{"id":77754,"date":"2024-04-11T05:30:33","date_gmt":"2024-04-11T12:30:33","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77754"},"modified":"2024-04-10T14:05:52","modified_gmt":"2024-04-10T21:05:52","slug":"real-estate-commissions-survey-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/real-estate-commissions-survey-2024\/","title":{"rendered":"Over One-Quarter of Recent Homebuyers Have No Idea How Much Their Agent Was Paid: Survey"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>Nearly 20% of recent buyers have no idea who paid their agent and how the amount was determined.\u00a0<\/i><\/strong><\/li>\n<li style=\"font-weight: 300;\" aria-level=\"1\"><strong><i>39% of homeowners with plans to sell think a 3% buyer\u2019s agent commission seems high, but nearly the same share think it seems just about right.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">More than one-quarter of recent homebuyers (28%) have no idea how much their agent was paid, and 17% have no idea how the amount was determined. A similar share\u201419%\u2014have no idea <\/span><i><span style=\"font-weight: 400;\">who<\/span><\/i><span style=\"font-weight: 400;\"> paid their agent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to 2,995 U.S. homeowners and renters. This report focuses on the roughly 120 respondents who indicated they bought a home in the last year and used an agent.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-77755\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1-1024x711.png\" alt=\"\" width=\"800\" height=\"556\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1-1024x711.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1-768x534.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1-1536x1067.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/commissions-chart-1.png 1727w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Just over one-third <\/span><span style=\"font-weight: 400;\">of recent homebuyers<\/span> <span style=\"font-weight: 400;\">know<\/span><i><span style=\"font-weight: 400;\"> exactly<\/span><\/i><span style=\"font-weight: 400;\"> how much their agent was paid (37%) and who paid them (38%), and a slightly lower share have a full understanding of how the amount was determined (33%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These commissions have always been negotiable, but it has been commonplace for the home seller to cover payment for both their agent and the buyer\u2019s agent, with a commission equal to 2.5%-3% of the home sale price typically going to their agent and another 2.5%-3% typically going to the buyer\u2019s agent.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMany Americans make the biggest purchase of their life without knowing precisely how the professional they hired to guide them through the transaction is getting paid,\u201d <\/span><span style=\"font-weight: 400;\">said Redfin Chief Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cHome sellers often have a candid conversation about fees with their agent before signing an agreement to work together. Buyers would benefit from doing the same. People feel awkward talking about money, but it&#8217;s important to understand what your agent is charging and have a discussion about whether you will need to ask the seller to cover your agent&#8217;s fee as part of your offer negotiation or pay for it out of pocket.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Real estate agent commissions have been in the news recently because the National Association of Realtors (NAR) in March agreed to <\/span><a href=\"https:\/\/www.redfin.com\/news\/nar-settlement-kaboom\/\"><span style=\"font-weight: 400;\">pay<\/span><\/a><span style=\"font-weight: 400;\"> $418 million to settle a series of class action law<\/span><span style=\"font-weight: 400;\">suits regarding agent pay. <\/span><span style=\"font-weight: 400;\">As part of the settlement, NAR agreed agents will be required to enter into written agreements with buyers before they tour any home. These agreements must specify the compensation that agents will receive.<\/span><\/p>\n<h3>Roughly 40% of Homeowners Planning to Sell Soon Think Agent Pay Is Too High\u2026And Roughly 40% Think It Seems Just About Right<\/h3>\n<p><span style=\"font-weight: 400;\">About two of every five (39%) homeowners who plan to sell their house in the next year (\u201clikely sellers\u201d in the chart below) think a 3% commission for a buyer\u2019s agent seems \u201ca little\u201d or \u201cvery\u201d high. But a similar share (36%) of likely sellers said it seems \u201cjust about right\u201d and 26% said it seems \u201ca little\u201d or \u201cvery\u201d low.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-77756\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40-1024x710.png\" alt=\"\" width=\"800\" height=\"555\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40-1536x1065.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/04\/final-40.png 1731w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">We asked likely sellers (and likely buyers) to think from the perspective of a seller and provide their thoughts on both a 3% commission for buyers\u2019 agents and a 3% commission for sellers\u2019 agents. This section of the report focuses on the 260 respondents to this question who plan to sell a home in the coming year. The chart above also includes responses from the 346 people who plan to buy a home in the coming year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The response rates were similar when we asked about pay for <\/span><i><span style=\"font-weight: 400;\">sellers\u2019 agents (<\/span><\/i><span style=\"font-weight: 400;\">not featured in chart above)<\/span><i><span style=\"font-weight: 400;\">. <\/span><\/i><span style=\"font-weight: 400;\">Roughly two of every five (39%) homeowners who plan to sell their house in the next year think a 3% commission for a seller\u2019s agent seems \u201ca little\u201d or \u201cvery\u201d high. But almost exactly the same share (40%) said it seems \u201cjust about right\u201d and 21% said it seems \u201ca little\u201d or \u201cvery\u201d low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin charges customers a listing fee as low as 1% and lets sellers decide how much, if any, commission to offer an agent who brings a buyer. For its entire history, the company has advocated for lower fees, transparency and more choices for real estate consumers.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nearly 20% of recent buyers have no idea who paid their agent and how the amount was determined.\u00a0 39% of homeowners with plans to sell think a 3% buyer\u2019s agent commission seems high, but nearly the same share think it seems just about right. More than one-quarter of recent homebuyers (28%) have no idea how [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77758,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[43,51],"tags":[20,14,623,35],"coauthors":[125],"class_list":["post-77754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-equality-policy","category-policy","tag-housing-affordability","tag-industry","tag-national","tag-redfin-surveys"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>28% of Recent Homebuyers Have No Idea What Their Agent Was Paid<\/title>\n<meta name=\"description\" content=\"Nearly 20% of recent buyers have no idea who paid their agent and how the amount was determined, according to a survey commissioned by Redfin.\" \/>\n<meta name=\"robots\" content=\"index, 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