How Much Is Real Estate Commission in New York?

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Whether you’re looking to sell your home or purchase one, working with an

experienced Realtor is critical to the process. As part of that relationship, you’ll pay

a commission fee for their services. The amount varies depending on the broker, the

price point of the home and the market. The average real estate commission in New

York is 5.75%, but it can be much higher or lower than that depending on the market

and other factors. The commission fee is a payment for the Realtor’s services in the

home sale or purchase process and typically includes a range of services such as

listing your property on the MLS, arranging and attending showings, researching and

writing comps, and completing other tasks related to the real estate transaction.

 

Generally, the home seller pays the listing agent and buyer’s agent their respective

commissions. In many cases, these fees are specified in the contract between the

home seller and listing agent. In addition, the broker will often take a cut of the fee

to cover their costs such as sign rentals and office space. On a $200,000 home sale,

the total real estate commission will likely be $64,000.

 

While commission rates aren’t negotiable, there are ways to reduce your Realtor fee

in New York. For example, you can work with a flat-fee brokerage that charges a

small percentage of your sales price instead of a traditional real estate broker.

Another way to save on Realtor fees is to hire a buyer’s agent who’s willing to split

their commission with you and will represent you for a lower fee.

 

Real estate agents are paid a commission for their work, but the money they receive

doesn’t go directly to them. First, it goes to their broker, which is often a large

national brokerage that takes in a lot of business and has costs such as office space,

marketing, and advertising. Then, the broker will give a percentage of that to each

agent who works for them. On a typical real estate transaction, the agent will keep

about half of the total commission, so they would receive about $12,000 in this

example. Also read https://www.sellmyhouseforcashtx.com/we-buy-houses-dallas-tx/

 

As you can see, real estate commissions are complex and depend on a variety of

factors such as the market and the size and scope of the transaction. However,

understanding how commissions work is important to making the right decisions for

you and your home sale or purchase. By taking the time to interview and choose the

best agent for your situation, you can minimize your real estate commission and

make a smoother, less stressful home selling or buying experience. To get started,

connect with a top-producing local Realtor through Clever Real Estate. They’ll help

you navigate the New York market for up to half the usual rate! We’ll match you with

237 vetted and licensed agents from major brands including RE/MAX and Coldwell

Banker. Start by answering a few quick questions to find your perfect match.