What Is Real Estate Commission?
How much is the commission of a real estate agent? According to a nationwide agent survey by Clever Real Estate, the national average is 5.45% of a home's final sale price.
However, the actual answer to that question really depends on which state you’re in, as realtor rates are highly localized.
For example, in Florida, commission fees average 6%, split between the buyer’s and seller’s agents. In Texas, on the other hand, commission fees average only 5.65%. Moreover, the rates in New York, California, and D.C. are all lower than the national average, at 5.29%, 5.02%, and 4.90%, respectively.
Typically, it is the seller’s responsibility to pay real estate commission fees. That means sellers pay for both their own agent for listing the property as well as the buyer's agent.
Who Pays Real Estate Commission Fees?
Agents will usually split the commission between themselves, but the split can vary. Sometimes, more experienced agents will get a larger cut than new agents.
Real estate agents charge a commission for their time, services, and expertise. A good real estate agent will make the home-selling process much smoother and should have a large network of potential buyers to show your property.
What Do Real Estate Commission Fees Cover?
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