge hidden fees or sell essential services a la carte. Beware of shady discounted agents who lure you in with significantly low fees. Do your research and look at the best discount realtors in Richmond.
- Unreliable Service Quality: Discounted real estate brokers in Richmond handle multiple clients at once to make up for the reduced commission rate. They may not be able to provide personalized assistance all the time.
- High Cancellation Fees: An Richmond discount real estate broker can charge a minimum withdrawal fee within a specified period. Remember to carefully review the terms and conditions of the contract before signing.
Alternatives to Discount Real Estate Agents in Richmond
Here are some options if you do not want to opt for a discount Realtor in Richmond:
- Sell Your Home For Sale By Owner: In a FSBO sale, you’ll have to opt for “DIY” marketing strategies like using FSBO signs, word of mouth, open houses, etc. But your listing won’t be on Zillow, Trulia, Realtor.com, and Homes.com! Meanwhile, FSBO websites in Virginia will help you list on the MLS and increase exposure.
- Sell Your House to Cash Buyers: Almost all cash buyers in Virginia scour the MLS for Richmond homes for sale. This includes iBuyers, investors, and home flippers.
- Sell With a Full-Service Realtor: If you are not interested in saving your equity, you can hire a full-service, in-person Realtor in Richmond. You’ll end up paying a full 5% to 6% commission. That’s $22,500 on a $375,000 home gone!
Frequently Asked Questions
Who are the best discount real estate brokers in Richmond?
Houzeo.com and Share Realty are the top discount real estate brokers in Richmond. Both provide an incredible combination of savings and technology. However, Share Realty has 0 reviews while thousands of sellers have rated Houzeo as 4.9 out of 5.
» Houzeo Reviews: Find out why 15,000+ home sellers love Houzeo.
How much is the real estate agent fees in Richmond?
On average, traditional agents in Richmond charge 5% to 6% of the sale price as commission. On the other hand, discount real estate brokerage firms in Richmond charge 1% to 3%.
How do I find a discount broker near me in Richmond?
You could choose a discount broker, or list your home using Houzeo. With Houzeo, your home will be listed on the MLS within 24 to 48 hours.
Can you negotiate Realtor fees in Richmond?
Yes, you can! Infact, post the NAR Settlement, you can now also negotiate buyer’s agent commissions.
