Realtors are licensed professionals who sell and buy homes for their clients. They can work on commission or on a flat fee, but it’s important to know how each is calculated so you know what you’ll owe in fees.
Realtor Commission
The majority of realtors in BC take a commission on the sale of a home. The amount of this commission is determined by the sales price and other factors, such as whether the buyer or seller paid closing costs (expenses incurred after the sale). The commission is usually calculated as a percentage of the sales price and paid by the seller. For example, if you sell your home for $300,000 and pay 6 percent in commissions, the seller owes $18,000 to the realtor’s broker.
Most agents work on a commission basis and are paid when the sale closes. You may have an agent represent you if you don’t want to pay a flat fee or negotiate your own deal. In this case, you should expect to pay the agent’s commission out of your sales proceeds once the home is sold.
Flat Fee Flat fees are another option for real estate brokers who want to earn income from their clients without charging a percentage of sales price. This type of agreement typically includes both listing and selling services and may include other services such as negotiating with buyers or sellers, staging properties for sale and more.
Calculate Your Realtor Fees With Realtor Fee Calculator
If you’re thinking about hiring a real estate agent, it’s important to know how much they charge. Use realtor fees BC calculator to estimate the amount of money you will have to pay your agent. The calculator gives you an estimate of the commission you will pay based on the price of your home and other factors.
