Home Selling in 60656>Question Details

Denise, Home Buyer in Chicago, IL

What is the standard commission paid to agent?

Asked by Denise, Chicago, IL Sat Feb 1, 2014

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Answers

21
Commissions are always negotiable between you and your agent there are no set standards, as it would go against Federal Laws; therefore interview in person a few local agents from different realty companies, then choose the one you like best and who has the most to offer; choose your agent with care and not by commission alone....
2 votes Thank Flag Link Sat Feb 1, 2014
I agree that commission is negotiable between seller and agent. However, you need to realize that you usually get what you pay for. If you are paying a smaller commission, you most likely are not getting full service. Make sure you check with the realtor/realty to see exactly what you will get for your money.
1 vote Thank Flag Link Mon Jan 5, 2015
You as an individual negotiate what commission you pay. There is no average 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.
1 vote Thank Flag Link Sat Feb 15, 2014
Hello Denise,

There is no standard or rule for commissions paid to agent's.
A fair commission is one the agent is willing to accept, and the seller is willing to pay.

Please be careful choosing an agent who will charge a cut rate commission. If he/she can not negotiate decent terms for themselves how can yo fully trust they will fight for you?

Best Wishes,
Kawain Payne, Realtor
Berkshire Hathaway Home Services
Seal Beach Ca
1 vote Thank Flag Link Tue Feb 4, 2014
the agent receives 1/2 of the total commission for each 1/2 of the transaction less typical fees
1 vote Thank Flag Link Sun Feb 2, 2014
All commissions are negotiable. The best advice is to interview several agents and then decide which offers the best return on your investment, in other words, who has the best marketing plan? Who will get the home sold quickly and for the most money with the least amount of stress.
1 vote Thank Flag Link Sat Feb 1, 2014
Typically 6%, but of course that is flexible and can be negotiated mainly depending on the potential selling price of your home.

At UpNest (http://www.upnest.com) we are an innovative online realtor market place that helps you find top local realtors that will be competing for your business. When using our site, you will be able to compare commission quotes (no awkward negotiating for you to do with an agent), length of contract, and services such as number of open houses, staging, marketing and virtual tours that the agents are willing to offer.

After reviewing the different proposals, you then can pick the agent that you feel is best suited for you and your particular situation. Because agents are competing for your business, they will be offering you the best possible services they can offer, guaranteeing you a great deal.
0 votes Thank Flag Link Thu Jan 29, 2015
Commission's are always negotiable between seller and listing agent. Usually, it is 6% and agent's split 3 and 3, or 5% and split 2.5 and 2.5. It depends on the agreement seller and agent come up with.
0 votes Thank Flag Link Fri Dec 12, 2014
Commissions are negotiable. If you are a seller talk to your potential agent. We do not have set commissions. If you are an agent check with the listing agency.
0 votes Thank Flag Link Fri Dec 12, 2014
Every agent and property is different, there is no standard.
0 votes Thank Flag Link Fri Dec 12, 2014
You are not going to like my answer. Commision rates are flexible and not fixed. Due to anti-trust laws, any discussion of a standard rate is illegal. Just make the best deal you can by interviewing several agents.
0 votes Thank Flag Link Fri Dec 12, 2014
As already mentioned, fees vary and Brokerages are not allowed to establish fees between each other. You may find that like anything, you get what you pay for.
0 votes Thank Flag Link Wed Aug 13, 2014
The commission is negotiable there is not a standard one.
0 votes Thank Flag Link Wed Aug 13, 2014
Denise,

Exactly has other have already said, there isn't a standard and if you find a Realtor telling you that their standard fee is "such and such" don't be afraid or embarrassed to report them. We work for whatever has been agreed upon at the beginning of the relationship (between client and Realtor). I'm sure this has already been answered by countless agents, but I thought I would add my two cents.

Thank you!!

Sebastian Smith, Realtor
JP & Partners
RE/MAX Realty Team #1 in Lee County!
0 votes Thank Flag Link Tue Aug 12, 2014
It is illegal for real estate brokerages to collude together and charge a "standard" commission rate (re: Sherman Anti Trust Act). Each office / agent has their own minimum rate. Many agents offer an array of services fixed to a variable percentage point ... i.e. at X% you get A,B,C, and D services...at Y% you get A,B,C,D, and E,F,G services...etc. It pays to call around and do not focus strictly on the commission rate. Like anything else it is one tool in the toolbox for selling your home.
0 votes Thank Flag Link Wed Mar 5, 2014
There is no standard - it is the percentage negotiated between you and the Realtor
0 votes Thank Flag Link Sat Feb 15, 2014
Depends on the method of selling you choose. As you can understand the fee increases as you progress through the list: DIY, FSBO, Submission, Flat fee, Discount broker, rebater, limited service, affiliate, collaborative, real estate company/agent, exclusive, Realtor, PLF. The outcomes changes DRAMATICLY as you progress up the chart. More than half of the options actually increase the cost of selling your home. Fees are negotiable. It depends on what you choose.--------You can lose the game if you are focused on the wrong thing. Getting your home sold on time without the hysteria will save you much more than the commission. Think about the cost of a buyer dragging you along for four months. This is the typical outcome of the first eight. ==== Choose wisely.
0 votes Thank Flag Link Tue Feb 11, 2014
There is no standard commission. However, you get what you pay for. Don't be penny wise pound foolish.
0 votes Thank Flag Link Tue Feb 11, 2014
Hi Denise! Chicago agents *typically* charge somewhere between 5-6% which includes 2.5% to the buyer's agent. Like anything, though, remember that you get what you pay for. Hope this helps!
Web Reference: http://bit.ly/XTJ3qp
0 votes Thank Flag Link Tue Feb 4, 2014
There is no standard. Commission is always negotiable. Never hire an agent based on commission but based on track record.
0 votes Thank Flag Link Sun Feb 2, 2014
There is no standard commission. Each brokerage sets its own rate. My brokerage firm charges 5% for example.
0 votes Thank Flag Link Sat Feb 1, 2014
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