small portion of the commission compared to the experienced or successful agents who generally sell more expensive properties or homes.
As with anything commissions are negotiable!
PAYING THE COMMISSION ITSELF
As of now, it's standard for the seller to pay the commission at the settlement from the sale proceeds of the property. This commission is typically a percentage of the sale price, agreed upon in advance between the seller and their agent. The commission is then distributed between the listing agent's brokerage and the buyer's agent's brokerage. This split is predetermined and is part of the contractual agreement between the seller and their agent. After the brokerage receives its portion, it then pays the individual agents according to their internal agreements. It's important for both buyers and sellers to understand that while this is the current standard practice, the real estate industry is dynamic, and practices can vary. In some cases, different arrangements might be made for commission payments, especially in light of evolving industry regulations and market conditions. As a buyer or seller, it's advisable to discuss commission structures with your agent to fully understand how they will apply to your specific transaction.
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