Cambridge Brokers Sell for Commission of 3%
July 12, 2006
Compiled by Globe correspondent Thomas Grillo | December 23, 2000
Motorists who drive by Griffin Properties on Massachusetts Avenue in North Cambridge can't miss the giant "3 Percent Commission" sign at the corner store that was the longtime home of the FlagCenter, a Cambridge landmark. Paul D. Griffin, 39, co-owner, has been offering the relatively low rate since he launched the real estate business with his brother earlier this year.
"The sign is an eye-catcher and the low rate is a real competitive advantage," he said. "Our overhead is low, and we can still sustain a profit at that rate. When you consider that many Cambridge realtors are charging 5 percent, the sellers would have paid $32,250 in commission, but at 3 percent, they paid $19,350, a savings of $12,900.
To qualify for the 3 percent rate, a seller must list and sell the property with Griffin and the property would have to be sold by one of the firm's Realtors ?.
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