If an agent comes to you with a buyer, how much comission are they entitled to?

[WellThatsLovely]

We live on a street where houses very rarely go for sale and when they do, there are multiple offers and the houses sell the same day.
There is an agent who's been in the area for a long time, knows everyone on the street and (understandably) likes to keep tabs on who's leaving and when.
He's caught wind that we're likely the next ones to go, and has already expressed to us that he has a buyer lined up. In this case, would the agent be entitled to the full 5% asking? Would a flat fee be more reasonable?
I get that agents offer a lot of value to sales but in this case, the amount seems a little excessive for an afternoon of work.

[jeffjc]

you'd be nuts to give him 5%. if your house/street is that much in demand, either try listing privately or offer him 2%, take it or leave it.

[WellThatsLovely]

Seemed a little nuts to me too. I thought of listing it privately but because buyers expect you to give them a discount (and in essence, give them the same commission), we might as well have the agent do the work.

2% seems totally fair (to me at least), seeing as how agents don't seem to mind putting in way more effort to sell a $200,000 house at 5%.

[jeffjc]

Originally Posted by WellThatsLovely

Seemed a little nuts to me too. I thought of listing it privately but because buyers expect you to give them a discount (and in essence, give them the same commission), we might as well have the agent do the work.

2% seems totally fair (to me at least), seeing as how agents don't seem to mind putting in way more effort to sell a $200,000 house at 5%.

it's up to you but if your street is in demand, then you can hold firm on your price.