Commission is a form of payment, it is a percentage typically that is earned of a certain total deal. In the real estate space, agents would get paid a certain percentage of the sale price of a house that they represent. This can be a lot of money as houses are very expensive, with sellers who represent massive houses getting huge pay days.
An average commission rate should be around 5 to 6 percent of the home sale price. If you sell a house for $100,000 you would be paid around $5,000-$6,000.
You may be lucky to find an agent who charges only 1.5% in certain markets.
According to certain sources in the housing space, West Virginia, Mississippi, Wyoming, Alaska, and Kentucky have some of the highest real estate commission rates.
Create Date: September 28, 2024
Last Modified Date: September 28, 2024
