Whether you’re buying or selling a home in Tampa Bay, here’s what you need to know about who pays a real estate agent’s commission.
Who Pays a Real Estate Commission?
In the vast majority of cases, the seller ends up paying a real estate agent’s commission. That means buyers get a free ride – the agent who represents them actually gets paid by the seller.
How Much is a Real Estate Commission?
On average, a real estate commission is between 5 and 6 percent of a home’s final sales price. That means if you’re selling a $200,000 home, the commission you’ll end up paying is somewhere between $10,000 and $12,000. In cases where the buyer doesn’t have an agent representing them, the seller only pays the seller’s agent.
The buyer’s agent and the seller’s agent end up splitting the real estate commission. Sometimes it’s an even 3 percent to each, so in that $200,000 scenario, each real estate agent makes $3,000 or $4,000.
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Here’s the deal, though – the agent has done a lot of work to get to the closing table, so it’s not “easy money.” (We always tell that to people who are excited to become real estate agents, actually, because sometimes they have unrealistic expectations.)
Working with an agent really pays off, too. A recent study by the National Association of REALTORS(R) showed that a typical for-sale-by-owner home sells for about $190,000 when compared to typical homes sold by real estate agents, which sell for $249,000. That’s a huge amount! (And it’s probably why 92 percent of sellers use a real estate agent to sell their homes.)
Are You Selling a Home in Tampa Bay?
If you’re thinking about selling your home in Tampa Bay, we can help you. Our innovative marketing strategies put your house in front of all the right buyers.
Call us right now at 727-584-8480 or 813-961-6000 to discover how we’ll help you sell your home quickly and at the right price.