When it comes to the commission for real estate agents, 6% is seen as the industry standard. This commission is split between the listing agent and the buyer’s agent, with each earning 3%. While this may seem like a lot, there are several factors that go into the agent’s work that justifies the commission they earn. Here are some reasons why 6% is a fair commission for real estate agents:
Helping the seller price the property: The agent has the expertise to analyze the market and determine the right price for the property.
Preparing the property for sale: The agent can advise on minor repairs, staging and other factors that can enhance the visual appeal of the house
Marketing the property: The agent knows how to advertise the property to the right audience.
Negotiating contracts: The agent acts as a mediator between the seller and the buyer and work in the best interest of their clients.
Closing the deal: The agent ensures that all the legal paperwork is in place and that the transaction is completed smoothly
All these factors require the expertise of a professional with experience in the field. While it may seem like a large sum of money, the commission earned by real estate agents is well-deserved for the work they do.