When you Sell your Home, What is the Real Estate Commission?
Real estate commission is the amount of money paid to the agents involved in a
home sale. It’s typically split among four parties—the listing agent, the listing
agent’s brokerage, the buyer’s agent and the buyer’s brokerage. The amount of real
estate commission that is paid can vary depending on a number of factors, including
the location of the property, market conditions and other variables.
When you sell your home, the listing agent will typically charge a 6% commission to
cover their work. That’s a lot of money! However, it’s important to remember that
the majority of a realtor’s work takes place before a listing is ever posted. This
includes consultations, staging, getting professional photos done, marketing your
home online and offline and facilitating the transaction from contract to closing.
The other half of a real estate commission is typically divided equally between the
seller’s agent and the buyer’s agent. While the standard is a 50/50 split, this can be
negotiable. For example, some agents may offer lower rates in exchange for repeat
business, or if the homeowner plans to buy another home in the same area.
As a home seller, it may seem counterintuitive to pay for the buyer’s agent.
However, it’s a cost of doing business and helps ensure that buyers are receiving
the full benefit of a knowledgeable agent’s expertise throughout the process.
The typical commission rate in New York is 6%, but it can vary depending on the
market. It can also change between a seller’s and buyer’s market. During a seller’s
market, there are more interested buyers than homes for sale, and properties often
sell quickly at or above their listing price. On the other hand, a buyer’s market can
mean longer listing periods and slower sales, as there are fewer buyers than
available homes. For more info https://www.pioneerhb.com/we-buy-houses-dallas-tx/
Despite these fluctuations, the average New York real estate commission still makes
sense for sellers and is well worth the cost of having a talented and experienced
agent by your side. In addition, there are ways to reduce or eliminate traditional NYC
broker commissions when selling your home.
If you’re looking to sell your home and save on real estate commission, Hauseit can
match you with top-producing local agents who will work for just a 1.5% listing fee.
Simply answer a few questions about your home and we’ll match you with agents
who are a good fit. Click here to get started!
