With the economy still struggling to recover and many potential home buyers looking to find a way to buy a home, many people are investigating ways to save a little bit of money to make the home buying process more affordable. It is not unusual to hear people in the market who are looking to buy or sell a home wondering out loud about the rate of commission that real estate agents make on the buying and selling of homes. While this may seem like an ideal place to save a bit of money on your home, you should be aware of what your agent's commission really buys.
Realtor commissions are technically a negotiable cost for home owners looking to sell or buy a home. However, this does not mean that you will get the same service if you demand that your agent takes less than the going rate in your area. In most areas, agent commissions cost the seller between 5 and 7% of the price of the home; if the home buyers have an agent, then both realtors split the commission. Realtors also pay their broker out of their commission; sometimes a payment to the tune of 40% of the commission check goes to the broker, in fact. Consequently, some realtors have a lot less room for negotiation in their commissions than you would assume.
All of the money that a realtor makes is included in their commission; they have to pay all of their bills out of their slice of commission, often including: office fees, advertising, gas, car leases, printing for flyers. An agent might not actually be making much more than minimum wage if the area that they work in has a depressed housing market, especially if their broker takes a large cut of the commission.
If do you ask your realtor to reduce their commission, make sure that you are upfront about it when you first hire an agent; this way they can decide if they want to work for you and earn less than they normally would. It is unfair to retain a realtor and get them to complete a lot of work for you and then ask them to cut their rate back after they've already provided you with a service. Don't be surprised if an agent is less than thrilled to work for a reduced commission, particularly if houses aren't selling well in your area. They may be willing to work for a reduced rate if you agree to a modified sales plan or if you hire the same agent to work as your buyer's agent when it's your turn to buy a home.
It never hurts to ask, but be aware that the answer could be no.
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