What is the commissin for real estaee agent?

Asked by Msdee, Oak Lawn, IL Thu Sep 9, 2010

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11
Brian Durkin, Agent, Oak Lawn, IL
Thu Sep 9, 2010
If you are buying a home you pay no commission to a real estate agent. If you are selling a home commission varies between companies and agents and is negotiable.
1 vote
Alan May, Agent, Evanston, IL
Fri Sep 10, 2010
In typical transactions, the commission is...?

There is no typical transaction, and there is no typical, set, standard, normal, usual, regular, common, everyone-charges-it commission. Each agent, and agency has their own ideas of what it takes to list/buy a home and they charge accordingly.

Commissions are negotiable, but that doesn't mean that each and every agent, or agency, will negotiate their commission. While there is no 'standard' commission, there might be a minimum commission at a particular office, or even throughout a specific agency.

But we are not allowed, based on Sherman anti-trust rules, to discuss those rates amongst ourselves (real estate professionals), and assuredly cannot discuss it here, in a national forum. In order to find out what the commission is from an agent/agency you might use, you'll have to sit and interview them.

Good luck.
0 votes
Desari Jabbar, Agent, Stone Mountain, GA
Thu Sep 9, 2010
In typical transactions, the commission is 5% or 6% of the sales price, which is shared by both selling and listing agents.

Best of luck to you!1
Web Reference:  http://www.DesariJabbar.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Sep 9, 2010
Generally the commission is negotiated between the seller and his/her agent, and the commission is shared with the selling agent--as a buyer, unless you have a separate agreement with your agent to pay above what the seller is offering, you don't pay any of the commission..
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Thu Sep 9, 2010
...snarky, haven't heard that one before, but like it.

Msdee - commissions are negotiable, but as a home buyer you need not be concerned. The commission is negotiated with, and paid by the seller.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Joan Braunsc…, , Morris County, NJ
Thu Sep 9, 2010
Sorry if I came across as snarky (a term others have used regarding me).

I get impatient with direct soliticiation of services. This is a Q & A format, not a Contact Me! format. Most of us agents have our contact info in our profile and that is where it belongs. Its easy for people to contact agents if they feel the need to do so.

I also see both sides of the Who pays the commission? argument. Seller's need to pay out of the proceeds handed to them from the buyer. Without the buyer's money, no commission.
I am also aware that buyers offer a price they think is fair, without taking into account the commission cost. Seller's are going to feel the pain of the commission when they hand over the commission checks, not the buyers.
Yet, it still irks me when buyers are told that their agent's services are free to them because it really isn't true. The seller's list price reflects the commission costs and there is no doubt that it drives the price of most homes up higher, even if the buyer isn't directly aware of it.

And there are circumstances, although not common, when the buyer will have to pay the agent a commission or a certain percentage of it.

Sorry, snark attack over.
0 votes
Brandon Schu…, Agent, Western Springs, IL
Thu Sep 9, 2010
WOW... Thank you Joan.

Unfortunately there's no set commission. Like others have stated here, there is really no commission that you would have to pay on a buyer side of the transaction. Now if you're trying to figure out the commission that a seller may be paying on a home that you may be interested in you really can't take that into play because the value of the home is the value.

Maybe if you give us some more details as to why you need to know, then maybe our answers can better help you.
0 votes
Joan Braunsc…, , Morris County, NJ
Thu Sep 9, 2010
Msdee asked what the commission is for an RE agent, not for a solicitation for services.

And although the commission agreement is negotiated between seller and seller's agent, the buyer does bring the money to the table that is then dispersed to each agent.

And there are circumstances, such as some FSBO's for example that short-sightedly do not offer a buyer's agent's commission, and some situations where the commission offered is less than what the buyer's agent would normally accept and therefore the buyer may be responsible for the commission or a certain percentage of it.
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Sep 9, 2010
If your a buyer its free to use an agents services.

On the selling side, its different. Each company charges a different commission, and inside each company some agents charge a different rate. Go out and interview two or three agents from different companies and see which rate gets you what.

I would be happy to help on the buying or selling side.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
7082502696
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Thu Sep 9, 2010
If you are a buyer, there is no cost to you to use a realtor. Their services are paid for by the seller and determined by negotiation with a private seller or by realtor agreement by offer of co-op commission in the MLS.

And since it doesn't cost anything, buying with a realtor is a must. This is a complicated market and an agent can help you find what you want and get you the best price.

If you are a seller, commission is completely negotiable.

If you need help, I am very familiar with the area and know a lot about homes and construction to make sure you get exactly what you want and need. My number is 888-788-9544.
0 votes
Peter Kedzior, Agent, Elk Grove Village, IL
Thu Sep 9, 2010
Every real estate commission is negotiable so you are free to strike an agreement that would suit both you and the Realtor. Please keep in mind that if property is listed in the MLS, there are some rules that your real estate agent has to follow. One of them is that he/she has to post up front how much is the commission for the cooperating broker.
0 votes
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