What is a Commission in the Long Beach Island Real Estate Market
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Commission in the LBI Real Estate Market 
Commission in the LBI Real Estate Market 
Commission in the LBI Real Estate Market
Long Beach Island Real Estate
Commissions in the LBI real estate market are the primary form of compensation for a real estate agent and real estate broker. Traditionally, a real estate sales commission is paid by the seller in a transaction. The commission will then be split between both agencies. All commissions in the State of New Jersey are negotiable.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Commission in the LBI Real Estate Market
While this is no “standard” commission in the LBI real estate market, most transactions see a total commission rate of 5%. This commission is then split between the buyer’s agency and the seller’s agency. If a real estate transaction is represented by one agency for both the buyer and the seller, also called a dual agency representation, the entire commission will go to that agency. The commission will then be split between the real estate brokerage and the LBI real estate agent who represented the buyer or seller. It is illegal for a real estate agent to receive commission or compensation from anyone other than their broker. Therefore, all commission is paid at closing to the real estate broker. In almost every situation, the seller pays the commission in the LBI real estate market. The commission amount is established upfront, usually when the listing agreement is signed to sell a home in the LBI real estate market and should be clearly defined on an MLS sheet.
What is a Commission in the Long Beach Island Real Estate Market
Real estate commissions can be sizeable sums of money, so it is crucial to understand what you are getting for your money. Some agencies will charge a reduced commission but leave out certain marketing elements to achieve these lower numbers. Likewise, some agencies will charge a larger commission and charge additional fees for services throughout the marketing of a listing. Therefore, a seller should be well aware of what they are getting when signing a listing agreement. Additionally, a buyer should immediately question any agent who seeks compensation directly from them. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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