What you need to know about how commissions work
At the Blankfeld Group at Berkshire Hathaway HomeServices we believe that no two properties and no two client situations are exactly the same, which is why we customize our proposals to best fit the needs of our clients and the homes we help them buy or sell.
Here we’ve addressed some of the MOST commonly asked questions from our clients regarding commissions for you so that we can address your concerns and focus on what’s most important: Getting you the RESULTS you WANT
Are there “standard” or “normal” commissions and what do you charge?
There is no such thing as a “standard” or “normal” commission in the sale of real estate. Commissions and fee structures are set at the brokerage level and each brokerage designs a fee and commission structure that reflects the levels of services and experience that they provide.
We encourage you to interview multiple brokerages and/or explore other fee models to make sure you’re finding the services, experience and brokerage that best fits your needs and the property you plan to buy or sell. At The Blankfeld Group at Berkshire Hathaway HomeServices, we charge either Buyers or Sellers anywhere from 3.0% to 3.5% of the final gross sales price of the home bought or sold at successful closing with no upfront fees. In other words, you don’t pay ANYTHING until you’ve achieved the results that you seek.
Am I required as a seller to pay a buyer broker commission?
No. While local market customs and standards may vary by market and by Multiple Listing Service, “MLS”. Here at The Blankfeld Group at Berkshire Hathaway HomeServices and the Las Vegas Association of Realtors MLS, there is no requirement that a seller pay a buyer broker commission, and it won’t be offered in MLS.
When you hire us to sell your home, we will complete a comprehensive analysis on the competitive landscape of what incentives other sellers you’re competing against are offering in the marketing of their homes with regards to closing cost incentives, repair incentives and/or incentives to cover the buyers’ brokers’ commissions. Based on this analysis we will make some recommendations for you to be properly positioned with your marketing and pricing strategy so that you have the best chance of achieving the specific results you’ve shared with us.
How do I pay my agent as a Buyer for their services?
One of the BEST ways to create a clear agreement for the services and expertise that you seek for the purchase of your next home or investment property is to negotiate a Buyer Brokerage agreement with your agent and broker. The terms outlined in this agreement will be customized to your preferences and will address things like:
- How long will this agreement last?
- How much commission will my agent earn and when and how will that be paid?
- What types of purchases will be subject to this agreement?
- What type of properties do I want my agent to seek out and send to me?
- How do I want my agent to negotiate for me on my behalf in terms of how closing costs, commissions and fees are handled?
- How will my agent/broker handle situations where another client of my agent is seeking the same property as me or is selling the property I’m interested in purchasing (i.e. conflict of interest situations)
- How do I cancel the agreement if I don’t get the results I want?
Is a Buyer Brokerage Agreement really necessary or required?
It is NOW REQUIRED (effective in Las Vegas on 8/1/24), we believe it’s necessary for us to provide 100% commitment to your goals and interests. We’ve been selling homes for over 24 years in Las Vegas and have relationships, resources, expertise and processes that we KNOW WORK in helping our clients get CLEAR on what they REALLY want, find creative and customized solutions to achieve the RESULTS they want, and negotiated the deals that are right for them. In order for us to provide these resources to you with 100% commitment and priority, we need the same level of commitment from you.
When you hire us, you will not pay ANYTHING until you’ve successfully closed and own the home that you want and have received the results that you want. We believe in direct, transparent and clear communication with our clients and therefore crafting these customized agreements upfront we believe contributes to a more effective and trusting relationship for all parties involved.
Every agreement we write for you will include the terms you need to be successful. Including a credit from the seller to offset the cost of our commission if necessary.