There's a widespread perception that real estate agents tend to charge uniform rates, with the typical commission generally thought to hover between 5 percent and 6 percent, depending on the market. But a new study commissioned by Redfin suggests agents often charge less -- much less, in fact -- than what's perceived to be the "standard market commission." Surging investment in high-tech brokerages, a low supply of for-sale properties and declining use of full-service agents may be driving the "widespread savings," Redfin wrote in a blog post about the survey. But there's also some evidence to suggest that the level of discounting captured by the survey has been par for the course for at least a decade, per at least one focus group conducted in 2006. Survey says? Six out of 10 people who sold a home in the last year said they got a discount on the commission they paid to their real estate agent, with the average discount coming in at 41 percent off the "standa...
- Agents frequently charge buyers and sellers less than what's perceived to be a 'standard commission,' according to a Redfin survey.
- The average discount off the standard commission is 41 percent, the survey found.
- Investment in high-tech brokerages, short for-sale housing supply and Redfin itself may be reasons for the 'widespread savings,' Redfin says.