MIAMI, June 21 (UPI) -- Homequest of Miami, Fla., said Monday it has cut its commission rates and will begin selling homes for a commission of 3 percent.
Homequest said the new commission rates are well below the so-called industry standard commission of 6 percent.
Homequest said a review of home listings in South Miami-Dade County found that more than 36 percent of homes for sale are currently listed below the commission rate of 6 percent.
"Like it or not, the marketplace has spoken and 6 percent is a dinosaur," said broker Manny Fernandez, Homequest's founder and chief executive.
"As home values in our market rise at a record pace, sellers are demanding lower commissions and, until now, brokers have been quietly complying," Fernandez added.