How Much Do You Pay a Real Estate Agent When Buying?

Chris at Hauseit (https://www.hauseit.com) goes over the question of how much, if anything, you need to pay a real estate agent when buying a home.

Save 2% When You Buy: https://www.hauseit.com/buyer-closing-credit/
Save 6% When You Sell: https://www.hauseit.com/agent-assisted-fsbo/

Save money when buying, selling and renting real estate in New York and Florida with Hauseit. Available in NYC, Long Island, the Hudson Valley and South Florida. Visit https://hauseit.com, send us an email to team@hauseit.com or give us a call: (888) 494-8258 to learn more. Established 2014.

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You don't have to pay anything to a real estate agent when buying a home because real estate commission is entirely a seller closing cost.

You'll notice in the closing statement or settlement statement that the broker commission is entirely the seller's responsibility.

This is because when a seller signs a traditional exclusive right to sell listing agreement with a listing agent, the listing agreement will state that the seller is bound to pay a specific percentage of the sale price in commission upon a successful sale. It does not specify any change in that commission if the buyer is represented or not.

Usually, traditional listing agreements will mention that the seller's agent may co-broke (i.e. split) commission according to local MLS rules. These MLS association rules will typically require an equal or at least equal splitting of commission in favor of the buyer's broker.

So this means if the buyer has a buyer's broker, then the seller's broker simply splits half the commission (typically 6%) with the buyer's broker. If the buyer doesn't have a broker for some reason, then the lucky seller's broker gets to keep the entire commission, i.e. all 6%.

Keep in mind that even though you don't have to pay any real estate commission as a buyer, you shouldn't just settle for free buyer agent representation. Instead, cover your closing costs and more by signing up with a Hauseit Buyer Closing Credit where our buyer's brokers will give you 2/3 of the buyer agent commission to you at closing.

This can be quite substantial as often times new developments will offer 5%, 6% or 7%+ on new condo units for sale, and 2/3 of that can more than cover your closing costs in some markets like South Florida.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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