BREAKING NEWS: Post the NAR Settlement, Chicago discount real estate brokers can save you almost the entire 6% commission. That translates to saving up to $21,780 in commission on an average $363,000 Chicago home.
Whether you’re selling a house in Lincoln Park or West Side, the best discount real estate brokers in Chicago 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 Chicago home.
Rankings: Top 5 Chicago Discount Real Estate Brokers
We’ve listed the top 5 discount real estate brokers in the Windy City based on how much you can save on an average $363,000 home.
| Rank | Discount Real Estate Broker / Company | Listing Fee | Additional Charges | Max Savings | 100% Online | 5-Star Reviews* | Mobile App |
|---|---|---|---|---|---|---|---|
| 1. | Houzeo | $349 Flat Fee | ❌ | ✅ | ✅ | ✅ | ✅ |
| 2. | Johnson Realty | $500 Upfront + 0.5% commission | ❌ | ✅ | ❌ | ❌ | ❌ |
| 3. | Redefy | $3,500 Flat Fee | ❌ | ❌ | ❌ | ✅ | ❌ |
| 4. | Lucid Realty | 1%-2.5% Commission | ❌ | ✅ | ❌ | ❌ | ❌ |
| 5. | UpNest | 1.5% Commission | ❌ | ❌ | ❌ | ❌ | ✅ |
Types of Real Estate Discount Brokers in Chicago
There are two types of Chicago 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 Illinois 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 Chicago
1. Houzeo
#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 Chicago’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. Johnson Realty
HYBRID PLAN
Listing Fee: $500 Upfront Fee + Half of 1% at Closing.Johnson Realty is a full-service discount brokerage. It helps sellers to list their property at a fair price with great savings.
- The Johnson Plan ($500 Initial fee + Half of 1% at Closing): In this package, Johnson Realty performs a CMA and other on-site analyses, after which it creates an MLS listing at your place in real time. For this, they charge you $500 upfront. At last, you pay Johnson Realty 1% of the sale price at closing. In addition, the company offers services like Lockbox and professional photography at an additional cost of $120 and $50, respectively.
- Premier Listing Package: This package assists in buying and selling the property. Johnson Realty waives 0.34% of listing broker commission to sell your home upon you signing a buyer’s agency and listing agreement with Johnson Realty.
👉 Our Take: Johnson Realty provides services like market analysis, MLS listing, showings, etc. It charges you a fee apart from the initial charge of $500. You may end up paying a higher amount at the time of closing compared to another discount brokerage.
Johnson Realty offers the following advantages:
- Modern Technology: Their technology allows you to keep the real transaction transparent. The contract between you and the agent is also signed digitally.
- Market Exposure: Your home will be featured on several real estate websites, such as Zillow, Trulia, and Realtor.com.
- Agent Assistance: Johnson Realty’s licensed consulting team will help you execute your transaction through closing.
Johnson Realty offers a major disadvantage:
- Outside Agent Involvement: A third-party agent schedules the MLS showings. There might be inconsistencies in the quality of these agents.
There is no credible source available for its review.
Johnson Realty is one of Illinois’ highest-selling brokers. You can avail yourself of an extra discount if you sell your home and buy a new one with them. An outside agent from another company will schedule the showing through the MLS.
There may be discrepancies in the quality of these agents.
3. Redefy
IN-HOUSE SUPPORT
Listing Fee: Starting at $3794/5
Redefy DIY is a real estate service that allows homeowners to list their properties on the MLS for a flat fee. It offers 3 packages:
- Self-Service – ($379): This plan includes a 6-month listing on Zillow, Realtor.com, and your local MLS. You get a yard sign, 10 photos, and a door key lockbox. No agent support is provided.
- Limited Service – ($499): Features a 1-year listing on Zillow, Realtor.com, and your local MLS. It includes a yard sign, 25 photos, a door key lock box, and CSS showing service. It also includes live chat support.
- Virtual Full Service – ($2,995): This premium plan provides a 1-year listing with all features from the Limited Service plan. Additionally, you get in-home consulatation, contract reviews, professional photography, and market analysis.
👉 Our Take: Redefy is a good option if you want flexible pricing and prioritize savings over personalized service. However, the service quality may vary and you’ll need to opt for the premium package for additional support.
Here’s what stands out about Redefy:
- Affordable Pricing: Packages start as low as $379, giving you flexible options to fit your budget. Every plan includes essential features like local listing, email, text, live chat support, yard signs, and door lock keys.
- In-House Support: You are provided with professional in-house support like home staging with accurate pricing.
- Mortgage Calculator: Redefy’s Mortgage Calculator allows you to estimate your overall mortgage, insurance, and taxes.
Here are some of the downsides of working with Redefy::
- Limited Agent Availability: Full support is only available with the premium package, and service quality can vary.
- Lack of Personalized Services: Customers have often complained that Redefy agents are not able to give personalized service, as they serve a high volume of clients.
- Limited Coverage: Services are only available in 9 states: Colorado, Florida, Georgia, Illinois, North Carolina, South Carolina, Tennessee, Texas, and Virginia.
Redefy has a rating of 4 out of 5 stars on Yelp.
Redefy is a discount real estate brokerage introduced in 2011. It is headquartered in Aurora, Colorado.
