When buying or selling a house, you always need an experienced and qualified Realtor. The Realtor typically deals with all real estate transactions and helps you get the deal closed successfully and profitably. In exchange, the Realtor charges a commission-based fee. We are going to discuss some of the most common principles of real estate fees here.
Most Realtors charge about six percent of the total sales price of the house as commission. For example, if the house was sold at $300,000, the commission that would go to the Realtor would be $18,000. This commission is typically paid by the seller as a percentage of the overall sale price, so you won’t be charged extra. That means, if you have finalized the deal at $300,000, then the fees of Realtor will already be included in the final price.
There are also a few real estate agents that work for a flat fee. This could save a little amount of money, but the agents in this case generally offer limited service. So, the best option is to go with the percentage-based Realtors as it would serve as an insurance that protects both parties.
Whether it’s the matter of a buyer or a seller, commission is the least known part of any real estate deal. A single commission is typically divided between each person involved in the transaction, including the listing agent, the buyer’s agent, and their brokers. To avoid any kind of misunderstanding or confusion of the situation, you should read the commission terms carefully.