There are more than 2 million real estate agents working across the globe. If you’re in the process of selling or buying a home, have you ever wondered how much do realtors charge and make their money?
In this guide, you’re going to find information about realtor fees and how to go about choosing a realtor to fulfill your current home buying or selling needs.
What is a Realtor?
A realtor is not a real estate agent, but it’s easy to get them confused. The main difference between the two is that realtors must pass the NAR code of ethics course while real estate agents don’t have to.
With that being said, a realtor is a member of the National Association of Realtors members, and they have to pass the requirements in your state to continue practicing as an agent.
Realtors help you find and sell your home while negotiating the offers made by potential sellers or home buyers. Their job is to ensure you get the best offer out of the process.
With that being said, before you hire one, it’s essential to learn about the realtor fees that you will be responsible for paying after closing on the property.
Realtor Fees: Paying Commission
The fees you’ll pay to your realtor is known as commission. The commission you pay will be split between the seller and buyer agent to compensate them for all their work in negotiating the home buying process.
You shouldn’t confuse commission with the closing costs because those things are entirely separate from the realtor fees you’ll pay. Closing costs include:
- Insurance for the home
- Taxes or HOA fees
- Costs for the surveyor if it was deemed necessary
- Fees related to the title
Your closing costs will vary based on the home, but the commission you’ll pay to your realtor is something that will be discussed in advance, separate from the deal you make selling the house.
Choosing a Realtor
Buying or selling a home is a necessary process, and you need to ensure you select the right realtor for the job. The first thing you should do is create a list of your realtor options in your area to choose from.
Create a list of questions about the costs of hiring them and the services they provide to their clients. After narrowing down your list, find out more information about how the realtor communicates with their clients and their strategy to sell a home.
The best realtor will have this information readily available and provide it to you before you decide to work with them.
How Much Do Realtors Charge?
Before you hire a realtor, one crucial question is how much do realtors charge because you need to ensure you pay them for their services. Outside of the cost of hiring them, you need to ask several other questions like how they communicate before moving forward.
Are you ready to hire a realtor that understands what it takes to sell a home? Contact Jesse Garcia, the only realtor for your needs.