Real Estate Word of the Day: Commission
Commission is a fee paid to real estate professionals for their services in facilitating a property transaction. This fee typically comprises a percentage of the property's sale price and is divided between the buyer's agent (also known as the buyer's representative) and the listing agent (the agent who represents the seller). While commission rates can vary, they usually range from 1% to 4% of the sale price.
When you're in the market to purchase a new home, you might wonder about the cost of hiring a buyer's agent. The good news is that, in most cases, you don't pay your buyer's agent directly out of pocket. Instead, the commission for your buyer's agent is generally covered by the listing agent of the property you eventually purchase.
Here's how it works: when a seller lists their property with a listing agent, they agree to a total commission percentage. This total commission is usually split between the buyer's agent and the listing agent, with each receiving a portion of the agreed-upon percentage. So, as a buyer, you benefit from the expertise and guidance of a buyer's agent without having to worry about paying them separately.
At Tom Crimmins Realty, we're dedicated to providing exceptional service and support to our clients throughout the home-buying process. Real estate commission is an integral part of this process, but with our transparent approach and expert guidance, you can rest assured that you won't be burdened with out-of-pocket commission payments as a buyer. Let us be your partner in finding your dream home while navigating the world of real estate commission with confidence. Contact us today to embark on your journey to homeownership!
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
Posted by Tom Crimmins Realty on
Leave A Comment