It is a licensed firm that works on the principle of a flat fee. This means for your million-dollar house you just pay a flat rate. You also need to pay $500 as a non-refundable deposit. This increases your overall package cost.
Reviews: 2 Best Fixed Percent Discount Brokers in Chicago
4. Lucid Realty
GREAT LOCAL EXPOSURE
Listing Fee: 1%-2.5% Commission5/5
Lucid Realty is a full-service discount brokerage. It offers a pricing plan that helps you sell your house with less commission.
- Commission (1% to 1.25%): Lucid Realty provides its listing services with a commission between 1% to 2.5%. It includes services like a single point of contact, professional photography, yard signage, etc.
👉 Our Take: Lucid Realty offers full-service brokerage at a much lower commission. It follows a sliding scale service method where your expensive house makes you save more. However, you may consider other flat-fee brokerages that would eventually make you pay less.
Lucid Realty offers certain advantages:
- Agent Assistance: You will be assigned a single agent throughout your home-selling process. He will guide you in your home inspection and home appraisal procedure too.
- Local Exposure: Lucid Realty lists your house on the local MLS to get better exposure. This helps to sell your house fast.
- Comprehensive Market Analysis: Sellers receive a thorough market analysis and pricing recommendation, ensuring their home is competitively priced.
- Exclusive Marketing Plan: Lucid Realty evaluates your house’s key features and provides suggestions for the same. It also gives you price recommendations and guidance on market analysis.
Lucid Realty has certain disadvantages:
- Fluctuating Commission: The commission percent is not fixed. It may go to 1.25% which is higher than another discount brokerage.
- Coverage: It offers services only in the Chicago suburbs and its neighborhoods.
Lucid Realty has a rating of 5 out of 5 stars on Yelp.
Lucid Realty, founded by industry veterans Gary Lucido and Sari Levy, provides a full-service experience at a fraction of the traditional cost. They built the company to challenge the outdated, high-fee models of conventional brokers.
Sellers who choose Lucid Realty gain access to significant savings, with 1% to 2.5% commissions and buyer rebates, all while receiving the same level of support as full-price brokerages.
5. UpNest
Negotiable FEES
Listing Fee: Varies as per the agent4.7/5
UpNest offers agent-matching services. Here’s how it works:
- No Upfront Cost: UpNest connects you with top local real estate agents at no upfront cost. Agents will discuss commission rates, fees, and potential discounts directly with you.
👉 Our Take: With UpNest you get multiple real estate agent options to choose from. However, agents’ commission rates and qualifications can vary significantly, and the quality of service may depend on the broker you select.
Here’s what UpNest offers:
- Multiple Agent Proposals: Get 3–5 commission quotes from top local agents. Compare options easily without contacting agents yourself.
- Quick Turnaround: Receive agent matches within 24 hours of signing up.
- Transparent Pricing: View all commission rates and potential savings upfront. There are no hidden fees or pressure to commit.
- Nationwide Coverage: It offers service throughout the US. It connects you with the local agent who has current market insights.
Here are some of the downsides of working with UpNest:
- No Guaranteed Savings: UpNest does not offer guaranteed savings. Instead, each agent sets their own listing fee.
- No Control Over Agent Selection: UpNest shows you commission quotes from selected agents. As a result, you might miss out on other qualified agents who are part of their network.
UpNest has a rating of 4.7 out of 5 stars on Google.
» UpNest Reviews: Is UpNest actually saving you money in 2024? Read to find out.
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.
Discount Real Estate Brokers Chicago: How Much Will You Save?💲
Chicago 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 $21,780 to sell an average $363,000 house in the Windy City. But, if you choose a flat-rate broker company, you save thousands. With Houzeo’s Gold plan, you only pay $2,244 and save $19,536!
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.
Discount Realtors in Chicago: Pros and Cons
Even though cheap Realtors in Chicago 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 Chicago than a 6% Realtor. Even if you only want to list your home on Illinois MLS, you pay a much lower fee than the typical 3% listing agent fee.
- Receive Full-Service Realtor Services: Discount real estate agents in Chicago 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 Chicago 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 Chicago.
- Unreliable Service Quality: Discounted real estate brokers in Chicago 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 IL 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 Chicago
Here are some options if you do not want to opt for a discount Realtor in Chicago:
- 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 Illinois will help you list on the MLS and increase exposure.
- Sell Your House to Cash Buyers: Almost all cash buyers in Illinois scour the MLS for Chicago 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 Chicago. You’ll end up paying a full 5% to 6% commission. That’s $21,780 on a $363,000 home gone!
Frequently Asked Questions
Who are the best discount real estate brokers in Chicago?
Houzeo.com and Johnson Realty are the top discount real estate brokers in Chicago. Both provide an incredible combination of savings and technology. However, Johnson Realty uses outside agents to schedule showings, 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 Chicago?
On average, traditional agents in Chicago charge 5% to 6% of the sale price as commission. On the other hand, discount real estate brokerage firms in Chicago charge 1% to 3%.
How do I find a discount broker near me in Chicago?
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 Chicago?
Yes, you can! Infact, post the NAR Settlement, you can now also negotiate buyer’s agent commissions.
