Real Estate Agents, Tips & Advice, Commission, Sellers, Buyers
Last Updated: Jun 05, 2020
Typically in Florida the commission rate is 6% and split evenly between the buyer’s agency and the seller’s agency.
Is 6% Going Directly To My REALTOR® When They Sell My Home?
No, typically your real estate agent who sells your home is getting 1.5% and here is why.
Say your home sold for $400,000. 6% is $24,000 that will be split evenly between the buyer’s agency and the seller’s agency, which will then get split in half again.
$12,000 that goes to the buyer’s agency will be split between the buyer’s agent and the buyer’s broker and they will both receive $6,000.
$12,000 that goes to the seller’s agency will be split between the seller’s agent and the seller’s broker and they will also both receive $6,000. Therefore, your REALTOR® is getting $6,000.
Examples:
| Price Home Sold For | 6% of price home sold for | Amount going to buyer's agency and seller's agency | Amount your REALTOR® receives |
| $250,000 | $15,000 | $7,500 | $3,750 |
| $550,000 | $33,000 | $16,500 | $8,250 |
| $950,000 | $57,000 | $28,500 | $14,250 |
If I Am Buying A Home & Use A Real Estate Agent, Am I Paying Them?
Most people are surprised when they hear that they are not paying for a REALTOR® when they help you look for a home. Their commission is paid by the seller’s real estate sale, as explained above. They fall under the “buyer’s agent” category.
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Is Commission Negotiable?
Commission is negotiable sometimes but take into account that you get what you pay for. If you are paying your agent full service at 6% to help sell your home, they are using that to pay for:
- Professional photographers
- Marketing tools
- Advertising on various platforms
- Professional stagers
- Open houses
- Etc.
If you are paying them less, they may not be able to afford all the advertising and your home may sit on the market for a longer period of time.
Why Should I Hire An Agent To Help Me Buy A House?
You are not directly paying for your REALTOR® to show you homes so that is one of the perks. They also know how to point things out that may be wrong in the house you are looking at.
They can also explain zoning laws and restrictions in the area, or even tell you what houses in the area will be on the market soon.
If you are interested in a home, they can explain what offer will be fair what may not be accepted.
If you are looking to sell your home in Florida, the typical commission rate is 6%, although some REALTORS® will negotiate with you, especially if you are a returning customer or are buying and selling with them. Paying a lower commission may interfere with certain marketing and advertising services.
If you are just buying a home in Florida, you do not pay your agent because it is included in the seller’s price. Going with an agent is a smart choice though. They can help you find exactly what you want and point out any potential problems. It is their job to be there for you.
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