Just to further expand on some great answers; Realtors work for their client(s). A good agent will do what it takes to sell the house, and sell it for the most money. Usually there's a starting place based on what you would like/need to sell the home for in regards to dollars. Along the way, this may change in price fluctuations and/or an agent adjusting their commission agreement. Good communication with your agent is primary. Feeling good and secure that the Realtor is on your side and not their own is a must.
Look for an agent that has a full marketing plan and a record of success that can show you the value behind the commissions that they are asking for.
Nothing makes a Realtor squirm more than this question.
Barbara, is right Commission, Compensation, or Brokerage fee all the same term for " how we get paid" and it is sometimes shared based on the client (your) instructions to other brokers as an incentive to bring a ready able buyer.
Brokers are not allowed by law to give you a standard or "normal" cost of this compensation.
Mostly because office have different models.
Some will charge a flat rate or $$ amount
Some will negotiate based on just a % of the sale
Some might do both.
All will require some compensation for work, otherwise they would be out of Business.
And like anyone else you would hire you should know what you are getting for your $$ or %,
seems fair right.
Anyone that gives your "well this is standard" doesn't know the law.
If you are planning on interviewing Agent's and Brokers, you owe it to yourself to call me to see what I do to get homes sold and what our brokerage can do to make sure you get the most for your home.
You are asking the right questions keep it up I am sure you will hire the Right Broker/agent.
Good Luck to you...
YourRealtor4Life! Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike. Covering for @Properties the city of Chicago, all N and NW suburbs of N. Illinois and the fine Homes of the Northshore.
@Properties NorthShore 30 GreenBay Rd. Winnetka Illinois 60093