How much did my real estate agent make?
kittypunx asked:
I just bought a house for $420,000 and I want to know how much my real estate agent and the sellers real estate agent made on us, and how much did my loan agent make? Any ideas? I just want to know if the service I got was worth the money I paid.
Living in California.
Related posts:
- Is a buyer’s real estate agent required to provide them with a comparable market analysis? Amos R asked: My friends real estate agent wouldn’t give...
- What is the most important thing you want from a real estate agent? Jeanne B asked: I’m a real estate agent and I...
- What if I use a real estate agent for new home builder on contract? simmsdanjen asked: We are in the process of writing a...
- Can a NYC real estate agent actually make a decent living? unknown_citizen asked: Can nyc real estate agent actually make enough...
- How does someone become a real estate agent? krstn asked: I have been in sales for 5 years...
Filed Under Renting & Real Estate |
Tagged With Loan Agent, Money, Sellers Real Estate
Comments
11 Responses to “How much did my real estate agent make?”
A packet the greedy the skunk
Typically the commission is 3% to each side…but the agent has to pay his broker as well.
Generally the sellers listing agent gets 6% of the sale price which is split with the agent that brings in the sale. Six percent of $420,000 is $25,200. The loan agents fee is most likely buried somewhere in the mortgage documents.
I think its typically like 7 percent? so like 40,000
Should be on the paperwork. I know all the taxes, fees and commissions were itemized on my paperwork.
about 4% or more. atleast $16.000 minimum
look at ur agreement w/ the agent or ur contract. everyone’s fees are noted. my agent received 7%. but fees are negotiable and there are many other factors that could affect the amount they receive. if u dont want to look at ur contract…just call them. they would have no problem telling u or letting u know what page to find the info.
The contract with real estate agents should outline clearly what percentage of the sale price his/her commission is, having recently sold a home my agent charged a 5 % of final sale price as her fee….half of that she had to share with another agent who actually sold the home ( had a multiple listing)…..you should have received papers before closing outlining all closing costs, your lawyer can and should have supplied you with a breakdown of all costs…contact him/her and pose these questions..you should get your answers from him/her after all you paid them good money….
If the commission was 7% your agent grossed $7,350.00 because the commission is split between the buyers agent, the sellers agent, the buying agents broker and the selling agents broker.
Subtract from that the following: 30% for self-employed taxes, advertising expenses, fees charged by your agents broker (office space, administration, legal,supplies, ect), licensing expenses, continuing education expenses, liability insurance, business insurance and vehicle expenses. If your agent is part of a “team” of agents he/she will also have to split his/her gross commissions with the other team members before you start subtracting all the other expenses.
It’s harder than you think for an agent to net a great deal from real estate transactions- volume is the key. Brokers are the ones who make a killing and do very little for it.
It should say on your closing statement. Mine does.
As you can see from the other replies, the actual comission to your agent may vary. Whatever comission the seller contracted with the listing agent normally gets split between the seller’s firm and the buyer’s firm. Most likely your agent got around 1 1/2% of the purchase price. The loan originator’s firm mostly likely got around 1-2% with your loan originator getting a portion of that. The fees should all be listed on the HUD-1 as items paid - the realtor’s fees will show up under the sellers’ expenses. Were they worth that amount? Only you can answer that based on the type of customer service they gave you. If they stated in touch with you on a regular basis; informed you of what documents you needed to qualify for the loan, etc - then most likely yes they were worth it. No I’m not a realtor but I have have purchased and sold several properties over the years. If the service was friendly, honest, timely and without surprises at the closing time then to me it was well worth the fees. Enjoy your new home.