Did you know 6.12 million homes were sold in the United States in 2021?
There are a lot of things that need to be understood before a home can be sold (or purchased), such as figuring out who pays for the closing costs that are not always discussed until it is time to head to the closing table.
Does the person selling the home or buying the home pay the real estate agent(s) involved in the transaction?
If you’ve never bought or sold a home before, the real estate transaction may seem a little confusing. To learn more about who pays the real estate agent commission, keep reading below.
How Does a Commission Work?
Real estate commissions are the amount that an agent gets paid for their roles in buying and selling houses; roles like marketing, touring, inspection reviews, & negotiations.
All real estate agents in Louisiana are Realtors, and are bound by the Realtors Code of Ethics. Any of these professionals that works with a buyer or seller will get a commission when a home is bought or sold.
The listing agent, and their broker, sign documents with the seller for their listing. A listing agent is the real estate agent marketing and selling a home.
Because the agent works for a brokerage, they will get a certain percentage of the commission, sometimes the percentage the agent receives is based on how long the agent has worked there or their general experience level.
Paying for a Real Estate Agent
Standard practice shows that the seller of a home will be the one that pays the real estate commission for the listing and the buyer’s real estate agents.
Even though this historically true, there have been transactions where a buyer pays part (or all) of the commission. One such scenario could be a transaction involving a short sale.
Do You Need a Realtor?
Buying or selling a home is a process that most people go through at least once in their lives, and it can be stressful. However, once you find that perfect deal, it’s all worth it.
Don’t go it alone – get the help of an experienced realtor on your side. If you’re looking for a real estate agent in Louisiana, Brockwell Bone is here to help you!
Do you want to learn more? If so, contact me today, and we can discuss the next steps in your personal real estate journey.
