Compensation is negotiable and not a set rate. However, it depends on what type of property you are looking for and what the price range may be when the agent decides if doing business is worth their time. For example, If you are looking at a $20,000 dollar lot, a buyer's agent may get $560.00 (at a 2.8% co op from the listing agent). One percent of $20,000 is $200.00 and with the price of gas these days, the compensation is reduced depending on driving time and additionally, the broker may owe 30% of that to the company they are working for. If you are working with FSBOs, that could be another reason for charging more, maybe the agent is splitting the commission costs between yourself and the seller. Just ask the agent if that is the case, communication is always the best way of understanding any part of a real estate transaction.
Best of luck.
Sandra Potter, CRS, GRI
Prudential Colorado Real Estate
360 S. Monroe St., Suite 500
Denver, CO 80209