Question

real estate brokers serve as intermediaries by bringing buyers and sellers together in the real estate market. for this service, brokers are paid what is commonly referred to as a:

Answer 1

When brokers serve as intermediaries who bring buyers and sellers together in the real estate market, they get paid what is commonly known as a Commission.

How are real estate brokers paid?

In the real estate market, brokers are paid based on commission. This commission is charged on the selling price of the house which means that it is the buyer that pays the commission. The reason real estate brokers get paid a commission is because of their service of bringing the buyers of real estate, to those who want to sell their property in the real estate market.

There can be different rates paid for commission to real estate brokers depending on the services rendered, the location, or how well known the real estate agent is. However, commission paid often ranges between 5% of the selling price to 6%. This means that if a real estate broker sells a property worth $100,000, they can expect between $5,000 and $6,000.

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