If you’re like many home-sellers in Lake City, you know that part of the profits you make from selling your house will go to pay the real estate agents involved in your transaction. But just how much do real estate agents make when they sell your home? Here’s what you need to know.
How Much Do Real Estate Agents Make When They Sell Your Home?
Selling your home costs money – but how much depends on several factors. One of those factors is how much you sell your home for, because a percentage of the sales price goes to the buyer’s agent and the seller’s agent (through their brokers).
Related: 3 home-selling secrets you need to know
That percentage is a real estate commission. Generally, you can expect to pay around 6 percent of your home’s sales price in real estate commissions. That commission is typically split between the two brokerages representing both sides of the transaction – the buyers and the sellers. Then, each brokerage takes its fee before passing along the remainder to its agent.
If you sell a home for $500,000, a 6 percent commission works out to $30,000. In most cases, half goes to the buyer’s agent’s brokerage and half goes to the seller’s agent’s brokerage. Brokers take varying fees for handling the transaction before giving the real estate agents their earnings.
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Sellers’ agents bear personal expenses in selling a home, too. Typically, photographing and advertising a home comes out of the seller’s anticipated profits – though many brokerages pitch in for advertising fees.
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