Real estate commissions when selling your home are as diverse as the homes REALTORS® sell. Do a search online, and you’ll find many different housing sales business models.
In BC, it’s against competition laws to price-fix, which goes for real estate agent commissions too. Whether you’re a homebuyer, homeseller or both, you should always expect to have an honest discussion about fees upfront.
As a homeseller, bear in mind local customs differ between regions, and the structures of commission vary. When selling your home in Metro Vancouver, it’s a time-honoured tradition to pay both your agent and the buyer’s agent. Further to this Advertising, your home for sale on the Multiple Listing Service invites cooperating agents to introduce buyers. In fact, the majority of homes sold in BC have services from both a seller’s and buyer’s agent.
Working with a licensed real estate professional to sell your home, you’ll sign a listing contract that highlights the terms of working together. The contract, among other things, also covers the commission. In addition to this, when you receive an offer on your property, you’ll review the government’s commission disclosure. The disclosure of expected remuneration form is required by the BC Financial Services Authority. This informative document was created to spell out the real estate commissions when selling your home before accepting an offer.
While some agencies collect a retainer or full payment upfront – when you hire Dogwood Realty, the commission fees are squared at closing, and your lawyer or notary will adjust your sale proceeds to account for the costs. We are happy to provide you with a comprehensive marketing proposal and quote upfront so there are no surprises. Simply get in touch to book your consultation. We look forward to working with you in your next home sale.
