How are Real Estate Agent's paid?
You may think it's a pretty simple answer; their client. But this isn't 100% correct in every transaction.
When buying a home, you pay your agent 0% of the homes price in commissions directly. The seller pays your agent's commission and you may be responsible for your closing costs.
When selling a home you will pay on average 5%-6%, typically out of the proceeds of the sale of your home, that is split between your listing agent and the buyers agent.
Of that split commission, Agents are typically responsible for paying a percentage to their broker, an amount to their company (office fees, marketing expenses, and professional organization and association dues to maintain an active status and access to the resources needed to perform the duties of an agent.
Can you negotiate commission fees?
Some agents will lower their commission fees, particularly if they are representing both the buyer and the seller in a home sale (also known as )