Real Estate Commissions

I have often been asked how much I make on the sale or purchase of a home. REALTORS® should never be afraid to answer this question for you, it’s no different than going to a doctor’s office and asking what their fee is, or even going to a car repair shop and inquiring how much a brake job will cost. It’s called disclosure, and you have a right to know, not to mention, it can be found on your settlement statement.
 
 If you are the person selling a property, the agent representing you will charge you a commission, which is agreed to by both in writing by way of a listing agreement. In turn the broker representing you agrees to split the commission with the agent that represents the buyer with a clause within the contract containing the offer.
 
 If you are a buyer, representation typically costs you nothing since the commission is paid for within the broker agreement stated in the above example, however, be aware that if you choose to buy a home sold “for sale by owner” you may be held liable for the commission set forth in your representation agreement. Have your REALTOR® call the seller to ensure they will pay your agent’s commission, but most important, remember you need representation to keep your best interests at hand. Your REALTOR® is working for you… not the seller!
 
 Commissions are not set in stone, there is no “norm” for a commission, and many times, they are negotiable. REALTORS® have the ability to negotiate what they are willing to accept as payment, but they may also minimize the amount of advertising or work as well along with the reduction, so make sure you ask questions with regard to the services provided with the specific commission structure.
 
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