Realtors in different states charge varying amounts of commission fees when helping property owners sell or buy. The rate also varies from one real estate agent’s brokerage and experience to another. However, a geographical market like Florida has a certain average of expectable real estate commission fees.
Understanding the average rate is helpful for both buyers and sellers to be more aware of the costs associated with selling or buying real estate in Florida. This article will briefly discuss the average real estate commission rate in Florida.
Average Florida Real Estate Commissions
The average realtor commission in Florida is roughly 5%- 6% of the total sales price. That includes the buyer agent commission and the listing agent commission. For example, if you sell your house for $400,000, the commission will be $20,000 on the lower side.
The buyer’s agent brokerage and the real estate company representing the seller split the commission rate. In that example, the listing agent will take about $10,000, and the buyer’s agent will take $10,000.
Bridlewood Real Estate offers listing and buyer services and guarantees satisfaction. With our strict commitment to professionalism, ethical standards, and attention to detail, you can be sure that we will provide the highest level of service possible.
Who Pays Real Estate Commission in Florida?
Typically the property sellers pay for the real estate commission fees in Florida. They incur the cost of listing and closing the deal. Since the buyer is paying for the home, it’s only fair that the seller pays for the realtor’s fee.
However, it’s not uncommon for buyers and sellers to negotiate who will cover some of the costs. They can agree on who will pay or share the realtor’s fees if they are both friendly.
How to Calculate Florida Commission Rate
If you are a seller, it is necessary to calculate the expected commission rate upfront. It will help you determine if the costs are within your expectations. It will also help you decide if to look for buyers on your own or to hire a realtor.
To calculate the expected commission rate, use this formula:
- Take the sale price at the end of the process (Money you would like to receive at the end of the selling process)
- Multiply it by 5% (Commission rate from the average referred to above)
Can You Negotiate Your Real Estate Agent Commission in Florida?
While most real estate agents charge a standard amount in Florida, it’s not set in stone. Realtors understand that it’s a buyer’s market and may accept to reduce their commission rate depending on the situation.
You can always negotiate a lower rate with your preferred real estate agent. But that doesn’t mean they will always agree. Depending on their workload, they may or may not accept reducing the fees they charge.
At Bridlewood Real Estate, we are a top-notch real estate agency in Florida, offering top-of-the-line solutions to our clients. We have experienced and knowledgeable agents who understand the real estate market and can help buyers and sellers get the best deals. Contact us today to get advice on the best rates you can get.
We are privileged to serve Clermont, Mount Dora, Minneola, Groveland, and Orlando, as well as the nearby communities.
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