what is real estate commission
Best answer
Real estate commission is thepayment to your real estate agent for the services rendered. Or buyers,your REALTOR鈸?s services are technically free unless your house gets sold. The commission is calculated based on the percentage of the property sold price,the percentage of which can be negotiated.
People also ask
How does real estate agent commission work in California?
How real estate agent commission works in California There are usually two real estate agents involved in a home sale: The seller’s agent (also called the listing agent), who represents the home seller The buyer’s agent, who represents the person buying the home
How much Commission do Realtors get paid?
We found that depending on what region you live in, commission splits could range from 49.1-50.9% to 52-48% for the listing and buyer’s agent respectively. Who pays realtor fees? Home sellers pay real estate fees for both their own agent, and the agent representing the home buyer. Why would home sellers pay for the buyer’s agent?
Do real estate agents get to keep all of their commissions?
Most agents don’t get to keep all of their commission when a home sale closes. A portion of their commission is paid to their principal broker ?which are real estate professionals that supervise real estate transactions done by agents that aren’t qualified to process deals independently.
How long does a real estate agent’s commission last?
All of the details about a real estate agent’s commission (and any transaction fees the agent charges) should be outlined in the contract that you sign when you hire an agent. This is typically referred to as a listing agreement, and it also specifies how long the agent will represent you. (Generally, listing agreements last 90 to 120 days.)