Dear Laurie,

Commissions vary listing to listing, and there is no set comissions anywhere. I have heard many buyers tell me that they thought the norm was 5% or 6% and so on, but it is something that you can negotiate with your agent. Just remember the less% you pay them the less$ they have to advertise with!

Good luck

Commissions both listing/ buyers agents are paid by seller at closing based on listing agreement signed with listing agent.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

There is no "current commission" standard in Illinois (or anywhere else for that matter)... a standard commission would be violating the Sherman anti-trust laws.

Um.... If Laurie is a real person and not just a person with another profile asking a loaded question to start a controversial topic...

Commissions are negotiable in every state and there is no set standard. It depends on the level of services, marketing & advertising the brokerage provides which will generally dictate the amount they charge.

You'll have to actually talk to the brokers in your area you are considering using for an answer to that question.

Read what everbody here has to say. Get your 3 presentations from different companies if you are listing. This is a job interview and you are offering the job. Then negotiate your commission fee. Everything is negotiable, but make sure whatever fee you negotiate 'down' to includes everything you want the agent/brokerage to do and everything they are willing to do for that percentage. If you are working with a buyer's agent, for the most part they have nothing to do with the commission fee other than to collect at settlement. The listing/seller sets the commission they are willing to pay to get the house sold. One portion goes to the listing agent/brokerage and the other goes to the selling agent/brokerage. The agent's commission is based (usually) on their prior performance at the brokerage where they work. The agent can end up with as little as 40% or as much as 90% depending on what they sold last year and their contract with the brokerage for whom they work. That 40%-90% is based on (usually) half the entire commission. Not as much as folks think! Good luck!

There is NO current commission! A decision about the commission is totally between the seller and listing broker and is negotiable. Of that commission, again, it is the listing broker's decision about how much to offer a cooperating broker.............There are NO set rates.

Laurie
If you have to sell...meaning you have no other options, think of commission like this:

How much do I need to net?

Interview at least three Realtors. Have them analyze your situation. Compare their proposals. Tell them that you are interested in netting the most when you sell.

Is having a great marketer important to the sale of your home?

Is having a great negotiator important to maximizing the sale price and protecting your net?

You need to find the best professional that can meet your needs. You are not searching for a commission rate. So ask them for a written proposal, then make the best choice, and be clear about your needs and expectations.

Anti-Trust Laws prohibit a standard, agreed upon among Brokers, commission rate. You will find the rates and some services/quality to be different as you do your shopping for the Right Realtor to sell your house.

Hi Laurie,

There is no such thing as a standard commission in the real estate industry. Commissions vary between companies and even between agents in the same company. Level of service is an important consideration.

Too many consumers do not take into account the difference in service they receive when they list with the agent quoting the lowest marketing fee(commission). In general, when you want better quality you often pay a higher price. When I take a listing, my office and I handle all details of marketing (signage, flyers, mailings, newspaper ads, web sites, hotline number, open houses) as well as scheduling the showings for the property. In addition, I provide any assistance I can to my clients from offer to contract to closing to make sure the deal proceeds smoothly. Most discount agents do not market as thoroughly. Many delegate much of this work to the sellers. I have seen sellers preparing their own brochures and handling their property showings. Illinois law prescribes a minimum level of service a real estate broker must provide: presentation of offers, assistance with negotiation and explanation of the forms. Illinois law does not specify marketing activities.

You don't get what you pay for. You get what you shop for. If you are thinking about listing your home, give me a call. Compare what I have to offer to what the competition is offering. Compare the marketing fees.

Ed Plaskacz
Prudential Starck, REALTORS
AskEdAboutRE@hotmail.com
630-561-0885

Hi Laurie,

I would agree with Bill that commissions vary and it all comes down to what level of service is provided and the track record that the Realtor has in getting homes sold for the highest price possible. There is much variation from one Realtor to another in the level of service provided as well as the marketing that is done for the property.

If you would be interested, I'd be happy to show you how I market homes so you can compare to the Realtor you are interviewing.

All the best,
Royal

Laurie,

Fees for professional services are negotiable but typically vary, with a range of 4% to 10%. There can be some variation based on the companies level of service provided. The more common "full service" fee structure is found in the 3-7% range.

Best wishes.
The Eckler Team