Who Sets the Commission A Buyers Broker Can Get?
That is you. You tell the brokers in our Property Profile what commission it is that they will receive when their client buys your home. You set it. If you want our advice it is there for the asking. But one thing is now clear under the law. There is no such thing as a standard fee. That would be price-fixing. You are thus free to set any commission you wish. The only requirement is that the set commission is always reduced by $100 in order to defray the listing agent’s closing expenses. Thus, if you set the buyer’s broker commission at 2% and in your case that would be equal to $8,400, the buyer’s broker would receive $8,300 at closing. Such allowances are customary.
