When it comes to how much commission you pay the agent or agents who helped you sell your home, that will vary. But it often boils down to a percentage of the home’s sales price. So on a home that sold for $450,000, a 6% commission equals $27,000. Half of the commission you pay goes to the listing agent, and the other half goes to the buyer’s agent. Of course, as with any rule, there can be exceptions. (Note: As with all real estate commissions, amounts vary and are not standardized or mandated at a specific percentage.)
And when it comes to land, an agent’s commission may not be based solely on the land’s sales price. As a result, the fee a seller pays an agent can vary widely. That’s because there is a host of differences between selling a home and selling land. The biggest variant? There’s a more limited pool of buyers for land purchases than for homes. And that factor alone calls for an agent to adjust the normal sales approach. In addition, people looking for land are often hoping to develop a property or to build a home, which whittles down potential buyers even further.