In this article TREE Follow your favorite stocks CREATE FREE ACCOUNTFuse | Corbis | Getty ImagesHow real estate agent commissions workIn 2023, the average commission was 5.37%, LendingTree found.
Yet 48% of homebuyers and sellers didn't know how much their agent received in commission for their latest home transaction, according to LendingTree.
"[Real estate agents] are doing a lot of work behind the scenes that isn't necessarily [or] immediately apparent to sellers and buyers," he said.
How to negotiate real estate agent feesWhile real estate agents must be upfront with their fees, buyers and sellers should make sure to ask questions about what they are charging and why.
If you're working with a dual agent, or a real estate agent who's representing both the buyer and seller, you might point out to them that they don't have to split the commission with anyone.
Persons:
LendingTree
Organizations:
Federal Reserve, National Association of Realtors . Technology, Antitrust