In the ever-evolving world of real estate, understanding commission rates is crucial for homeowners and sellers. Clever Real Estate, a leading real estate technology company, has been actively negotiating discounted rates for over 20,000 home sellers since 2017, making it an unparalleled expert in commission rates amid recent headlines regarding agent fees.
A recent survey conducted by Clever revealed some fascinating insights into Americans’ perceptions of commission rates. Surprisingly, 66% of non-homeowners and 42% of home sellers are unaware that they are expected to pay the buyer’s agent commission. This lack of awareness might explain why 65% of Americans mistakenly believe that buyers can save money by not working with an agent.
Interestingly, despite the lack of knowledge about commission rates, 55% of sellers express reluctance in paying the buyer’s agent’s commission. However, less than half of sellers (46%) are aware of the exact amount they will end up paying in commissions, and 34% overestimate this cost.
When it comes to working with real estate agents, most homeowners prioritize avoiding high commission rates. In fact, 91% of homeowners consider this an important factor when selling their property. As a result, 28% of sellers choose to forgo using an agent to save on fees. Nonetheless, 72% of sellers who have worked with an agent believe that a good agent is worth every penny of their commission.
To shed more light on the current state of commission rates, Clever conducted a survey among 625 agents across the country. The results revealed that the average total commission rate stands at 5.49%, and 61% of agents state that their commission rates have remained unchanged over the past five years.
With its unwavering commitment to delivering exceptional service and the lowest rates, Clever has saved customers over $140 million in realtor fees. Their realtor matching platform has garnered a remarkable 5.0-star rating based on 2,600+ verified customer reviews on Trustpilot.
As the real estate industry continues to evolve, Clever remains at the forefront, providing unparalleled expertise in navigating the intricate landscape of commission rates. Their goal is to empower buyers and sellers, ensuring they receive the best service while saving on fees.
Q: What percentage of non-homeowners and home sellers are unaware of the buyer’s agent commission?
A: 66% of non-homeowners and 42% of home sellers are unaware of the buyer’s agent commission.
Q: How many sellers believe they shouldn’t be obligated to pay the buyer’s agent’s commission?
A: 55% of sellers express reluctance in paying the buyer’s agent’s commission.
Q: What is the average total commission rate according to Clever’s survey?
A: The average total commission rate is 5.49%, according to Clever’s survey.
Q: How much money has Clever saved customers in realtor fees?
A: Clever has saved customers over $140 million in realtor fees.