Realtors are not paid by the hour or paid for their vehicle expenses to bus clients around while looking at homes. The realtor is compensated once the closing has taken place on your dream home. The realtors’ commission is a percentage of the sales price/purchase price.
When one agent represents the sellers and another represents the buyers the commission is typically split between them.
In the US, real estate commissions are commonly 6% of the transaction usually 3%/3% when split. This can vary depending on the transaction.
No government or industry body sets commission rates. Legally, commission rates ARE negotiable. However, remember that agents only earn their commission on successful sales.
Realtors put a lot of upfront time into your transaction, so keep that in mind while going through the process. NEED A REALTOR? CALL US WE CAN REFER YOU TO THE BEST IN TOWN!
