Most people know Beacon Hill condo sellers typically pay the listing agent’s commission and the buyer’s agent’s commission.
Beacon Hill Home sellers should ask what listing agent is offering the buyer’s agent on MLS. The home owner may wrongly assume the listing agent always splits the commission 50/50 with the buyer’s agent. While the listing agent might be splitting the commission 50/50 with the buyer’s agent, it may not be the case.
The MLS, our local listing source for nearly every home sale in downtown Boston area, has some very revealing data that demonstrates the importance of the buyer’s agent commission rate. The MLS is the region’s real estate listing service, basically the main (and often only) site buyer’s agents use to find homes and research homes for their buyer clients. The buyer’s agent commission is advertised there, in the RMLS.
The vast majority of listing agents offered a BAC of 2.5%.
That is 83% of all Beacon Hill condo sales. In about 5% of those sales, 620 times, the listing agent offered a higher rate than 2.5% to the buyer’s agent.
I want the public to know that all real estate commissions are negotiable and there is no set standard. This is true for listing agent commission and what commission percentage the listing agent offers to give the buyer’s agent. Ask your agent to find out what they are offering the buyer’s agent.