The Way to Work Estate Salesperson Commissions Out
When you hire a real estate agent to sell your house, one form of reimbursement to the broker is a commission, paid on a proportion of the last sale price. In this kind of arrangement, the homeowner generally does not owe the broker any fees when the property does not sell. The percentage of a commission is not a set amount within the business and is negotiable between the broker and the seller. The vendor pays a commission to his own agent, and that agent typically shares a portion of his commission with the buyer’s broker.
Read the listing contract with the real estate sales agent. Notice the commission’s agreed-upon percent rate.
Enter the property’s actual closing sale price .
Press the symbol for multiplication on the calculator, which could be an asterisk or an X.
Enter the agreed-upon proportion of the commission. For example, if it’s 6 per cent, input 0.06. For 3 percent, input 0.03, or for 10 percentage, input 0.10.
Press the equal sign for the last commission amount due.