Home Selling in Howell>Question Details

Shimpmcc@yah…,  in Windsor, CO

what is the average commission fee for selling agent and fee for buying agent?

Asked by Shimpmcc@yahoo.com, Windsor, CO Sun Sep 12, 2010

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11
Hello,
Commission rates are negotiated between client and broker. No listing contract may prescribed or predetermine a fee or percentage. No fee, commission or other consideration has been fixed by any governmental authority or by any trade association or multiple listing service. The best advice is to interview Realtors and determine the amount of service the specific brokerage will provide to maximum the exposure of your home. A realtor will be most comfortable to discuss the commission with you in person. Best of Luck!
Best Regards,
Pamela El-Ghoul
Weichert Realtors/Howell
Office: 732-577-0440
Cell: 732-236-8608
pelghoul@weichert.com
1 vote Thank Flag Link Sun Sep 12, 2010
All commissions are negotiable

Interview several agents see what services they offer and what marketing plans they have. Your home is not just a property each home is unique and different. By interviewing you can find that “Special Agent” with the right marketing plan that will fit your needs.

Key Points when interviewing REALTORS
TRUST: Choose a Agency and Agent with strong reputations (references/recommendations)
COMMUNICATION: Is very important skill, Well-informed with accurate up-to-date information
SERVICE: What Services will the Agency and Agent Provide?
KNOWLEDGE: Expertise and experience
0 votes Thank Flag Link Thu Jan 20, 2011
Hi there, your question is certainly top of mind for home sellers - because commission is negotiable between listing broker/agent and seller, it really shouldn't be discussed in public forum as many have commented.

You've come to a great forum for answers and resources - while we can't post feedback we can certainly discuss with you - so my suggestion is to contact several agents that impress and can help you in your area of interest, and have that discussion with them.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Oct 15, 2010
John,
You are absolutely on point. I would love to be helpful, but it's against the code of ethics and state licensing laws to discuss any commissions with other agents.

However, as others have mentioned, the commissions are usually paid by the seller, so a buyer typically doesn't have to worry about it.
0 votes Thank Flag Link Fri Oct 15, 2010
If you are a buyer you don't have to be concerned about the commissions payable to your buyers agent because you don't pay any realtor fees. The commissions are paid by the seller.regardless of who finds the buyer as long as the property you are interested in is listed for sale.
0 votes Thank Flag Link Mon Sep 13, 2010
Commissions are always negotiable between the seller and his/her agent --there are no set standards as it would go against Federal Laws and punishable by possible hefty fines and or jail.
0 votes Thank Flag Link Sun Sep 12, 2010
It concerns me when an agent states a range on commission rates in a public forum. In an effort to be helpful, the agent could be opening a can of worms. To say that commissions fall within a certain average range may be interpreted as price fixing. If the reader believes that it is not possible to negotiate a commission outside of the stated range the reader might be persuaded not to negotiate for a more acceptable commission.

Realtors have a vested interest in negotiating a commission that is acceptable to them. After all, Realtors have bills to pay and have to put food on the table like everyone else. But, commissions are negotiable by law in every state. To imply otherwise, even inadvertently, is unwise
0 votes Thank Flag Link Sun Sep 12, 2010
Interesting question. Why do you ask?

Your profile states "Home buyer", so I assume that you are aware that the seller pays the cost of commission in most residential sales.

It may also be that you've asked your Realtor to "share their commission" with you and you are trying to figure out how much you think they might give you.

You should know that, on average, about 70% of Realtors are part-time. Many Realtors, when they first start in the business, work with buyers. Also, on average, the average Realtor has four transactions per year.

So there is much smaller number of full time Realtors that actually conduct most of the buying and selling.

You might also want to look at the market stats from Trulia in the link below. The report shows that the number of homes for sale is 853 and that 385 homes sold recently. One tool we use to measure the market is "months of inventory". Take 853/385= 2.2 months.

I'd ask your Realtor to find out how many homes are for sale in your price range, and how many sold last month. That will give you your specific market. The rule of thumb is that less that 5-6 months of inventory, you are in a strong sellers market. Further signs of a sellers market:
1. Fewer days on market
2. Multiple offers on properties
3. Fewer homes from which to choose

If this is your experience, then you need to sit down with your Realtor and put together a game plan...because your market values are UP 3.4% compared to a year ago, so the longer you wait, the more the home you buy is going to cost.

Good luck.
0 votes Thank Flag Link Sun Sep 12, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
According to the NJ Real Estate Commission, all commissions are negotiable. But I can clue you in on "average" commissions in NJ. In NJ, it is unusual, but not impossible, that the buyer pays a commission. In almost all instances, however, the seller pays a commission to the listing agent, who generally opts to share 1/2 with the agent who finds a buyer for this property. In years past, most total commissions hovered around 5%. Some were 6% and a few 4%. In this buyers' market of the past two years, most commissions are 6%, a few at 5%. It is unusual to find one at 4%. Some realtors will ask the buyer to sign a buyer's agency agreement that usually requires that the buyer pays his agency a set commission, usually 2-3%, but excludes any commission received from the seller, if the home is listed on the Multiple Listing Service. As a buyer, you can generally rely on not paying any commission.

If you are looking in Howell or anywhere else, for that matter, I can help you find a home. I will not require that you sign a buyer's agency agreement. I live quite close to Howell. Should you have further questions about any aspect of purchasing or financing a home in NJ, do not hesitate to contact me.

With friendly greetings,

Jerald Goldstein
Realtor Associate
732/740-8888 (mobile)
jeraldgoldstein@realtyexecutives.com
0 votes Thank Flag Link Sun Sep 12, 2010
Hello Shimpmcc;

Commission in NJ is negotiable but most agents will not discuss specifics in a public forum. Your best bet is to interview listing agents in your area to find out what is customary.

Good Luck!

Jennifer
0 votes Thank Flag Link Sun Sep 12, 2010
There are no averages. All commissions are negotiable. You can find companies who will do nothing more than put your home on the MLS for a flat fee, to companies who will offer you a full advertising package complete with virtual tours, etc. You will get what you pay for.
The best thing to do is interview several agents and see what they offer for what they charge.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sun Sep 12, 2010
Well... maybe someone who isnt an Agent can answer the question so it wouldnt be improper or illegal to inform us? ANYONE?
Flag Sat Apr 11, 2015
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