Real Estate Commission
How much do Realtors® charge to sell a home?
Although real estate commissions cannot be fixed and can vary, the "norm" is around 5% of the selling price of your home.
On a $700,000 sale price, the commission payable will range between $28,000 to $35,000 plus applicable taxes. In Ontario the H.S.T is 13% so add another $3,640. -$4,550.
In most cases the commission is split between the Listing Agent ( Represents the Seller) and the Buyer Agent ( Represents the Buyer). For example on a 5% commission rate; 2.5% to Listing Agent and 2.5% to Buyer Agent. Then the Listing Agent and Buyer Agent will generally split their commission with the Brokerage that they work for.
When choosing a Realtor® there are many factors to consider;
- Experience ( how many years as a Realtor®)
- Market Knowledge
- Marketing and Advertising
It's important to consider that your home is most likely one of your biggest financial assets and choosing the right Realtor can have a big effect on the end results. Choosing a Realtor with many years of experience, top negotiation skill and will market your home properly is important.
If you're considering selling yor home, I would welcome the opportunity to connect with you. Mike Mifsud, CEO & Broker of Record.
Disclaimer: For informational purposes. Information is generalized for educational purposes only and should not be considered expert or legal advice. The reader should research their own information and seek out professional advice. E&O.E.