There are lots of terms in the world of real estate. As a real estate agent I use them all the time but fail to realize that many of the terms I use freely, may be foreign to potential buyers and sellers. The Terms Tips and Tricks of real estate Blog and Video series is a way for me to flex my skills as a teacher and educator. I always try to lead my clients with the heart of a teacher and this is just one of the ways I do it.
Commissions are how real estate agents get paid. It’s a percentage of the total sale of the home. There are no set commissions and every agent and firm is different. Check with your agent to discuss not only their commission but what you are going to get in exchange.
The seller usually pays the listing agent a percentage of the sale and the listing agent splits that commission with the buyers agent. This isn’t always the case, but is more common than not.
One thing to keep in mind is that agents don’t get paid until the house closes. Another thing to consider is that if the home doesn’t sell, the agent doesn’t collect any money. I have a deeper dive on Commissions on my YouTube channel. There’s a lot of additional content as well.
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Chris Whitehurst
Inner Banks Real Estate
252-312 2263