Home Buying in Hamburg>Question Details

Lee, Home Buyer in Hamburg, NY

What is usual commission rate for realtors in Hamburg, NY?

Asked by Lee, Hamburg, NY Tue Jul 13, 2010

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There is no usual commission! Each real estate company is free to set its own fee schedule and to negotiate various rates with individual buyers and sellers. Any agreement between two different firms to set standard rates, however, is a serious violation of antitrust laws. Violations occur when competing firms agree to act together, this is what the US Justice Department calls restraint of trade. There is no set fee, fees are negotiable.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Feb 9, 2011
You should be within 5 and 7 percent on commissions, anything less than that and anyone trying to sell you on anything less than that better be taking a big cut on the listing end if they wish to attract buyers on the other end, if they are offering only one or two percent on the buyers side it does sometimes hurt!
0 votes Thank Flag Link Wed Feb 9, 2011
If you asked every agent in that city you can get a different rate, you may hear the same rate or a few different ones often. But commission rates are not set nor can they be... that is called price fixing. Honeslty you may hear anything from 5-10%. Also Lee I see that you have "home buyer" set on your profile, if your buying a home no agent should ask you for a comission. The sellers pay the listing agent a comission and that agent splits that fee with the buyers agent. If you are working with a buyers agent and you choose to buy an unlisted home, for sale by owner for example, the agent will be representing you and typically get a comission directly from the seller(paid through the broker) is some cases you may have to pay a little if the fsbo is unwilling to pay and you want the representation of a liscenced agent. But that is very rare.

I hope this helps and I hope your needs are met. Let me know if you have any other questions.
Web Reference: http://www.ericropp.com
0 votes Thank Flag Link Tue Jul 13, 2010
As others note, the commission is typically paid by the seller. So, as a buyer, you're not directly affected by whatever rate was agreed upon by the Realtor and the seller.

And as the others note, the commission is negotiable.

Further, some agents and brokers offer a lower commission rate in return for fewer services. The seller sometimes can decide how much he/she wants to do him/herself, how much marketing is included, and so on--and pick a higher or lower service and commission level.

I know you're looking for a specific number. But there really isn't one. However, one of the answers below does suggest what the range might be.

Hope that helps.
0 votes Thank Flag Link Tue Jul 13, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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Keep in mind all commissions are negotiable, there are no set standards as it would be against Federal Law, in particular the Sherman Anti Trust Act/Clayton Act. If you are looking to buy--generally the commission is paid by the seller-- unless you have a separate agreement with your agent to pay above what the seller is offering.
0 votes Thank Flag Link Tue Jul 13, 2010
Dear Lee:

To continue further with your question, please bear in mind that the Buyer does not pay the commission on the purchase of a home, the Seller pays the commission. Once again, please let us know if we can be of further assistance. Thank you! Michelle & Tom Stone, "THE STONE TEAM" Hunt Real Estate ERA
0 votes Thank Flag Link Tue Jul 13, 2010
Dear Lee:

The usual commission rate is approx. 6%, however, we, at Hunt Real Estate have 3 options in which you can pick the option. If you would like to discuss your needs further, please do not hesitate to contact us. Thank you! Michelle & Tom Stone, The Stone Team, Hunt Real Estate ERA
0 votes Thank Flag Link Tue Jul 13, 2010
What are the three options. I was told there were two; 6% and 7.5%.
Flag Tue Oct 29, 2013
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