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Article: Realty Firm Calls Higher Sales Fees A Success; Long & Foster's Rivals Resist 7% Commission
- Article from:
- The Washington Post
- Article date:
- August 8, 1998
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Long & Foster Real Estate Inc., the Washington area's largest
residential sales organization, said that its three-month-old
experiment in increasing the commissions and fees it charges home
sellers has been a success.
Competing brokers said, however, that the increased charges
are pushing customers their way. And at least one critic said Long &
Foster is overcharging consumers.
Long & Foster raised its typical commission to 7 percent from
6 percent May 1 and also began charging a $49 transaction fee to
cover record-keeping expenses.
"From 25 percent to 30 percent of all our newest listings are
signed at 7 percent," said P. Wesley Foster Jr., chief executive of
the Fairfax firm, ...