2006-06-13 07:53:55 · 14 answers · asked by Maldives 3 in Business & Finance ➔ Renting & Real Estate
The agent is my agent who listed the property.
2006-06-13 07:55:13 · update #1
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2006-06-13 17:22:39 · answer #1 · answered by Paul & Debbie D 2 · 0⤊ 1⤋
You pay. When a Realtor lists a home, he or she will discuss commission, how long you want to list your home, and your goals. When the house sells, the commission (usually 5-7%) comes out of the total sales price of the home.
That commission is split between the selling agency and the listing agency. After that, the commission is divided between the individual agent and the agency.
Here is an explanation of where your money is going...Let's say you are paying 6% commission on a $100,000 house. One agency lists it and another agency ends up selling it.
$6,000 is divided between the two agencies. Each gets $3,000. The agent you list the house with may be on a 50/50 commission split with the company they work with. That means the agent gets half of that $3,000, which equals $1,500.
Total commission you pay = 6%
Company A = 1.5%
Company B = 1.5%
Selling Agent = 1.5%
Listing Agent = 1.5%
A more experienced agent will earn a higher percentage of the commission from their agency, but this should give you a general idea of how things work.
2006-06-13 08:22:28 · answer #2 · answered by ugafan 4 · 0⤊ 0⤋
I am a Realtor® in Arizona.
The commission is negotiated as a percentage of the sale price between the buyer and the seller, depending on the market conditions in your area. Here in Arizona the commissions are around 6%. The commissions are paid at the close of escrow to the agent or agents involved in the transaction. The commissions are paid from the proceeds of the sale; therefore technically the buyer will pay for the commission, as he/she is the one who is putting out the money for the home. However, this will cut into your proceeds as the seller. Make sure that when you do find a Realtor® in your area, that they are willing to work for their commission.
You may ask yourself what a Realtor® does for their commission, there’s marketing, advertising, fees to the broker, and of course payment for the agent’s time.
I hope this answers your question, and good luck with the sale of your home.
2006-06-13 08:15:34 · answer #3 · answered by Stephen Newman 2 · 0⤊ 0⤋
If you sell your home through a real estate agent ,you pay 5% or
6 %. If you sell by owner and a real estate agent contacts you on behalf of a third party ,they do. The other way to get out of the fees is to put in the contract that fees will be paid by purchaser. Good luck with that one.
2006-06-13 08:06:17 · answer #4 · answered by delberttoo 1 · 0⤊ 0⤋
The Seller in most cases pays the Real Estate Commission. The money is usually paid at closing from the Seller proceeds. Commission is generally paid only when the house goes to settlement.
2006-06-13 07:59:59 · answer #5 · answered by dimp5880 1 · 0⤊ 0⤋
You will pay the listing agent and the sellers agent typically. The amounts are negotiable when listing the property.
2006-06-13 07:58:40 · answer #6 · answered by stinkinggenius2003 6 · 0⤊ 0⤋
You do.... Out of the proceeds from the house... They receive a commission on the sale
2006-06-13 07:55:29 · answer #7 · answered by AT 3 · 0⤊ 0⤋
You pay your agent. They pay theirs. Good luck with that!!
2006-06-13 07:56:02 · answer #8 · answered by elec_tro_lux 3 · 0⤊ 0⤋
you do, it comes out of the commisssion they make, but it should be written in your contract.
Sometimes you can negotiate
2006-06-13 07:56:00 · answer #9 · answered by joange 1 · 0⤊ 0⤋
You and the buyer draw straws...
2006-06-13 07:55:47 · answer #10 · answered by Anonymous · 0⤊ 0⤋