Is it a different amount if the buyer doesn't have their own agent?
2007-03-12 01:31:40 · 5 answers · asked by Brokn 4 in Business & Finance ➔ Renting & Real Estate
No, what happens is each agent works for a broker. The two brokers (if different firms) split whatever the commission is. So, in your case, each broker will get 2.5%. (the 5% divided by 2). The broker then splits his part with the sales agent who actually did the deal, so each agent in the transaction will get 1.25%. (the 2.5% divided by 2).
As you can see, it pays to own the firm--the broker gets half of all the commissions coming in whether or not he had anything to do with the sale. They do take all the risk, though--if their agent does something wrong, it is the broker who could lose their licence as well as the agent.
2007-03-12 03:15:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The agent receives a percentage of the commission. The amount varies depending on the Realtors agreement with the broker. If the listing broker is also the selling broker, the broker gets the entire 5% and then the Realtor who sold for the broker, gets the percentage I mentioned above.
More often then not, buyers usually have their own agent when searching for property. If the buyers buy a property through their own agent, the 2 brokers (or real estate agency) split the 5%.
2007-03-12 09:24:25 · answer #2 · answered by KathyS 7 · 0⤊ 0⤋
When you are selling a house it is your agent who is getting the money.
We are in the process of selling property right now and our agents percentage rate is like 6 %, that means that she will in fact receive 6% of of the money that the property is actually sold for.
It doesn't become a different amount if the buyer doesn't have an agent. That is because it is your agent selling your property for you, and your contract is with your agent no matter if the buyer has no agent or not. You have agreed to give your agent a certain percentage of the sale proceeds, and that is what ever is written in your contract. That is because your agent is after all doing work for you and is entitled to gain fees from the job that they do for you.
Good luck to you with the sale of your property. I hope this helps you to understand this a little better.
2007-03-12 08:49:51 · answer #3 · answered by Cindy 6 · 0⤊ 0⤋
The agency may get 5%, but the actual agent gets maybe half of it, that I know of.
2007-03-12 08:34:39 · answer #4 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
depends on the agreement between the agent and the broker. the agent usually gets a precentage of the commission.
2007-03-12 08:34:57 · answer #5 · answered by dgreer58 3 · 1⤊ 0⤋