DO BUYERS HAVE TO PAY THEIR REALTOR®?
In most cases, buyers don’t pay anything to work with a REALTOR® to help them find a property. Why? Because the seller typically pays the commission for both the seller’s agent (also known as the listing agent) and the buyer’s agent.
HERE’S HOW IT WORKS: Commissions are negotiable between listing agents and their clients. In most cases, the seller pays a commission equal to about 6% of the property’s sales price, which is split evenly between the seller’s agent and the buyer’s agent. So, for example, if a property sold for $200,000, the seller’s agent would earn $12,000 and the buyer’s agent would earn $12,000. Should there be no buyer’s agent involved, the seller would still pay the same 6% commission of $24,000 and the seller’s agent would get the full amount. This is why sellers don’t care whether or not buyers have an agent; it doesn’t affect the commission they pay.
If you’re a buyer, it makes good sense to take advantage of the professional support of a REALTOR®, since in most cases, it will cost you nothing to do so and will provide valuable benefits. Check out WHY DO I NEED A BUYER’S AGENT?