Comments on: How much am I supposed to pay the realestate agent in commission?

By: acermill

acermill — Sun, 07 Feb 2010 22:13:59 +0000

Your listing contract has everything you need contained in it. The amount of commission should be stated in a percentage format, and should indicate that the percentage applies to the actual sales price of the property.

Read your listing contract.

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By: Jennifer S

Jennifer S — Sun, 07 Feb 2010 21:42:59 +0000

The commission as already stated is based on the price that the house sells for. They get paid on 35k and the commission will be $2100.00 and most likely split four ways. Good possibility that your agent will make $550.00 for all the time and effort he or she put into selling your home. And in this market be glad that they marketed your property well enough to sell it.
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By: Chris L.

Chris L. — Sun, 07 Feb 2010 21:16:59 +0000

The commission is on the sale price only, not the loan amount. It is just common sense. (6% is industry standard, each agent and broker gets 1.5% so this is divided 4 ways).
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NJ RE license in 1994

By: kearneyconsulting

kearneyconsulting — Sun, 07 Feb 2010 20:35:59 +0000

First, real estate commissions are negotiable and 6% is unusually high today. Commissions are based on the selling price of the house without regard to loans, etc.
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By: Andrew D

Andrew D — Sun, 07 Feb 2010 20:18:59 +0000

The commission is always based on the Sale price.

Always look at the agents listing agreement or ask the agent. Sometimes agents split the fee, sometimes the keep the whole fee. Some agents take 7%, some split that 7% with another agent and they each take 3.5%.

And in some cases, You can ask an agent to just not take their commission. I don’t know how but I have heard there are ways around it.

But if they helped sell the property, they should be paid because it’s the right thing to do.

The commission is based on the Sale price, but check with the agent.

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