Where does it come from?
One of the first questions people always seem to ask an agent when selling their house is, “How much is your commission?” Of course, this is a legitimate question because many times an agent’s commission plays into how much the house is listed for. Every home owner wants to get what their house is worth and still be able to pay the agents involved. Traditionally, when selling a home, 6% of the sales price is paid to the agents in the transaction. It is split between the listing agent (the one who sold your home) and the buyer’s agent (the one who brought the buyer). However, did you know that by law in SC there is actually no SET commission rate that agents have to be paid? Now does this mean that if you are planning to buy or sell a home that you should start with negotiating commission? Well….maybe. Let’s break it down.
Selling your home: Most real estate companies require their agents to charge 6% when listing a home. This ensures that everyone is getting paid, including the agent and the brokerage. So depending on who you chose to list your house, you may not have an option. However, because J. King Real Estate is a smaller boutique agency, we can offer you options when selling your home. From traditional full service 6% listings to flat fee listings, our agents can provide you with what best meet your needs.
Buying a home: Are you looking for a home and concerned about who is going to pay the commission? Worry no more, because it is already built into the price of the home! The sellers are responsible for paying your agents commission. Basically, they are paying your agent to bring you (the buyer) to the closing table. Of course, many times there are negotiations to be made, but that is why it is wise to have a real estate agent representing you. Negotiating contracts and terms is our job, it’s our service and duty to you, the client.
If you are thinking of buying or selling a home, I would be happy to answer any questions you might have.
J. King Real Estate is home to honest agents, providing genuine service.
Give me a call, Jennifer Brock, and see why we’re different!