Redfin Survey: Over One-Quarter of Recent Homebuyers Have No Idea How Much Their Agent Was Paid
11 Abril 2024 - 9:30AM
Business Wire
Nearly 20% of recent buyers have no idea who
paid their agent and how the amount was determined
39% of homeowners with plans to sell think a 3%
buyer’s agent commission seems high, but nearly the same share
think it seems just about right
(NASDAQ: RDFN) — More than one-quarter of recent homebuyers
(28%) have no idea how much their agent was paid, and 17% have no
idea how the amount was determined, according to a new report from
Redfin (www.redfin.com). A similar share—19%—have no idea who paid
their agent.
The report is based on a Redfin-commissioned survey conducted by
Qualtrics in February 2024. The nationally representative survey
was fielded to 2,995 U.S. homeowners and renters. This report
focuses on the roughly 120 respondents who indicated they bought a
home in the last year and used an agent.
Just over one-third of recent homebuyers know exactly how much
their agent was paid (37%) and who paid them (38%), and a slightly
lower share have a full understanding of how the amount was
determined (33%).
These commissions have always been negotiable, but it has been
commonplace for the home seller to cover payment for both their
agent and the buyer’s agent, with a commission equal to 2.5%-3% of
the home sale price typically going to their agent and another
2.5%-3% typically going to the buyer’s agent.
“Many Americans make the biggest purchase of their life without
knowing precisely how the professional they hired to guide them
through the transaction is getting paid,” said Redfin Chief
Economist Daryl Fairweather. “Home sellers often have a candid
conversation about fees with their agent before signing an
agreement to work together. Buyers would benefit from doing the
same. People feel awkward talking about money, but it's important
to understand what your agent is charging and have a discussion
about whether you will need to ask the seller to cover your agent's
fee as part of your offer negotiation or pay for it out of
pocket.”
Real estate agent commissions have been in the news recently
because the National Association of Realtors (NAR) in March agreed
to pay $418 million to settle a series of class action lawsuits
regarding agent pay. As part of the settlement, NAR agreed agents
will be required to enter into written agreements with buyers
before they tour any home. These agreements must specify the
compensation that agents will receive.
Roughly 40% of Homeowners Planning to Sell Soon Think Agent
Pay Is Too High…And Roughly 40% Think It Seems Just About
Right
About two of every five (39%) homeowners who plan to sell their
house in the next year think a 3% commission for a buyer’s agent
seems “a little” or “very” high. But a similar share (36%) of
likely sellers said it seems “just about right” and 26% said it
seems “a little” or “very” low.
Redfin asked likely sellers (and likely buyers) to provide their
thoughts on both a 3% commission for buyers’ agents and a 3%
commission for sellers’ agents. This data covers the 260
respondents to this question who plan to sell a home in the coming
year.
The response rates were similar when Redfin asked about pay for
sellers’ agents. Roughly two of every five (39%) homeowners who
plan to sell their house in the next year think a 3% commission for
a seller’s agent seems “a little” or “very” high. But almost
exactly the same share (40%) said it seems “just about right” and
21% said it seems “a little” or “very” low.
Redfin charges customers a listing fee as low as 1% and lets
sellers decide how much, if any, commission to offer an agent who
brings a buyer. For its entire history, the company has advocated
for lower fees, transparency and more choices for real estate
consumers.
To read the full report, including charts, visit:
https://www.redfin.com/news/real-estate-commissions-survey-2024
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240411719371/en/
Redfin Journalist Services: Alina Ptaszynski 215-313-0754
press@redfin.com
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