Good luck to you,
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Let me add my "local" voice and say that there is NO standard commission or practice of discounting any commission if dual agency is the business relationship. There is not standard commission either!
As independent contractors, every one of us, whether in NJ or CA or AZ can decide how to handle our commission structure - our Brokers also play into this decision, as well.
Seriously, you really need to discuss this with individual agents (call me, and I'd be happy to discuss it further), as there may be some who are willing to charge you less if acting as a dual agent....many will not offer any kind of "discount". It will vary, and is negotiable..
There is no standard operating procedure here in our area, whether one is acting as a dual agent ....or seller's agent ....or buyer's agent.
Just a word of advice - focus on the big picture - the entire marketing plan.... and not just how much you will be charged.....
Prudential NJ Properties
but there just is no standard, not in San Francisco, not in Florida and not in New Jersey. Stating that there IS a standard, is a violation of the Sherman Anti-trust act. So while you may believe that there is a standard, you're just not going to find an agent willing to state in writing, on a national website no less, that there is.
And in fairness, there really isn't... because some agents will negotiate their commission to represent both transactions... and some won't.
Every part of the country has different "standards" of practice. While it is all negotiable, I have found if you adhere to local practices - you get better services.
I know in Florida - dual agency = lower overall commission. California - dual agency = full commission. Percentages overall may include or not include explicit marketing costs.
In addition, I am hearing that there is also listing discounting going on in the NJ market (3% to the buyers agent - remainder to the sellers agent). This is not happening in the CA market. I didn't get the sense of discounting going on in the FL market.
So I would appreciate a more specific answer from someone who services the West Orange, NJ area.
There is no "standard" commission. All commission is negotiable. The listing contract should state what the commission is going to be. It should also state if the commission is going to be reduced (and to what amount) if the listing agent is also going to be the selling agent/buyer's agent (dual agency). If it is not stated that there is a reduction due to dual agency, then the seller is obligated (by contract) to pay the full commission to the one agent - unless they can convince the agent to alter that.