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OH Avg Real Estate Commission Rate in Columbus, Ohio

Columbus is the state capital and the most populous city in Ohio. It is the 14th-most populous city in the United States, with a population of 860,090 as of 2016 estimates. This makes Columbus the 3rd-most populous state capital in the United States after Phoenix, Arizona and Austin, Texas, and the second-most populous city in the Midwestern United States, after Chicago. It is the core city of the Columbus, Ohio, Metropolitan Statistical Area, which encompasses ten counties. With a population of 2,078,725, it is Ohio's second-largest metropolitan area.

Columbus is the county seat of Franklin County. The municipality has also expanded and annexed portions of adjoining Delaware County, Pickaway County and Fairfield County. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816.

The city has a diverse economy based on education, government, insurance, banking, defense, aviation, food, clothes, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Columbus is home to the Battelle Memorial Institute, the world's largest private research and development foundation; Chemical Abstracts Service, the world's largest clearinghouse of chemical information; NetJets, the world's largest fractional ownership jet aircraft fleet; and The Ohio State University, one of the largest universities in the United States. As of 2013, the city has the headquarters of five corporations in the U.S. Fortune 500: Nationwide Mutual Insurance Company, American Electric Power, L Brands, Big Lots, and Cardinal Health. The food service corporations Wendy's, Donatos Pizza, Bob Evans, Max & Erma's and White Castle and the nationally known companies Red Roof Inn, Rogue Fitness, and Safelite are also based in the metropolitan area.

In 2016, Money Magazine ranked Columbus as one of "The 6 Best Big Cities", calling it the best in the Midwest, citing a highly educated workforce and excellent wage growth. In 2012, Columbus was ranked in BusinessWeek's 50 best cities in America. In 2013, Forbes gave Columbus an "A" rating as one of the top cities for business in the U.S., and later that year included the city on its list of Best Places for Business and Careers. Columbus was also ranked as the No. 1 up-and-coming tech city in the nation by Forbes in 2008, and the city was ranked a top-ten city by Relocate America in 2010. In 2007, fDi Magazine ranked the city no. 3 in the U.S. for cities of the future, and the Columbus Zoo and Aquarium was rated no. 1 in 2009 by USA Travel Guide.

 

Columbus, Ohio Average Real Estate Agent Commission Rate Fees:

A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Columbus, Ohio. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!

The national average total real estate commission in 2015 was 5.26% *

In Columbus, Ohio, you will find the following real estate commissions charged*:

Typical Asking Commission: 6.0%

Competitive Commission: 5.0%-5.5%%

Very Competitive Commission: 4.5%-4.99%

The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016.  Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:

In the State of Ohio, median home prices are as follows*:

Metro Area Median Sales Price % of Annual Change
Akron $139,400 6.30%
Canton-Massillon $131,000 2.20%
Cincinnati $168,600 5.00%
Cleveland-Elyria $144,800 4.90%
Columbus $197,700 8.80%
Dayton $141,800 2.20%
Toledo $127,600 2.00%
Youngstown-Warren-Boardman, OH-PA $87,000 1.90%
 
IMPORTANT

Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home.  In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).

In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent.  Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”.  This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client.  This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).

When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.

 

AGENTS ARE READY TO BID THEIR COMMISSION RATE TO GET YOUR LISTING

At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business.  These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm.  This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Ohio.

 

ARE YOU BUYING IN THE SAME AREA, TOO?

Sellers who are also buying a home in the same local market have a volume discount advantage.  ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home.  Be sure to check the box that you are also buying a home locally to receive these better rates.

 

ARE YOU READY TO RECEIVE COMPETITIVE COMMISSION RATE BIDS?

Click here to see your savings in just 24 hours…

 

DEMOGRAPHICS:

As of the census of 2010, there were 787,033 people, 331,602 households, and 176,037 families residing in the city. The population density was 3,624.0 inhabitants per square mile (1,399.2/km2). There were 370,965 housing units at an average density of 1,708.2 per square mile (659.5/km2). The racial makeup of the city was 61.5% White, 28.0% African American, 0.3% Native American, 4.1% Asian, 0.1% Pacific Islander, 2.9% from other races, and 3.3% from two or more races. Hispanic or Latino of any race were 5.6% of the population.

Of the 331,602 households, 29.1% had children under the age of 18, 32.0% were married couples living together, 15.9% had a female householder with no husband present, 5.1% had a male householder with no wife present, and 46.9% were non-families. 35.1% of all households were made up of individuals and 7.2% had someone living alone who was 65 years of age or older. The average household size was 2.31 and the average family size was 3.04.

The median age in the city was 31.2 years. 23.2% of residents were under the age of 18; 14% were between the ages of 18 and 24; 32.3% were from 25 to 44; 21.8% were from 45 to 64; and 8.6% were 65 years of age or older. The gender makeup of the city was 48.8% male and 51.2% female.

According to the "2013 Japanese Direct Investment Survey" by the Consulate-General of Japan in Detroit, 705 Japanese nationals lived in Columbus, making it the municipality with the state's second largest Japanese national population, after Dublin.

 

ECONOMY:

Columbus has a generally strong and diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. In 2010, it was one of the 10 best big cities in the country, according to Relocate America, a real estate research firm. MarketWatch ranked Columbus and its metro area as the No. 7 best place in the country to operate a business in 2008. In 2012, Forbes Magazine ranked the city as the best city for working moms. In 2007, the city was ranked No. 3 in the United States by fDi magazine for "Cities of the Future", and No. 4 for most business-friendly in the country. Columbus was ranked as the seventh strongest economy in the United States in 2006, and the best in Ohio, according to Policom Corp. According to the Federal Reserve of St. Louis, the GDP of Columbus in 2016 was $131 billion.

During the recession beginning in late 2007, Columbus's economy was not impacted as much as the rest of the country, due to decades of diversification work by long-time corporate residents, business leaders, and political leaders. The administration of former mayor Michael B. Coleman continued this work, although the city faced financial turmoil and had to increase taxes, allegedly due in part to fiscal mismanagement. Because Columbus is the state capital, there is a large government presence in the city. Including city, county, state, and federal employers, government jobs provide the largest single source of employment within Columbus.

In 2013, the city had four corporations named to the U.S. Fortune 500 list: Nationwide Mutual Insurance Company, American Electric Power, L Brands, and Big Lots, with Cardinal Health located in suburban Dublin. Other major employers in the area include numerous schools (for example, The Ohio State University) and hospitals, hi-tech research and development including the Battelle Memorial Institute, information/library companies such as OCLC and Chemical Abstracts, steel processing and pressure cylinder manufacturer Worthington Industries, financial institutions such as JP Morgan Chase and Huntington Bancshares, as well as Owens Corning. Wendy's and White Castle are also headquartered in Columbus. Major foreign corporations operating or with divisions in the city include Germany-based Siemens and Roxane Laboratories, Finland-based Vaisala, Tomasco Mulciber Inc., A Y Manufacturing, as well as Switzerland-based ABB Group and Mettler Toledo.

*Data provided by Bankrate.com - Real Estate and Wikipedia - Columbus - Ohio